本文選題：全口徑廣義貨幣 + 貨幣失蹤��； 參考：《華東理工大學(xué)》2014年碩士論文

【摘要】：自弗里德曼對貨幣供應(yīng)層次進行劃分以來,對貨幣供應(yīng)層次的調(diào)整一直在進行著。當(dāng)前,貨幣供應(yīng)指標(biāo)M1、M2與價格之間的穩(wěn)定關(guān)系普遍消失,貨幣供應(yīng)層次的調(diào)整更具有緊迫性。本文從“貨幣失蹤”現(xiàn)象出發(fā),認為隨著資本市場的發(fā)展及“金融脫媒”現(xiàn)象的出現(xiàn),貨幣并非真正失蹤,而是從銀行系統(tǒng)轉(zhuǎn)移到了資本市場,并在那里創(chuàng)造出更大規(guī)模的貨幣。從而整個社會總的貨幣供應(yīng)由社會流通現(xiàn)金(MO)、銀行系統(tǒng)貨幣(Mb)和資本市場貨幣(Mc)三部分構(gòu)成,全口徑廣義貨幣供應(yīng)指標(biāo)亦為M3=M2+Mc。通過分析美國全口徑廣義貨幣的規(guī)模和結(jié)構(gòu),我們發(fā)現(xiàn)Mc無論是在規(guī)模、增速還是波動幅度上均大于M2,已在整個貨幣系統(tǒng)中居于支配地位。格蘭杰因果檢驗也表明僅用M1、M2來研究價格現(xiàn)在確已失效,但如將資本市場貨幣Mc與其結(jié)合則依然可解釋價格變動,貨幣數(shù)量論亦重新有效。最后,基于中美貨幣量比較中的三大誤區(qū),本文使用全口徑廣義貨幣供應(yīng)指標(biāo)M3對中美兩國之間的貨幣量進行綜合比較,發(fā)現(xiàn)美國才是真正意義上的貨幣大國。
[Abstract]:Since Friedman divided the level of money supply, the adjustment of the level of money supply has been going on. At present, the stable relationship between money supply index M1M 2 and price is generally disappeared, and the adjustment of money supply level is more urgent. Based on the phenomenon of "missing money", this paper holds that with the development of capital market and the appearance of "financial disintermediation", money is not really missing, but is transferred from the banking system to the capital market. And create a larger currency there. Thus, the total money supply of the whole society is composed of three parts: the cash circulation of the society, the money in the banking system Mb) and the money in the capital market. The full-caliber broad money supply index is also M 3 / M 2 McM 2. By analyzing the size and structure of American full-caliber broad money, we find that Mc is larger than M2 in terms of scale, growth and fluctuation, and has become dominant in the whole monetary system. The Granger causality test also shows that only using M1M 2 to study prices is now invalid, but if the capital market money MC is combined with it, it can still explain the price changes, and the quantitative theory of money is also valid again. Finally, based on the three misunderstandings in the comparison of the currency quantity between China and the United States, this paper makes a comprehensive comparison of the money quantity between China and the United States by using the full-caliber broad money supply index M3, and finds that the United States is the real currency power.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.5;F837.12

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本文編號：1985394