【作者】 伍志文；

【Author】 ZHIWEN WU (Nankai University)

【机构】 南开大学经济学院；

【摘要】 本文首先就"中国之谜"产生的背景及其争论进行了总结分析。然后通过引入以资本市场为代表的虚拟经济部门将传统的局限于实体经济部门的货币数量论拓展为包括资本市场、商品市场和货币市场的广义货币数量论模型,在新模型框架下分析了"中国之谜"的生成机理;我们发现大量货币在资本市场的积聚是货币供应量与物价关系反常的直接原因。"中国之谜"是货币虚拟化过程中虚拟经济和实体经济关系失调的结果。更多还原

【Abstract】 This paper first shows by extensive empirical evidence the existence of the China Paradox,i.e.,consistent excessive money supply has not led to serious inflation.Then it makes a critical review on different theories that try to explain the paradox.Based on the review,the paper puts forward a new theory proposing that the deepened stock and bond markets are the main cause for the paradox.These markets contain a considerable amount of money that is independent of the real economy.Econometric analysis shows that the Chinese data support the theory.更多还原