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一、我国宏观经济总量和结构失衡从金融市场的角度看,我国经济中的宏观总量失衡和结构失衡主要表现在:1、货币信用总量膨胀,货币市场混乱1991～1994年以来,我国货币信用总量膨胀,M_0平均增长28.9%,M_1平均增长28.8%,M_2平均增长29.8%,远远超过同期GNP平均增长11.7%的速度,货币信用超经济增长,成为高通货膨胀的主因.近年来,我国货市市场发展迅速,特别是同业拆借市场、票据市场、短期债券市场和证券回购市场等几个主要市场,但在货市总量高速膨胀的同时,货币市场出现了严重的混乱现象.1993年开始同业拆借市场发生了大面积的违规行为,参与其中的金融机构不仅超期限、高利率拆出拆入资金,而且造成大量资金流到金融体系之外,投向固定资产、房地产、股票等领域;1995年发生了证券回购市场上的违规现象,市场参与者混乱,大量不具备独立法人资格的机构和个人混入场中交易,市场行为不规范,交易期限长期化,资金流向不合理,买空卖空现象十分严重.
First, China’s macroeconomic aggregate and structural imbalances From the financial market point of view, the macroeconomic imbalances and structural imbalances in China’s economy are mainly manifested in: 1. The total amount of monetary credit is expanding and the currency market is in turmoil. Since 1991 and 1994, The total amount of money and credit expanded, with an average increase of 28.9% in M_0, an increase of 28.8% in M_1 and an increase of 29.8% in M_2, far exceeding the average growth rate of 11.7% in GNP over the same period. Monetary credit exceeded economic growth and became the main cause of high inflation. In recent years, the market for goods in our country has been developing rapidly. In particular, there are several major markets such as the inter-bank borrowing market, the negotiable instrument market, the short-term bond market and the securities repurchase market. However, with the rapid expansion of the total volume of the goods market, there has been serious chaos in the money market Phenomenon.In 1993, a large area of irregularities occurred in the inter-bank borrowing market. The financial institutions participating in it not only exceeded the deadline and diverted funds at high interest rates, but also caused large amounts of funds to flow out of the financial system and went to the fixed assets, real estate, Stocks and other fields. In 1995, there were irregularities in the securities repurchase market, chaos in market participants, a large number of institutions that did not have independent legal personality and Mixed farm trade, market behavior is not standardized, long-term trading of capital flows unreasonable, fictitious very serious problem.