略论货币供给与价格水平和汇率的关系

发布时间：2018-12-13 07:01

【摘要】：在非充分就业情况下,货币供给与价格水平的关系是不确定的,它取决于商品供给对货币变化反应弹性的大小、新增的货币供给是否能够有效地进入实体经济以及进入比例的大小等,当新增货币难以进入实体经济,且供给的弹性大于货币供给的变化时,货币供给增加的结果将是价格水平的下降。这正是当前各国面临的情况。货币不仅是价值尺度和交换媒介,更是资本。资本的价值由其获得的收益大小决定,宏观方面的资本收益率由新增货币的大小决定,所以从资本的角度看,哪个国家货币供给量增长越快,其货币的相对价值也就越高,即汇率与货币供给增长成正比。在货币一般功能与特殊(资本)功能对汇率相反作用的对比中,后者的力量往往要大于前者,由此促使汇率在较快的货币供给中升值。美元汇率危机以来的情况,就充分证明了这点。
[Abstract]:In the case of underemployment, the relationship between money supply and price level is uncertain and depends on the elasticity of commodity supply in response to changes in currency. Whether the new money supply can effectively enter the real economy and the size of the entry ratio, when the new money is difficult to enter the real economy, and the elasticity of supply is greater than the change of the money supply, The result of the increase in the money supply will be a fall in price levels. This is exactly what countries are facing. Money is not only a measure of value and a medium of exchange, but also a capital. The value of capital is determined by the income it receives, and the return on capital in macro terms is determined by the size of the new currency, so from a capital point of view, the faster the money supply growth in a country, the higher the relative value of its currency. The exchange rate is proportional to the increase in the money supply. In the contrast between the general function of currency and the opposite effect of special (capital) function on the exchange rate, the latter is often stronger than the former, which promotes the exchange rate to appreciate in the faster money supply. This has been well demonstrated since the dollar exchange rate crisis.
【作者单位】：浙江工商大学经济学院;
【分类号】：F820;F830.7

【共引文献】