Measurement of Monetary Liquidity in China

摘要：

In order to measure the monetary liquidity, this paper reviews various definitions of monetary liquidity, and analyzes the advantages and disadvantages of existing monetary liquidity measurement. We find that most indices evaluate liquidity only from the perspective of money supply, ignoring money demand factors. To get more accurate monetary liquidity evaluation, a new monetary liquidity indicator is constructed in this paper, which is based on four variables, namely money supply, the industrial added value, real interest rate and a composite inflation index synthesized by Consumer Price Index and Product Price Index. The Granger Test shows that the new indicator could measure the monetary liquidity more effectively, by taking money demand taken into account.

关键词： monetary liquidity money supply money demand

作者: Xianhua Wei Yueyan Zhang Zelin Xie Zhuo Wei

作者单位: School of Management, Graduate University of Chinese Academy of Sciences, Beijing, China

会议类型: 国际会议

会议名称: 2011 Fourth International Conference on Business Intelligence and Financial Engineering(第四届商务智能与金融工程国际会议 BIFE2011)

会议地点: 武汉

会议语种:英文

页码: 357-361

在线出版日期: 2011-10-17（万方平台首次上网日期，不代表论文的发表时间）