通货紧缩与货币供求分析

通货紧缩是指一般物价指数的持续下降，它是一种货币现象，表现为货币供不应求。当前人民币供给的增长速度大于ＧＤＰ的增长速度，人民币供不应求的原因在于其流通速度下降幅度超过了供给增长速度。人民币流通速度下降是因为社会公众以货币形态持有收入倾向的增强。所以，货币需求过快上升引发了通货紧缩。

Deflation: What's Wrong with Money Supply Supply and Demand?

Deflation is defined as continuous fall of the average level of price index.It could be treated as a monetary phenomenon,displaying that money supply is short for money demand.Current growth of RMB supply is more quickly than that of GDP,so RMB's shortage is attributed to the fall of the circulation velocity of RMB.The fall of the circulation velocity means that the public wants to hold more monetary assets in the income.That is to say,the excess of demand for RMB leads to current deflation.