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2 0世纪 90年代中后期以来 ,中国的“超额”货币供给与宏观经济运行表现出了新的特点。本文试图利用发展经济学方法 ,从“货币消失”问题入手 ,对这一时期经济增长、货币供给与通货膨胀之间的关系进行解释。我们发现 ,中国经济的两部门特点导致了阻碍经济发展的“结构约束”与“需求约束”。而“中国之谜”出现的新特点 ,很大程度上正是经济运行内在机制的变化在货币方面的反映。
Since the middle and late 1990s, China’s “excess” money supply and macroeconomic performance have shown new characteristics. This article attempts to use the method of development economics to start with the question of “disappearance of currency” and explain the relationship between economic growth, money supply and inflation in this period. We find that the characteristics of the two sectors of China’s economy have led to “structural restraints” and “demand restraints” that hinder economic growth. The new features emerging in the “mystery of China” are, to a large extent, exactly the currency’s reflection of the changes in the internal mechanism of economic operation.