Research On Money Structure And Related Questions

Money supply, the important macroeconomic variable, has long been studied as the total quantity concept by the economic and the financial research. However, in the money economy's practice in various countries, the money supply is usually divided by the liquidity into different level, which enables the money supply to have the structure concept. Although the money structure exists because of people's subjective definition, so long as this kind of subjective definition goes forward after the time consistent, it then had the research value. Penetrating from the total quantity into the structure, conforms to people's research logic. Speaking of the monetary structure, it is the result of financial development and monetary policy function, simultaneously it has the important reaction to the money supply and the monetary policy goal, and different money structure may bring out different monetary policy effect. In this sense, studying the money structure is not only helpful thoroughly for the money supply to display better function, also can strengthen the validity of monetary policy. But, in the traditional monetary policy theory and the practice, the function of money structure has not fully considered, and the money structure has not integrated to the monetary policy research, formulation and implementation, which may be a big flaw to the traditional monetary policy theory and a practice.Based on the our finance development's practice since the reforming and opening-up, this article takes study view from the total quantity into the money structure, earnestly studying the money structure's historical vicissitude, the change tendency as well as the primary factors influenced the money structure's change and so on. These researches have not been able to form a logic research frame, but center on the hot topic related money structure. The surplus fluidity, the deposit account, electronic currency development and so on phenomenon or the question, all are analyzed from money structure's angle, and put forward some policy proposal in view of the partial questions.Besides the 1st chapter of introduction, the main text divides into 7 chapters to launch the elaboration separately specifically.The 2nd chapter analyses the relationship between the money functions and the money structure. The function undertaken by different money level is different; money structure's change possibly means the change of the economical operation. Money functions and money structure are close related. The 3rd chapter elaborates the relationship between money structure and monetary policy. The money supply, as the intermediate target of our Central Bank's monetary policy, always can be the important observation and the regulative target. The often-happened deviation between monetary policy regulation real effect and anticipation, requests us to carry on deep research on the money supply, namely from the total quantity research into the structural research. This is because the money structure and the monetary policy have the close correlation. Monetary policy's implementation will finally reflect in the money structure change, namely the money structure effect; money structure's change similarly will have the influence to the monetary policy effect, namely the monetary policy effect.The 4th chapter descripts the vicissitude of money supply and its structure since our country's reforming and opening-up. Since the reforming and opening-up, along with our national economy's rapidly expand and the unceasing advancement of the monetization and the securitization, the entire society's financial behavior has also had the quite big transformation, money supply and its structure changed quite remarkable.The 5th chapter takes deep research on money liquidity and money structure. The scholars usually use the money structure, particularly (M1/M2), to reflect the change situation of money liquidity. The money liquidity has the important influence to the entire macro economy. As to our actual situation in recent two year, the money liquidity's remarkable change and the RMB fluidity surplus phenomenon has the remarkable correlation.The 6th chapter discusses the base money structure and money supply. The base money and the money multiplicator is together the main fountainhead for money supply. The base money's origin is also the money supply's origin. Looking from the empirical analysis, our base money source structure has experienced a different transformation time, with very big difference in different time. At present, our base money's important source is the foreign exchange occupying funds. Therefore, to control the fluidity surplus, we must the control base money from the beginning.The 7th chapter researches the relations between microscopic body and money structure. The money exists as the cash and the bank deposit form. Money structure is not only related with Central Bank's monetary policy, also decided directly by the microscopic body's market behavior. Under certain monetary policy, enterprises and households choose rationally their own money form according to the return and the risk. As the result of individual section, the microscopic money structure forms. Except the cash in circulation, major money exist as bank deposit, therefore money structure's change is close related with commercial bank's business. Speaking of the commercial bank, the capital cost of the different type bank deposit, the interest paid to the depositor, has the remarkable difference, therefore money structure's change will often have the influence to commercial bank's operating results. This kind of influence is relatively implicit, not such direct as squeezing the interest spread by rate policy, but sometimes its influence is actually huge.The 8th chapter elaborates the influence of electronic money development. Although there also have many arguments and discussions about whether electronic money is in the true sense "money", an affirmative fact is that the electronic money's development is doing the material effect to the money structure. As the newly emerging things, electronic money is going into the economic life in each aspect by its swift and violent development speed and people's universal receptivity; we are unable to avoid, and also not allow to neglect. The circulation of electronic money will have the substitution effect to the traditional money, although the intrinsic mechanism yet not really understood, the influence to money structure is obvious. The Central Bank needs to pay attention to the material effect to the monetary policy by electronic money's highly development, and takes some measures to strengthen to the electronic currency supervision.