The paper intends to discover the inflation effect of foreign exchange reserve increase and the effectiveness of monetary sterilization policy in China.
为研究中国外汇储备增加的通货膨胀效应和货币冲销政策的有效性,本文基于货币数量论的理论分析框架,借鉴相关文献,结合基本国情,参照和修正Kumhof(2004)的理论模型,进而构建起自己的理论模型。
Excess liquidity gives big pressure on inflation effect.
文章前半部分着重讨论外汇储备增加的通货膨胀效应,分别通过理论和实证研究,得出结论:外汇储备增加造成的过量的货币供应既不是造成通胀的唯一原因,也不是直接原因;外汇储备增加带来的通胀传导效应并不明显,主要原因在于央行采取的外汇冲销政策缓解了通胀压力。
Although China adopts the monetary offsetting policy which can disturb the inflation effect of international hot money and make the relativity of international hot money scale with the inflation unclear in statistics,the effects of international hot money on the asset prices are rather evident in China.
从1985-2007年的数据来看,国际游资对中国基础货币发行表现出显著影响,使中国货币政策调控受到严重制约;国际游资与短期外债增加额存在单向因果关系,影响了中国的外债风险变动;由于中国大力采取货币冲销政策,干扰了国际游资的通货膨胀效应,导致国际游资规模与通货膨胀的相关性在统计上不显著,但国际游资对中国资产价格的影响却十分明显。
The Empirical Research On The Relationship Among Money Supply,Output And Inflation:From Monetary Aggregates Targeting To Inflation Targeting;
货币供给、产出与价格关系的实证研究——从货币供应量目标到通货膨胀目标制
Incomplete Information, Inflation Targeting and Monetary Policy Reputation: Cross Country Evidence;
信息不完全、通货膨胀目标制与货币政策声誉:跨国经验
Inflation Targeting and Its Policy Implication and Application;
通货膨胀目标制的政策内涵及其应用
effectively control inflation
有效地控制通货膨胀
Controlled inflation is a different breed of cat from runaway inflation.
有控制的通货膨胀与抢劫控制的通货膨胀是两回事。
During the course of successfully controlling inflation and effectively curtailing the trend of deflation, China has accumulated rich macro-control experiences.
在成功地治理通货膨胀和有效地抑制通货紧缩趋势的过程中，中央积累了丰富的宏观调控经验。
runaway inflation
无法控制的通货膨胀
The inflation has been successfully kept at bay
通货膨胀被成功地控制住了。
Rational Adjustment of Real Estate Market and Inflation Control;
房地产市场的理性调整与通货膨胀控制
Those powers enable the Board to influence the availability and cost of money for loans, and thereby to check inflationary or deflationary trends in the economy.
这些权力能使该局影响贷款的有效性和费用，因而可以控制经济上通货膨胀或通货紧缩的趋势。
They just let inflation rip.
他们对 通货膨胀完全不加控制.
The Government is chiefly concerned with controlling inflation.
政府的当务之急是控制通货膨胀.
The runaway inflation hit every family.
无法控制的通货膨胀殃及每个家庭。
government efforts to control inflation.
政府控制通货膨胀的努力.
Inflation is running riot and price is out of control.
通货极度膨胀, 物价失去控制。
Inflation be running riot and price be out of control
通货极度膨胀, 物价失去控制
The rate of inflation must be held down.
通货膨胀率必须控制在低水平上.
Inflation is running riot and prices are out of control.
通货极度膨胀, 物价失去控制.
The government has taken measures to restrain inflation.
政府已采取措施控制通货膨胀。
Progress has been made in curbing inflation.
在控制通货膨胀方面已取得了进展。
Several factors have been credited with contributing to the reduction in inflation.
有好几种因素有助于遏制通货膨胀。