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Money demand elasticity, effective money supply
and money market disequilibrium: “China’s Puzzle”
and long-term excessive liquidity |
| LI Zhiguo |
| School of Management, Fudan University, Shanghai 200433, China; |
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Abstract Chinese excessive liquidity problems are more serious than other main countries. The upgrading industrial structure and the increasing opening degree lead to the excessive money demand and higher money demand elasticity. Bad credits weaken money supply effectiveness and lead to illusive increasing money. We set up the money market disequilibrium model under the condition of the excessive liquidity. The imbalance between money demand and money supply is the key of Chinese excessive liquidity problems.
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Issue Date: 05 June 2008
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