Monetary Structure and Economic Output in China—An Empirical Test Based on the Macro Data from 1952 to 2010
利用1952-2010年中国数据，检验货币结构中高流动性货币与准货币的比例对经济产出的短期和长期影响，发现货币流动性比例下降对产出有负面作用，但经济改革后结构优化产生了积极影响。
Theoretical research shows that:there is a mutual transformation between high liquidity money and quasi - money in the monetary system,the rate of high liquidity currency and quasi - money will affect the economic output both in short and long run.Therefore,this paper tests the relationship between the monetary structure and economic output by using the Chinese data from 1952 -2010.The result shows that;high liquidity currency and quasi - money in our monetary system is often hard to achieve acceptable structure,and represent the trend of illiquidity in the mass which has a negative effect on the economic output However,since the economic restructure,the downtrend of the monetary liquidity ratio was alleviated,the monetary structure was optimized in a certain extent,and has a positive effect on the economic output It means that the amount monetary policy of the Central Bank should give more consideration to the impact by the monetary structure,and emphasize on guiding the monetary structure to be rationalization.