外匯儲備增長與東西部貧富差距擴大的實證分析

摘 要：外匯儲備的持續增加使我國貨幣供給渠道發生了很大的改變，以外匯占款投放為主渠道的貨幣投放結構，使資源向東部沿海地區、外貿部門傾斜，資金分配的不平衡加大了東西部貧富差距，很有可能使我國步入“貧困化增長”。本文對外匯儲備增長與東西部差距擴大的關系進行了實證分析，并給出了相應的政策建議。

關鍵詞：外匯儲備增長；東西部貧富差距；貧困化增長

中圖分類號：F832 文獻標識碼:A 文章編號：1003-5192(2007)01-0001-05

Empirical Analysis about the Foreign Exchange Reserve Growthand the Gap of

the Wealth Expansion between the East and the West

WANG Zhen1，2， ZHOU Hao-wen1

（1. School of Economics and Finance of Xi’an Jiaotong University， Xi’an 710061， China; 2. School of Finance of Hebei University of Economics and Business， Shijiazhuang 050021， China）

Abstract:The increase of the foreign exchange reserve in our country results in the great change of the currency supply channel. The foreign exchange reserve increase has brought the massive currencies supplies， causes the resources to incline to the eastern part coastal area and the foreign trade department. The fund assignment has not balanced enlarged the gap of the wealth between the east and the west， and had the possibility to cause our country very much to march into “the pauperization growth”. This article has carried on the empirical analysis regarding the relation of the foreign exchange reserve growth and the gap of the wealth expansion between the east and the west， and has produced the corresponding policy suggestion.

Key words:the foreign exchange reserve growth; the gap of the wealth between the east and the west; the pauperization growth

1 引言

近年來，外匯儲備的持續增加使我國貨幣供給渠道發生了很大的改變，以外匯占款投放為主渠道的貨幣投放結構，使資源向外貿部門傾斜，沿海地區、出口行業能夠獲得充裕的人民幣資金，而內地、非出口行業則會面臨人民幣資金的嚴重短缺，這種資金分配的不平衡加大了東西部貧富差距，不利于構建“和諧社會”目標的實現，很有可能使我國步入“貧困化增長”。本文對外匯儲備增長與東西部差距擴大的關系進行了實證分析，并給出了相應的政策建議。

2 內、外資企業在人民幣資金分配上的不平衡局面

以外匯占款作為貨幣投放的主要渠道，使內、外資企業在人民幣資金分配上形成不平衡局面。外匯儲備的形成機制是：外向型企業將外匯出售給外匯指定銀行，換取人民幣，外匯指定銀行將超過其外匯結算周轉限額的部分在外匯市場賣出，中央銀行購買（用本幣）后即形成國家外匯儲備。由此可見，外匯儲備增加導致貨幣供給增加的投放對象是與這部分外匯儲備的原始擁有者（外向型企業）相對應的^［1］。……