The Potential Inflationary Pressures in the Context of Insufficient Effective Demand:Based on the Currency Structure Perspective
基于货币结构视角，利用2000年12月至2010年8月月度数据，分析了高流动性积累未引发显著通胀的原因，发现M1增速高于M2时潜在通胀可能转为现实。
Though long-term accumulation of the high liquidity stocks and such high credit putting in,it doesn't lead to significant inflation.The classic monetarist formula now is challenged by Chinese Puzzle.On the economic needs level,this paper analyzes the sources of liquidity pressures under the potential inflation.Based on the currency structure perspective,the definition of the relationship among affordability demand,effective demand and aggregate supply,and the monthly data from December 2000 to August 2010,and under the premise of the high stock of M2 and the potential inflationary pressures increasing,the paper proves that M1 grovrth rate is higher than M2 growth rate.Increasing the ratio of total M1 to M2 shows accumulative affordability return to effective demand,and indicates that potential inflation may be translated into reality.