|
In recent years, it is generally concerned about the problem of excess liquidity. Many countries to implement a loose monetary policy, so that the money supply exceeds the needs of economic development, to bring the problem of global excess liquidity, excess liquidity caused by petroleum-based commodity prices are rising. Excess liquidity in China has become one of the key words to describe the economic status quo. Since the 2008 subprime crisis, the government in order to promote economic development, the use of loose monetary policy and fiscal policy, a great deal of credit funds to the market, so that the stable development of China's economy can, but it also gives the excess liquidity potential problems. In 2010, China mainly agricultural products and real estate prices, inflation, the central bank raising interest rates and deposit reserve ratio several times to reduce the credit amount to inhibit the excessive rise in prices. Shows that China's inflationary pressure due to excess liquidity exists. This article studies the relationship between China's money supply and prices, to analyze this stage inflation, which proposed the corresponding countermeasures to mitigate the excess liquidity, the price of excessive growth of the phenomenon. This paper is divided into five chapters: the first chapter is an introduction to the background and significance of the research presented in this article, the description of the research content and research methods. The second chapter of our country in recent years, the liquidity situation, the economic implications of liquidity, liquidity metrics to study the mobility of the status quo, and raised the problem of excess liquidity exists in China. And combined with our own analysis of the excess liquidity that excess liquidity from the money supply is too large, the imbalance between investment and consumption, the imbalance in the structure of financial markets, social security is not perfect causes. Chapter III focuses on liquidity and inflation relationship, first outlines the definition of inflation, the type, and then examples of the classical theory and modern theory, last ADF test data by selecting the data, cointegration analysis and Create a false correction model to analyze the relationship between China's money supply and inflation. The fourth chapter analyzes the causes of China's inflation, excess liquidity and rapid economic growth, economic structural imbalances, financial regulation needs to be strengthened, the exchange rate mechanism is not perfect, focusing on analysis of the impact on inflation from excess liquidity. Chapter by the analysis of the above reasons, and to identify the use of monetary policy and other methods of recovery of mobility to reduce excess liquidity, improve foreign exchange management system to control the prices of consumer goods that affect people's livelihood, reduce the rising prices expected to ease China's currency The expansion of the problem, and thus inhibit the effect of asset prices rising too fast, stable prices.
|