The Analysis and Countermeasures of Chinese Financial Industry “Money Shortage”

在巨量广义货币供给的背景下，中国金融业发生“钱荒”看似一个令人费解的现象。在对2013～2014年初所发生的两次“钱荒”进行了综述后，同时基于相关理论和实证的分析，本文认为，2013年所发生的“钱荒”，直接原因看似为季节因素、监管压力、补缴法定准备金、资金外流、资产负债期限错配等等，而其深层次原因在于，中国粗放型经济增长模式和资产价格预期下降的情况下，金融资本过度进入非生产性投机领域，中国央行为预防由此带来的国家创新能力不足、剧烈通货膨胀、贫富差距扩大等一系列严重的经济社会问题，适时执行去杠杆化紧缩货币政策，导致银行等金融机构难以“借新还旧”。最后本文提出中国加强流动性管理的相关政策建议。In a large number of broad money supply under the background of financial industry , Chinese “money shortage” is a puzzling phenomenon . This paper reviewed the two “money shortage” that took place in the 2013 to early 2014 , and the relevant theoreti-cal and empirical analysis , based on this thought , which happened in 2013 of the “money shortage” , the direct reason for seasonal fac-tors , seemingly is regulatory pressure , pay the reserve , the outflow of funds , asset liability maturity mismatches , and its deep-seated reason is that extensive mode of economic growth and asset prices are expected to decline , financial capital over into unproductive specula-tion in the field , the national innovation ability Chinese central behavior prevention resulting insufficiency , severe inflation , widening gap between rich and poor , a series of serious economic and social problems , timely execution to leverage of tight monetary policy , led to banks and other financial institutions to “borrow new also old” . At last this paper put forward relevant policy recommendations about Chi-nese strengthen liquidity management .国家自然科学基金项目(项目编号70772014)阶段性成果。中文核心期刊要目总览(PKU)053-1