Monetary Momentum

<正>China maintains economic stability,though challenges remain On May 4,the People’s Bank of China,the central bank,released the China Monetary Policy Report for the first quarter of 2010,providing insight into the country’s economic prospects.     

Monetary Policy Proving Effective

Hu Xiaolian,Vice Governor of the People's Bank of China,the country's central bank,published an article concerning China's managed floating exchange rate regime and the effectiveness of the monetary policy on the bank's website on July 26.She pointed out monetary policy,as an important instrument of China's macroeconomic control,has faced many challenges in recent years.A more flexible exchange rate regime will help improve the effectiveness of the policy.     

试论语言和货币的符号性

语言符号和货币符号虽然分属于语言学和经济学的两个基本范畴,却又都是适应人类社会交际的需要而产生的,彼此之间有着紧密的联系。同为符号,它们既具有规约性,又具有抽象性和价值的两重性等特征。但是,语言和货币毕竟是两种不同的符号形式,在量与质的方面都存在着差异性。     

Top Bankers Discuss Monetary Issues

During the Fourth Session of the 11th National People’s Congress,the People’s Bank of China(PBC),the central bank,held a press con-ference on March 11.Central bank Governor Zhou Xiaochuan and three deputy governors answered questions on the country’s monetary policies and financial issues.Edited excerpts of their answers follow     

A Comprehensive Monetary Policy Framework

Since the Four Comprehensives concept was unveiled in December 2014,President Xi Jinping has continued to reiterate the theory on a number of occasions.The Four Comprehensives have been a topicon everyone’s lips during the annual sessions of China’s National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference in March. It shows a strong intention of Chinese leaders to design a new political framework that will shape the future of China not only in terms of political strategy, but with implications for monetary policy as well. This leads us to the relevance of the Four Comprehensives to G20 discussions-next year it will be China hosting the meetings,bringing global attention back to Beijing only shortly after last year’s APEC meetings.     

发挥稳健货币政策在宏观经济运行中的作用

１９９７年我国国民经济出现“软着陆”之后,仍然继续采取适度从紧的货币政策。但是,到了１９９８年,由于国际经济环境的变化,特别是受亚洲金融危机的影响,爆发危机国家的货币的大幅度贬值,为维护国内经济稳定,保证香港经济繁荣,我国坚持了人民币不贬值政策,在客观上形成了外部通货膨胀与内部通货不膨胀的反差。这种反差不仅表现为出口商品和劳务价格的相对上升,而且表现为国内商品和劳务价格的相对下降。“一升一降”的互动关系,便形成了通货紧缩的重要原因。同时伴随市场取向改革的深化,体制转轨造成人们对未来前景不确定的预…     

Many Challenge China’s Monetary Policy

<正>The recovery of the American economy is moving along with a strong momentum and with steady improvement of employment and inflation,as indicated by its latest economic growth and job growth rates.The U.S.Federal Reserve(Fed)is widely expected to raise interest rates in the first half of 2015 for the first time since the eruption of the global financial crisis in 2008.     

浅议我国货币政策的金融传导

近年来,货币政策作为宏观调控的重要组成部分,对我国经济发展作出了一定的贡献,但是,其效果并不理想。本文从我国货币政策的传导效率出发,阐述我国货币政策效应不显著的原因在于传导机制存在阻滞,其实质是货币政策不能有效地从金融领域传递至实质经济领域。因此,要求央行的货币政策有效地调控经济运行,促进经济增长,适度放松金融监管、疏通货币政策的传导机制、保持银行体系的正常运行应是基本的选择。     

论有效治理通货紧缩的货币政策

本文通过全面分析货币政策与通货紧缩的关系以及货币政策工具的选择 ,对通货紧缩这一经济效果的传导机制和可能在实施中遇到的不利因素的论证 ,提出了运用货币政策来治理通货紧缩的有效途径。     

Yuan's Rise Won't Overturn the International Monetary System

<正>The International Monetary Fund(IMF)is close to declaring the yuan fairly valued,making the market more optimistic about the yuan’s inclusion into the currency basket of the special drawing right(SDR),although the IMF’s assessment is not necessarily linked to whether the yuan will be included into the SDR currency basket.The IMF,currently the most important global financial public product,has been faced     

稳健的货币政策与人民币汇率走向

1998年以来我国实施的与积极财政政策相适应的稳健货币政策,在保持人民币币值稳定,促进经济增长方面取得了明显成效但也遇到了新的问题。当前人民币汇率继1998年之后再次成为世人关注的焦点,就此本文认为人民币远期升值是一种必然趋势,人民币近期是否升值需视市场状况而定。     

通胀周期性特征与货币政策的适时转换

货币供应量的快速增长是物价上涨的主要动力,公众的通货膨胀预期上升,导致货币流通速度的快速提高,又成为物价上涨的助推力量。从中期的数据来看,2003～2010年货币存量M2的6倍增长和名义GDP总量的3.3倍增长之间有了一个明显的空隙;从短期的数据分析看,2009～2010年的M2增长率达到了48%以上,货币流通速度上升了15%,而名义GDP总量仅增长了26.75%。货币供应量增长已经大大超出了对货币的需求,表明进入了一个通货膨胀时期。面对物价的高位运行,2011年上半年从紧货币政策与下半年稳健货币政策的适时转换,应当是控制通货膨胀和稳定经济增长的优选政策。     

China's Monetary Reform: The counterrevolution from the countryside

Until the late 1990s, the rapid development of rural cooperative funds as semi-formal financial institutions in the countryside attracted little attention. In many provinces, these funds took over large swathes of rural finance, before the State Council in March 1999 issued a secret decree requesting that they be immediately dissolved. This paper explores the reasons for the rapid development of rural cooperative funds in many localities, examines why this has been an issue of contention, and explains why it has taken the central government such a long time to come up with a coherent—and, furthermore, drastic—response. Although rural cooperative funds are now being dissolved across the country, they may already have achieved their purpose of revolutionizing financial intermediation in the countryside.     

哲学视域中的货币观念——近年货币哲学研究述评

货币哲学的探讨是近年来哲学研究的一个热点,这为哲学研究的发展提供了新的平台,因此,对近期的货币哲学研究进行评述总结很有必要。从观念史的研究方法、马克思货币哲学、货币与其他经济范畴的关系、货币与人以及人类社会发展的关系等四个方面,可以了解到货币哲学研究的新进展。     

浅析欧元区的货币政策和财政政策

本文从解析欧盟统一欧元的原因入手,重点分析了欧元区的货币政策及财政政策,指出了启用欧元的标志性意义,即全球经济一体化的时代已到来。     

Using Monetary Tools to Channel Funds Into the Real Economy

正China's central bank introduced two new monetary policy instruments in June to directly channel funds into the real economy, another sign that the country will not resort to quantitative easing.The People's Bank of China(PBC) said it would use 400 billion yuan($56.37 billion) of a special re-lending quota to purchase 40 percent of inclusive loans to small and     

盯住平均通胀型货币政策的宏观效应

基于包含私人部门与中央银行行为的动态结构化模型,采用动态分析与福利分析相结合的研究方法,本文考察了以平均通胀为盯住目标的货币政策产生的宏观经济效应,进而回答货币政策盯住目标是否应该选择盯住平均通胀的问题。研究结果显示:(1)相比通胀目标制,盯住平均通胀的货币政策实现了福利的改进;(2)货币政策当局对即期通胀越敏感,社会福利水平越低;(3)相比通胀目标制,盯住平均通胀的货币政策下,最优货币政策对产出的影响相对较大,并且对平均通胀的稳定作用相对较好。基于结论稳健性考虑,本文进一步考察了存在产出呆滞特征时以平均通胀为盯住目标的货币政策产生的影响,研究结果同样表明,无论是基于福利水平考虑,还是对产出的影响和对平均通胀的稳定作用考虑,盯住平均通胀的货币政策优于通胀目标制。     

China’s Monetary Policy Is Less Exposed to the Federal Reserve

正U.S.Federal Reserve Chair Janet Yellen recently changed her cautious attitude and suggested in her speech on August 26that an increased interest rate is more likely to happen in the near future.Since Yellen didn’t elaborate on when the Fed would raise the rate,the global market still maintains a skeptical attitude.There are three rate negotiation meetings to be held in September,November and