基础货币

本文采用的Johansen协整检验以及Engle-Granger两步法的分析结果均显示，基础货币与货币供应量之间不存在协整关系，即我国的货币乘数不稳定。

The results of both Johansen method and Engle-Granger two-step procedure show that there is no co-integration between the monetary base and monetary aggregates , implying that the money multiplier in China is not stable .

中国基础货币调控的实证分析

Empirical Analyses with Regulation of Chinese Monetary Base

本文总结了1998年至2002年间中国货币政策的实践。通过相关分析和Granger因果关系检验，发现中国基础货币与货币供应量之间不存在显著相关关系，货币供应量的变动呈现一定的内生性。

This paper reviews the monetary policy evolution from 1998 to 2002 . It is shown that there is no significant correlation between monetary base and broad money , and money supply shows endogenous through correlation analysis and Granger Casualty test .

根据M1和M2的供给模型，股票市场可以通过通货比率、超额准备金率、法定准备金率、存款结构比、基础货币5条途径影响货币供给。

Base on the models of M1 and M2 , the stock market can influence money supply through the currency rate , the excess reserve rate , the required reserves rate , the ratio of quasi money to deposits by enterprises and the base money .

外汇占款则是基础货币发行的重要渠道之一。

Foreign exchange is an important channel of base currency issuance .

内生金融理论视野中的基础货币供给

Basic Money Supply in the View of the Endogenous Financial Theory

调整后的基础货币变化对货币乘数的影响

The Study of Adjusted Basic Money 's Influence on Monetary Multiplier

其二，基础货币发行必须有相应数额的外汇资产作为准备金。

Second , basic money issue must base on corresponding foreign currency reserves .

中央银行对基础货币的管理与稳定宏观经济的目标不完全一致，对法定准备率的调整实际上也不起作用。

Indeed , the Central Bank failed in adjusting the rate of required reserves .

关于我国基础货币调控的若干思考

On Reflection of China 's Base Money Control

第二部分是关于基础货币运行机制的分析。

Part 2 of the dissertation is about the operation mechanism of base money .

一般而言，货币供给量由货币乘数和基础货币决定。

Generally speaking , money supply is determined by money multiplier and base money .

基础货币适度增长，金融机构流动性充足；

The monetary base grew moderately . The liquidity of financial institutions was sufficient .

利率走廊调控含义、机理与机制&无基础货币供给量调控的启示

Explanation and Mechanism of Interest Rate Corridor Regulation & Insight from Non-base Money Supply Regulation

理论上，这种基础货币规则是一种理想的工具规则。

Theoretically , this kind of rule of monetary base is an ideal instrument rule .

外汇占款对我国基础货币供给影响研究

Research on the Influence of Funds Outstanding for Foreign Exchange on Monetary Base in China

但汇率和经济增长的变化对基础货币不构成影响。

However , the exchange rates and economic growth will not affect the Chinese base currency .

基础货币被动投放下利率与货币供应量的关系

What is the Relationship between Interest Rate and Money Supply when Base Money is Passively Released

因此基础货币可以看成是由国内信贷与外汇占款两部分构成。

Therefore , base money can be regarded as domestic credit and foreign exchange of two parts .

这样，货币乘数的内生性和基础货币的内生性，就决定了货币供给量是内生的。

So , the endogeneity of money multiplier and base money decides the endogeneity of money supply .

中国央行以一贯低调的措辞表示：基础货币供应渠道发生了改变。

A change emerged in the base money supply channel , the PBoC said in typically understated language .

对于传统意义的铸币税，其税基是基础货币存量；

For the traditional definition of the seigniorage , the excise base of it is the money base .

以美国为首的发达市场经济国家主要通过公开市场业务来调控基础货币和利率，中国央行的公开市场业务自1998年以来也得到了快速发展，已成为央行日常货币政策操作的主要政策工具。

Open market operation is the main instrument to control base money and interest rate in developed countries .

外汇储备的积累传统上是创造基础货币的重要渠道之一不再存在。

Forex reserve accumulation which is traditionally an important channel to create base money is no longer there .

本文首先从货币供给过程中的基础货币和货币乘数这两个环节入手，从理论上分析了我国央行对货币供给的控制能力。

Through the monetary base and the money-supply multiplier analysis , this article theoretically analyzes the money supply control ability .

自2000年以来，我国国际收支一直持续较大规模的顺差，导致外汇储备急剧增加，对国内货币供给产生了巨大的影响，表现为基础货币投放的被动增长。

Since 2000 , the foreign reserve has increased sharply in our country , which influences the national money supply .

在开放经济条件下，一国基础货币可表示为外汇储备和央行国内信贷之和。

In an open economy , the monetary base of one country consists of foreign exchange reserves and domestic credit .

货币供给量的决定因素有两个：一是货币乘数，另一个是基础货币。

There are two determinate factors to currency supply capacity : one is currency IER , another is basic currency .

再从统计数据看，外汇占款在2005年4月开始超过基础货币量的规模。

And from statistical data , foreign exchange began in April 2005 over the size of the amount of base money .

现金是基础货币重要的组成部分，也是货币供应量中最活跃的一个层次。

The currency in circulation is the component parts of basic monetary , also the most active level of monetary aggregates .