中美两国货币供给的比较研究

发布时间：2018-06-02 23:50

本文选题：货币供给 + 货币政策　；参考：《华中科技大学》2014年硕士论文

【摘要】：本文在回顾经典货币供给理论的基础上，比较分析了中美两国的货币政策和货币供给量。货币政策方面，通过对两国货币政策框架和内容进行对比，发现中国人民银行的独立地位低于美联储；中国货币政策的最终目标是“促进经济平稳快速增长、保持币值稳定”，而美国货币政策的最终目标是“稳定市值和充分就业”；中国常使用的货币政策中介指标是数量化的，而美国常使用的是价格化的；中国使用的货币政策操作目标有商业银行的超额准备金率和银行间同业拆借利率，而美国使用的是各种准备金，如总准备金、非借入准备金和借入准备金；中国使用的货币政策工具行政色彩重，而美国使用的更市场化；中国货币政策传导机制主要靠货币供给量，美国主要靠利率机制；中国货币政策的有效性低于美国。货币供给量方面，通过对比两国M2的统计口径以及与GDP的比值，，发现中国M2的统计口径大于美国；中国M2/GDP的值和增长速度都远高于美国，但稳定性低于美国。同时通过实证检验证明造成这种差异的原因主要有：中国资金的使用效率低于美国；中国的储蓄率远高于美国；中国企业以间接融资为主，而美国企业以直接融资为主；中国因外汇占款成而被动投放基础货币等。最后，提出货币政策中介目标向价格化过度；去除货币政策工具的行政色彩；不断提高货币政策效率；不断深化经济结构改革，不断提高金融发展程度；完善社会保障制度，改变居民的消费习惯；提高人民币的世界地位的政策建议。
[Abstract]:On the basis of reviewing the classical money supply theory, this paper makes a comparative analysis of the monetary policy and monetary supply between China and the United States. In terms of monetary policy, by comparing the framework and content of monetary policy between the two countries, it is found that the people's Bank of China has a lower independent status than the Federal Reserve. The ultimate goal of China's monetary policy is to "promote steady and rapid economic growth and maintain currency stability." The final goal of American monetary policy is to "stabilize market value and full employment", the monetary policy intermediary index used in China is quantitative, and the American monetary policy intermediary index is price. The operational targets of China's monetary policy are the excess reserve ratio of commercial banks and the interbank lending rate, while the United States uses various reserves, such as total reserve, non-loan reserve and loan reserve; The monetary policy tools used by China are more administrative, while those used by the United States are more market-oriented. The transmission mechanism of China's monetary policy mainly depends on the amount of money supply, the United States mainly relies on the interest rate mechanism, and the effectiveness of China's monetary policy is lower than that of the United States. In terms of money supply, by comparing the statistical caliber of M2 and the ratio of M2 to GDP, it is found that the statistical caliber of M2 in China is larger than that in the United States, and the value and growth rate of M2/GDP in China are far higher than those in the United States, but the stability is lower than that in the United States. At the same time, it is proved that the main reasons for the difference are: the efficiency of using Chinese funds is lower than that of the United States; the saving rate of China is much higher than that of the United States; Chinese enterprises mainly use indirect financing, while American enterprises mainly use direct financing; China because of foreign exchange account for the passive placement of the base currency, and so on. Finally, the paper points out that the intermediate target of monetary policy is excessive to price; to remove the administrative color of monetary policy tools; to continuously improve the efficiency of monetary policy; to deepen the reform of economic structure and improve the degree of financial development; to improve the social security system; To change the consumption habits of residents; to raise the status of RMB in the world.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.2;F827.12

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