| Excess liquidity in the economy has become one of the issues need to be resolved. Therefore, the focus of macroeconomic control in China in the future is Relieve excess liquidity, systematic study of the problem of excess liquidity to run our country's economy is of great practical significance.Writing this article two basic angles around, one of the world's basic principle excess liquidity, and second, analysis of China's special mechanism of excess liquidity. The analysis of the contents of the basic logic along these two lines to start, one is to analyze the excess liquidity generated by the monetary and financial reasons, and the second is to analyze the excess liquidity conditions of the economic system. Overall, the liquidity surplus is a monetary and financial situation, but the underlying economic system contains a wealth of information.Article is divided into six chapters:The first chapter introduce the concept of excess liquidity, mainly sort of conceptions and logical. This paper argues that liquidity generally refers to use of cash or cash type assets. Only from the different statistical indicators of the mobility diameter, from a broad perspective to analyze liquidity conditions, the most practical conclusions can be drawn.The second chapter, graphs and data support, on the status of China's excess liquidity analysis, four main points:(1) Money supply analysis. (2) Excess money supply index test. (3) Required reserves sticks at a high level with entreating row of bills to issue a forehead. (4) Bank system stores loan proportion and harbours bad scale analysis. Scale expands (5) Bank credit unceasingly. (6) Money market ease of money places work, assets price of all kinds goes up by large margins.The third chapter start with theoretical analysis of excess liquidity to drive asset prices higher, and the stock market, real estate market and empirical analysis, made after the push asset prices over the impact on the Chinese economy and the economic crisis caused by conduction mechanism.The fourth chapter based on modern history of the development of countries and regions more representative selection of Japan and China Taiwan, analysis of their excess liquidity situation in the implementation of various policies and measures. Japan and China Taiwan excess liquidity situation in the different levels of policy failures, serious impact on the real economy, which as we address the excess liquidity provided valuable experience.The fifth chapter excess liquidity in China Analysis of the external environment. This chapter consists of three parts:(1) The currency of the global economy is the trend further, which means that excess liquidity will continue for quite some time. (2) Result in excess global liquidity will be based on long-term existence of the system that the asymmetry of the international monetary system can not happen in a short period of fundamental change. (3) RMB appreciation pressure on China to rely solely on the monetary policy response to excess liquidity facing a more difficult situation, on the one hand, pressure of RMB appreciation will continue to increase; the other hand, the rigid foreign exchange control system will increase the flow of monetary policy to deal with problems of excess.The sixth chapter is the proposed response to excess liquidity. |
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