{"id":595,"date":"2022-08-26T11:22:01","date_gmt":"2022-08-26T03:22:01","guid":{"rendered":"https:\/\/damakey.com\/?p=595"},"modified":"2023-05-24T16:05:10","modified_gmt":"2023-05-24T08:05:10","slug":"%e8%b2%a8%e5%b9%a3%e7%b0%a1%e5%8f%b2","status":"publish","type":"post","link":"https:\/\/damakey.com\/?p=595","title":{"rendered":"\u8ca8\u5e63\u7c21\u53f2"},"content":{"rendered":"

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\u300e\u9322\u662f\u4e00\u7a2e\u5546\u54c1\u3002<\/span>……<\/span>\u4eba\u5011\u5c0d\u300c\u9322\u300d\u7684\u770b\u6cd5\u5f80\u5f80\u4e0d\u662f\u592a\u904e\u5c31\u662f\u4e0d\u53ca\u3002\u9322\u4e0d\u662f\u53ef\u4ee5\u548c\u5be6\u9ad4\u5546\u54c1\u5206\u96e2\u7684\u62bd\u8c61\u7684\u8a18\u5e33\u55ae\u4f4d\uff1b\u9322\u9664\u4e86\u62ff\u4f86\u4ea4\u63db\u4e4b\u5916\u4e26\u4e00\u7121\u662f\u8655\uff1b\u9322\u4e0d\u662f\u300c\u793e\u6703\u5730\u4f4d\u7684\u5ba3\u793a\u300d\uff0c\u4e5f\u4e0d\u4fdd\u8b49\u50f9\u683c\u56fa\u5b9a\u4e0d\u8b8a\u3002\u9322\u53ea\u662f\u4e00\u7a2e\u5546\u54c1\uff0c\u4e0d\u540c\u7684\u662f\u4eba\u5011\u4e3b\u8981\u7528\u5b83\u505a\u70ba\u4ea4\u63db\u5a92\u4ecb\uff0c\u6487\u958b\u9019\u4e9b\uff0c\u9322\u4f9d\u820a\u662f\u5546\u54c1\uff0c\u800c\u4e14\u5982\u6240\u4ee5\u5546\u54c1\u822c\u5177\u6709\u67d0\u500b\u5b58\u91cf\uff0c\u4eba\u5011\u70ba\u4e86\u6d88\u8cbb\u548c\u6301\u6709\u7684\u539f\u56e0\u800c\u9700\u8981\u9322\uff0c\u9322\u548c\u6240\u6709\u5546\u54c1\u4e00\u6a23\uff0c\u5176\u300c\u50f9\u683c\u300d<\/span>(<\/span>\u5f9e\u5176\u4ed6\u8ca8\u54c1\u7684\u89d2\u5ea6\u800c\u8a00<\/span>)<\/span>\u53d6\u6c7a\u65bc\u5b83\u7684\u7e3d\u4f9b\u7d66\u6216\u5b58\u91cf\uff0c\u8207\u4eba\u5011\u8cfc\u8cb7\u548c\u6301\u6709\u7684\u7e3d\u9700\u6c42\u4e4b\u9593\u7684\u4e92\u52d5\u3002<\/span>(<\/span>\u4eba\u5011\u51fa\u552e\u8ca1\u8ca8\u548c\u52de\u52d9\u4f86\u300c\u8cb7\u300d\u9322\uff0c\u4e00\u5982\u628a\u9322\u300c\u8ce3\u6389\u300d\u4f86\u8cb7\u8ca1\u8ca8\u548c\u52de\u52d9\u3002<\/span>)<\/span>\u300f<\/span>*<\/span><\/p>\n

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\u300e\u81ea\u53e4\u4ee5\u4f86\uff0c\u8a31\u591a\u4e0d\u540c\u8ca1\u8ca8\u90fd\u66fe\u88ab\u7576\u4f5c\u5a92\u4ecb\uff0c\u50cf\u6b96\u6c11\u6642\u4ee3\u7dad\u5409\u5c3c\u4e9e\u5dde\u7684\u83f8\u8349\u3001\u897f\u5370\u5ea6\u7684\u7cd6\u3001\u963f\u6bd4\u897f\u5c3c\u4e9e<\/span>(Abyssinia)<\/span>\u7684\u9e7d\u3001\u53e4\u5e0c\u81d8\u7684\u725b\u7fa4\u3001\u8607\u683c\u862d\u7684\u91d8\u5b50\u3001\u53e4\u57c3\u53ca\u7684\u9285\uff0c\u9084\u6709\u7a40\u7269\u3001\u4e32\u73e0\u3001\u8336\u3001\u746a\u7459\u8c9d\u6bbc\u548c\u9b5a\u920e\u7b49\u3002\u7d93\u904e\u597d\u5e7e\u4e16\u7d00\uff0c\u91d1\u548c\u9280\u53d6\u4ee3\u5176\u4ed6\u5546\u54c1\uff0c\u6210\u70ba\u81ea\u7531\u7af6\u722d\u5e02\u5834\u4e2d\u7684\u8ca8\u5e63<\/span>……<\/span>\u81ea\u7531\u5e02\u5834\u767c\u73fe\u300c\u91d1\u300d\u548c\u300c\u9280\u300d\u662f\u5169\u7a2e\u6700\u6709\u6548\u7387\u7684\u8ca8\u5e63\uff0c<\/span>……<\/span>\u300f<\/span>*<\/span><\/p>\n

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\u6700\u521d\u7684\u300c\u82f1\u938a\u300d\u4ee3\u8868<\/span>1<\/span>\u938a\u7684\u9280\u3002\u300c\u7f8e\u5143\u300d\u4ee3\u8868<\/span>1<\/span>\u76ce\u53f8\u7684\u9280\u3002<\/span>(<\/span>\u5341\u516d\u4e16\u7d00\u7684\u6ce2\u897f\u7c73\u4e9e\u65bd\u7acb\u514b\u7684\u4f2f\u7235\uff0c\u9444\u5e63\u7d14\u5ea6\u6700\u597d\uff0c\u56e0\u70ba\u4f4f\u5728\u8cc8\u5947\u59c6\u65af\u5854<\/span>(Joachimsthal)<\/span>\u7684\u8cc8\u5947\u59c6\u4e4b\u8c37<\/span>(Joachim’s Valley)<\/span>\uff0c\u8a72\u5e63\u88ab\u7a31\u70ba\u300c\u8cc8\u5947\u59c6\u4e4b\u5854\u52d2\u300d\uff0c\u6700\u5f8c\u7a31\u70ba\u300c<\/span>thaler)<\/span>\uff0c\u9019\u5c31\u662f\u7f8e\u5143<\/span>(dollar)<\/span>\u7684\u7531\u4f86<\/span>)<\/span>\u3002\u6240\u4ee5\uff0c\u82f1\u938a\u3001\u7f8e\u5143\u7b49\u7684\u6e90\u8d77\uff0c\u90fd\u4f86\u81ea\u65bc\u9280\u9019\u9805\u5546\u54c1\uff0c\u4f9d\u7167\u9280\u7684\u91cd\u91cf\u800c\u6210\u70ba\u82f1\u938a\u3001\u7f8e\u5143\uff0c\u53ef\u4ee5\u66f4\u76f4\u89ba\u7406\u89e3\u300c\u9322\u662f\u5546\u54c1\u300d\u9019\u500b\u547d\u984c\u3002<\/span><\/p>\n

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\u65e2\u7136\u9322\u662f\u5546\u54c1\uff0c\u90a3\u9ebc\u7531\u79c1\u4eba\u9032\u884c\u751f\u7522\uff0c\u4f3c\u4e4e\u4e5f\u6c92\u6709\u4e0d\u53ef\u4ee5\u3002\u9019\u500b\u53eb\u505a\u79c1\u4eba\u9444\u5e63\u3002\u5982\u679c\u56de\u9867\u4e2d\u570b\u7684\u8ca8\u5e63\u53f2\uff0c\u5176\u5be6\u662f\u5728\u653f\u5e9c\u9444\u5e63\u548c\u79c1\u4eba\u9444\u5e63\u4e4b\u9593\u64fa\u76ea\u7684\u3002<\/span><\/p>\n

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\u652f\u6301\u7531\u653f\u5e9c\u58df\u65b7\u9444\u5e63\u7684\u4eba\uff0c\u8a8d\u70ba\u4e00\u65e6\u4efb\u7531\u79c1\u4eba\u9444\u5e63\uff0c\u90a3\u9ebc\u5927\u5bb6\u6703\u7af6\u76f8\u9444\u9020\u6210\u8272\u4e0d\u8db3\u7684\u8ca8\u5e63\uff0c\u9020\u6210\u5e02\u5834\u4e0a\u52a3\u5e63\u5145\u65a5\uff0c\u4f9d\u7167\u300c\u683c\u96f7\u6b23\u6cd5\u5247\u300d<\/span>(Gresham’s Law)<\/span>\uff0c\u9020\u6210\u300c\u52a3\u5e63\u9a45\u9010\u826f\u5e63\u300d\u7684\u60c5\u6cc1\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u800c\u5176\u5be6\uff0c\u9019\u662f\u5c0d\u300c\u683c\u96f7\u6b23\u6cd5\u5247\u300d<\/span>(Gresham’s Law)<\/span>\u7684\u8aa4\u89e3\u3002<\/span><\/p>\n

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\u7576\u91d1\u5e63\u6d41\u901a\u4e45\u4e86\u78e8\u640d\u4e86\uff0c\u8b6c\u5982\u53ea\u5269\u4e0b\u539f\u4f86\u4e5d\u6210\u7684\u91cd\u91cf\uff0c\u90a3\u4e9b\u820a\u5e63\u61c9\u8a72\u662f\u4e0d\u53d7\u6b61\u8fce\u6703\u88ab\u8d95\u51fa\u5e02\u5834\u7684\u300c\u52a3\u5e63\u300d\u624d\u5c0d\uff0c\u4f46\u653f\u5e9c\u660e\u4ee4\u820a\u5e63\u8996\u540c\u65b0\u5e63\uff0c\u4e26\u5728\u56de\u6536\u50b5\u6b0a\u6642\u4e00\u8996\u540c\u4ec1\u3002\u5927\u5bb6\u7576\u7136\u6a02\u65bc\u6d41\u901a\u300c\u52a3\u5e63\u300d\u7684\u820a\u5e63\uff0c\u800c\u56e4\u7a4d\u65b0\u5e63\uff0c\u9019\u5c31\u662f\u300c\u683c\u96f7\u6b23\u6cd5\u5247\u300d<\/span>(Gresham’s Law)<\/span>\u7684\u300c\u52a3\u5e63\u9a45\u9010\u826f\u5e63\u300d\u7684\u73fe\u8c61\u3002\u4e26\u4e0d\u662f\u767c\u751f\u5728\u81ea\u7531\u5e02\u5834\uff0c\u662f\u653f\u5e9c\u5e72\u9810\u7684\u7d50\u679c\u3002<\/span><\/p>\n

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\u90a3\u70ba\u4ec0\u9ebc\u73fe\u5728\u7684\u653f\u5e9c\uff0c\u90fd\u628a\u9444\u5e63<\/span>(<\/span>\u767c\u884c\u8ca8\u5e63\uff09\u7576\u4f5c\u662f\u4e2d\u592e\u653f\u5e9c\u7684\u5c08\u5c6c\u6b0a\u529b\uff0c\u800c\u56b4\u7981\u6c11\u9593\u79c1\u9444\u8ca8\u5e63\u5462\uff1f<\/span><\/p>\n

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\u9996\u5148\u8981\u601d\u8003\u7684\u662f\uff0c\u8ca8\u5e63\u505a\u70ba\u4e00\u7a2e\u5546\u54c1\uff0c\u4e00\u7a2e\u4ea4\u63db\u7684\u5a92\u4ecb\uff0c\u90a3\u9ebc\u793e\u6703\u4e0a\u5171\u300c\u9700\u8981\u300d\u591a\u5c11\u8ca8\u5e63\u5462\uff1f<\/span><\/p>\n

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\u300e<\/span>……<\/span>\u5728\u4efb\u4f55\u6642\u9ede\uff0c\u793e\u6703\u4e0a\u7684\u8ca8\u5e63\u4f9b\u7d66\u7e3d\u91cf\uff0c\u7b49\u65bc\u76ee\u524d\u505a\u70ba\u8ca8\u5e63\u7684\u7269\u8cea\u7684\u7e3d\u91cd\u91cf\u3002<\/span>……<\/span>\u300f<\/span>* <\/span>\u8b6c\u5982\uff0c\u5982\u679c\u8ca8\u5e63\u7528\u7684\u662f\u9ec3\u91d1\uff0c\u90a3\u9ebc\u793e\u6703\u4e0a\u9ec3\u91d1\u7684\u7e3d\u91cd\u91cf\uff0c\u5c31\u662f\u8ca8\u5e63\u4f9b\u7d66\u7e3d\u91cf\u3002<\/span><\/p>\n

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\u4f9d\u7167\u9019\u500b\u53e4\u8001\u7684\u6e96\u5247\uff0c\u7167\u7406\u8aaa\u300c\u9ec3\u91d1\u7684\u7e3d\u91cd\u91cf\u300d\u61c9\u8a72\u662f\u653f\u5e9c\u9444\u5e63\u7684\u6700\u5927\u9650\u5236<\/span>(<\/span>\u8ca8\u5e63\u4f9b\u7d66\u91cf<\/span>)<\/span>\uff0c\u90a3\u9ebc\u7576\u6240\u6709\u4eba\u4e00\u65e6\u8981\u6c42\u628a\u624b\u4e0a\u7684\u9322\u90fd\u514c\u6210\u9ec3\u91d1\uff0c\u90a3\u4e5f\u4e0d\u6703\u6709\u554f\u984c\u3002<\/span><\/p>\n

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\u5047\u8a2d\u9019\u4e9b\u9ec3\u91d1\u90fd\u5bc4\u5b58\u5728\u4e00\u5bb6\u53eb\u300c\u9280\u884c\u300d\u7684\u5927\u5009\u5eab\u88cf\uff0c\u6bcf\u55ae\u4f4d\u90fd\u5c6c\u65bc\u67d0\u4eba\u7684\u64c1\u6709\uff0c\u521d\u671f\u4e00\u65e6\u6709\u4ea4\u6613\uff0c\u9ec3\u91d1\u5c31\u5728\u4e0d\u540c\u4eba\u7684\u5009\u4f4d\u9593\u79fb\u52d5\uff0c\u4f46\u662f\u5be6\u5728\u9ebb\u7169\uff0c\u5f8c\u4f86\u5c31\u4ee5\u5009\u55ae\u7684\u65b9\u5f0f\u8a18\u9304\uff0c\u4e26\u4ee5\u5e33\u518a\u7d00\u9304\u7684\u65b9\u5f0f\uff0c\u5c31\u662f\u73fe\u5728\u6240\u7a31\u7684\u9280\u884c\u5b58\u6b3e\u4e86\u3002\u9019\u53eb\u505a\u767e\u5206\u4e4b\u767e\u6e96\u5099\uff0c\u5c31\u7b97\u662f\u54ea\u4e00\u5929\u6240\u6709\u9280\u884c\u7684\u5ba2\u6236\u90fd\u4f86\u8981\u6c42\u628a\u5b58\u5728\u9280\u884c<\/span>(<\/span>\u5009\u5eab<\/span>)<\/span>\u7684\u9322<\/span>(<\/span>\u9ec3\u91d1<\/span>)<\/span>\u90fd\u63d0\u9818\u51fa\u4f86\uff0c\u90fd\u4e0d\u6703\u662f\u554f\u984c\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u554f\u984c\u662f\u73fe\u4eca\u9280\u884c\u6240\u63a1\u53d6\u7684\u662f\u300c\u90e8\u5206\u6e96\u5099\u91d1\u5236\u5ea6\u300d<\/span>(fractional reserve banking)<\/span>\u3002\u9280\u884c\u53ea\u9700\u8981\u4fdd\u7559\u5f88\u5c11\u7684\u6e96\u5099\uff0c\u8b6c\u5982\u5b9a\u5b58\u7684<\/span>5%<\/span>\uff0c\u5c31\u53ef\u4ee5\u4ee5\u628a\u5269\u4e0b\u7684<\/span>95%<\/span>\u8cb8\u653e\u51fa\u53bb\uff0c\u5275\u9020\u66f4\u591a\u7684\u8ca8\u5e63\uff0c\u800c\u90a3\u518d\u8cb8\u653e\u51fa\u53bb\u7684\u9322\uff0c\u5c31\u50cf\u300c\u5047\u300d\u5009\u55ae\u4e00\u6a23\uff0c\u5176\u5be6\u80cc\u5f8c\u4e26\u6c92\u6709\u64d4\u4fdd<\/span>(<\/span>\u8b6c\u5982\u9ec3\u91d1<\/span>)<\/span>\uff0c\u55ae\u4e00\u9280\u884c\u5c07\u7121\u6cd5\u61c9\u4ed8\u64e0\u514c\uff0c\u800c\u300c\u5047\u300d\u5009\u55ae\u4e5f\u589e\u52a0\u4e86\u8ca8\u5e63\u7684\u4f9b\u7d66\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u589e\u6e1b\u6e96\u5099\u7387\uff0c\u6210\u70ba\u4e2d\u592e\u9280\u884c\u7e2e\u7dca\u9280\u6839\u6216\u589e\u52a0\u901a\u8ca8\u4f9b\u7d66\u7684\u4e00\u500b\u653f\u7b56\u5de5\u5177\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u53e6\u5916\uff0c\u9280\u884c\u4e5f\u53ef\u4ee5\u4ed8\u9ede\u9322<\/span>(<\/span>\u91cd\u8cbc\u73fe\u7387<\/span>)<\/span>\u5411\u4e2d\u592e\u9280\u884c\u501f\u9322\u3002\u4e2d\u592e\u9280\u884c\u4e5f\u53ef\u4ee5\u900f\u904e\u8abf\u6574\u91cd\u8cbc\u73fe\u7387\uff0c\u4f86\u63a7\u5236\u9280\u884c\u501f\u9322<\/span>(<\/span>\u4e26\u589e\u52a0\u8ca8\u5e63\u4f9b\u7d66<\/span>)<\/span>\u7684\u52d5\u80fd\uff0c\u9019\u662f\u592e\u884c\u63a7\u5236\u8ca8\u5e63\u4f9b\u7d66\u7684\u7b2c\u4e8c\u7a2e\u653f\u7b56\u5de5\u5177\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u4e2d\u592e\u9280\u884c\u7684\u7b2c\u4e09\u7a2e\u653f\u7b56\u5de5\u5177\uff0c\u662f\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff0c\u900f\u904e\u8cb7\u5165\u6216\u8ce3\u51fa\u50b5\u5238\u4f86\u8abf\u63a7\u8ca8\u5e63\u4f9b\u7d66\u91cf\u3002\u8cb7\u5165\u50b5\u5238\u5c31\u662f\u653e\u51fa\u8ca8\u5e63\u589e\u52a0\u8ca8\u5e63\u4f9b\u7d66\u91cf\uff0c\u800c\u8ce3\u51fa\u8ce3\u5238\u5247\u662f\u56de\u6536\u8ca8\u5e63\u6e1b\u5c11\u8ca8\u5e63\u4f9b\u7d66\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u8fd1\u5e7e\u5e74\uff0c\u5728\u7d93\u6fdf\u4e0d\u666f\u6c23\uff0c\u7269\u50f9\u9577\u671f\u4e0b\u8dcc\u7684\u901a\u8ca8\u7dca\u7e2e\u7d93\u6fdf\u4e4b\u4e0b\uff0c\u65e5\u672c\u3001\u7f8e\u570b\u548c\u6b50\u76df\u7b49\u7b49\uff0c\u524d\u524d\u5f8c\u5f8c\u9032\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff0c\u8cb7\u5165\u8b49\u5238\u3001\u50b5\u5238\u7b49\uff0c\u91cb\u51fa\u5f37\u529b\u8ca8\u5e63\uff0c\u4e5f\u5c31\u7b49\u540c\u662f\u592e\u884c\u5927\u5370\u9214\u7968\u7051\u5411\u5e02\u5834\uff0c\u7a31\u4e4b\u70ba\u300c\u91cf\u5316\u5bec\u9b06<\/span>(Quantitative Easing, QE)<\/span>\u300d\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u7c21\u7a31<\/span>QE<\/span>\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u7f8e\u570b\u7684<\/span>QE<\/span>\u70ba\u4f8b\uff0c\u4ee5\u9130\u70ba\u58d1\uff0c\u5df2\u7d93\u4f7f\u5f97\u7f8e\u5143\u8cb6\u503c\uff0c\u8ca8\u5e63\u6d41\u5411\u5546\u54c1\u5e02\u5834\uff0c\u9020\u6210\u4e86\u5168\u4e16\u754c\u7684\u901a\u8ca8\u81a8\u8139\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u653f\u5e9c\u70ba\u4e86\u5f4c\u88dc\u8ca1\u653f\u652f\u51fa\u7684\u7f3a\u53e3\uff0c\u4e5f\u6703\u50be\u5411\u65bc\u767c\u884c\u653f\u5e9c\u50b5\u5238\uff0c\u7136\u5f8c\u53eb\u4e2d\u592e\u9280\u884c\u8cfc\u5165\uff0c\u653f\u5e9c\u5728\u4f7f\u7528\u7372\u5f97\u7684\u8ca8\u5e63\u7684\u6642\u5019\uff0c\u5c31\u662f\u5411\u5e02\u5834\u91cb\u51fa\u4e86\u5f37\u529b\u7684\u8ca8\u5e63\u3002\u9577\u671f\u7684\u50b5\u5238\u9020\u6210\u9577\u671f\u8ca8\u5e63\u7684\u8d85\u984d\u4f9b\u7d66\uff0c\u9020\u6210\u9577\u671f\u7684\u7269\u50f9\u4e0a\u6f32\uff0c\u5c31\u662f\u901a\u8ca8\u81a8\u8139\u4e86\u3002\u653f\u5e9c\u7684\u652f\u51fa\uff0c\u53ef\u80fd\u4f7f\u5f97\u5c11\u90e8\u5206\u7684\u4eba\u5f97\u5229\uff0c\u4f46\u901a\u8ca8\u81a8\u8139\u4f7f\u5f97\u8ca8\u5e63\u7684\u8cfc\u8cb7\u529b\u88ab\u7a00\u91cb\uff0c\u6703\u6e1b\u5c11\u6301\u6709\u8ca8\u5e63\u8005\u7684\u8cc7\u7522\u50f9\u503c\uff0c\u5247\u662f\u4e00\u7a2e\u660e\u76ee\u5f35\u81bd\u7684\u63a0\u596a\u3002\u800c\u653f\u5e9c\u8ca0\u50b5\u7684\u589e\u52a0\uff0c\u5c31\u662f\u50b5\u7559\u5b50\u5b6b\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u628a\u9444\u9020\u8ca8\u5e63<\/span>(<\/span>\u767c\u884c\u8ca8\u5e63<\/span>)<\/span>\u7684\u6b0a\u529b\u6293\u5728\u624b\u4e0a\uff0c\u653f\u5e9c\u5c31\u53ef\u4ee5\u70ba\u6240\u6b32\u70ba\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u56de\u5230\u57fa\u672c\u7684\u7406\u8ad6\uff0c\u8ca8\u5e63\u4f5c\u70ba\u4e00\u7a2e\u5546\u54c1\uff0c\u5b83\u7684\u50f9\u683c\u7576\u7136\u4e5f\u662f\u7531\u8ca8\u5e63\u7684\u4f9b\u7d66\u548c\u9700\u6c42\u6240\u6c7a\u5b9a\u3002\u7576\u8ca8\u5e63\u7684\u4f9b\u7d66\u589e\u52a0\u4f46\u8ca8\u5e63\u9700\u6c42\u6301\u5e73\u7684\u6642\u5019\uff0c\u8ca8\u5e63\u7684\u50f9\u683c\u5c31\u6703\u4e0b\u8dcc\uff0c\u4e5f\u5c31\u6bcf\u55ae\u4f4d\u8ca8\u5e63\u80fd\u8cfc\u8cb7\u5230\u6771\u897f<\/span>(<\/span>\u8cfc\u8cb7\u529b<\/span>)<\/span>\u8b8a\u5c11\u4e86\uff0c\u7269\u50f9\u4e0a\u6f32\u4e86\uff0c\u6301\u7e8c\u8d85\u904e\u4e00\u6bb5\u6642\u9593\uff0c\u5c31\u662f\u6240\u8b02\u7684\u901a\u8ca8\u81a8\u8139\u3002\u800c\u7576\u4eca\u7684\u901a\u8ca8\u81a8\u8139\uff0c\u5df2\u7d93\u4e0d\u9650\u65bc\u570b\u5883\u4e4b\u5167\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u56de\u982d\u770b\u770b\u53f0\u7063\u7684\u8ca8\u5e63\u4f9b\u7d66\u984d\uff0c\u6703\u8b93\u5927\u5bb6\u5687\u4e0a\u4e00\u8df3\u3002\u539f\u4f86\u53f0\u7063\u4e5f\u4e0d\u843d\u4eba\u5f8c\uff0c\u4f3c\u4e4e\u4e5f\u6709\u6211\u5011\u7684<\/span>QE<\/span>\u5462\uff01<\/span><\/p>\n

<\/span><\/p>\n

\u53f0\u7063\u8ca8\u5e63\u4f9b\u7d66\u984d<\/span> M2**<\/span><\/p>\n

<\/span><\/p>\n

\u8cc7\u6599\u65e5\u671f<\/span>      <\/span><\/span>\u8ca8\u5e63\u4f9b\u7d66<\/span>(M2) <\/span><\/p>\n

                       <\/span><\/span>\u65b0\u53f0\u5e63<\/span>(<\/span>\u5146\u5143<\/span>)<\/span><\/p>\n

——————  <\/span>———————<\/span><\/p>\n

2007\/01\/01          <\/span>25.8<\/span><\/p>\n

2008\/01\/01         <\/span>26.4<\/span><\/p>\n

2009\/01\/01         <\/span>28.1<\/span><\/p>\n

2010\/01\/01          <\/span>29.5<\/span><\/p>\n

2011\/01\/01           <\/span>31.4<\/span><\/p>\n

2012\/01\/01          <\/span>33.0<\/span><\/p>\n

2013\/01\/01          <\/span>33.9<\/span><\/p>\n

2014\/01\/01          <\/span>36.0 <\/span><\/p>\n

2015\/01\/01          <\/span>38.0<\/span><\/p>\n

2016\/01\/01          <\/span>40.2<\/span><\/p>\n

2017\/01\/01           <\/span>41.7<\/span><\/p>\n

2018\/01\/01          <\/span>43.0<\/span><\/p>\n

2019\/01\/01          <\/span>44.5<\/span><\/p>\n

2020\/01\/01          <\/span>46.5<\/span><\/p>\n

2021\/01\/01           <\/span>50.3 <\/span><\/p>\n

2022\/01\/01          <\/span>54.6<\/span><\/p>\n

2022\/06\/01          <\/span>55.5<\/span><\/p>\n

=========  <\/span>===========<\/span><\/p>\n

<\/span><\/p>\n

\u53f0\u7063\u7684\u570b\u5167\u751f\u7522\u6bdb\u984d<\/span>(GDP)<\/span>\uff0c\u5728<\/span>2007<\/span>\u5e74\u662f\u65b0\u53f0\u5e63<\/span>22.9<\/span>\u5146\uff0c\u5230\u4e86<\/span>2019<\/span>\u5e74\u6210\u9577\u5230\u65b0\u53f0\u5e63<\/span>23.6<\/span>\u5146\uff1b\u53f0\u7063\u7684\u8ca8\u5e63\u4f9b\u7d66\u984d\u6307\u6a19<\/span>M2<\/span>\uff0c\u5728<\/span>2007<\/span>\u5e74\u662f\u65b0\u53f0\u5e63<\/span>25.8<\/span>\u5146\uff0c\u5230\u4e86<\/span>2019<\/span>\u5e74\u6210\u9577\u5230\u65b0\u53f0\u5e63<\/span>44.5<\/span>\u5146\uff0c\u751a\u81f3\u5728<\/span>2022<\/span>\u5e74\u7684<\/span>6<\/span>\u6708\u5230\u4e86\u65b0\u53f0\u5e63<\/span>55.5<\/span>\u5146\u7684\u6b77\u53f2\u65b0\u9ad8\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u8ca8\u5e63\u4f9b\u7d66\u984d\u56b4\u91cd\u8207\u7d93\u6fdf\u6d3b\u52d5\u7684\u9700\u6c42\u812b\u920e\uff0c\u662f\u4e0d\u662f\u53ef\u4ee5\u7528\u4f86\u89e3\u91cb\u9019\u5e7e\u5e74\u80a1\u5e02\u3001\u623f\u5e02\u7684\u4e0a\u6f32\u4ee5\u53ca\u5728\u4e16\u5c40\u52d5\u76ea\u63a8\u6ce2\u52a9\u703e\u4e4b\u4e0b\uff0c\u6d88\u8cbb\u7269\u50f9\u4e0a\u6f32\u986f\u5f97\u66f4\u70ba\u6709\u611f\u7684\u60c5\u6cc1\u5462\uff1f<\/span><\/p>\n

<\/span><\/p>\n

\u9664\u4e86\u900f\u904e\u64f4\u5927\u8ca8\u5e63\u4f9b\u7d66\u91cf\uff0c\u9032\u884c\u8ca1\u5bcc\u91cd\u5206\u914d\u7684\u4e94\u9b3c\u642c\u904b\u4e4b\u5916\uff0c\u4f9d\u7167\u9060\u898b\u96dc\u8a8c\u7684\u5831\u5c0e\uff0c\u6211\u5011\u7559\u7d66\u5b50\u5b6b\u7684\u50b5\u52d9\uff0c\u4e5f\u662f\u589e\u52a0\u7684\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u300e\u4e2d\u592e\u8207\u5730\u65b9\u50b5\uff0c\u5f9e<\/span>2016<\/span>\u5e74\u7684<\/span>6<\/span>\u5146<\/span>2082<\/span>\u5104\u5143\uff0c\u6500\u5347\u5230<\/span>2021<\/span>\u5e74\u9810\u7b97\u50b5\u52d9\u9918\u984d\u7684<\/span>7<\/span>\u5146<\/span>1772<\/span>\u5104\u5143\uff0c\u589e\u52a0<\/span>9690<\/span>\u5104\u5143\uff08<\/span>15.6<\/span>\uff05\uff09\uff0c\u5e73\u5747\u6bcf\u4eba\u8ca0\u50b5<\/span>30.63<\/span>\u842c\u5143\u3002<\/span>…….<\/span>\u5176\u5be6\uff0c\u9084\u6709\u4e00\u5927\u7b46\u653f\u5e9c\u5f37\u8abf\u300c\u4e0d\u662f\u8ca0\u50b5\u300d\u7684\u6f5b\u85cf\u50b5\u52d9\u3002\u6839\u64da\u4e3b\u8a08\u7e3d\u8655\u6700\u65b0\u7d71\u8a08\uff0c<\/span>2020<\/span>\u5e74\u5e95\uff0c\u4e2d\u592e\u53ca\u5730\u65b9\u6f5b\u85cf\u50b5\u52d9\u5171<\/span>18<\/span>\u5146<\/span>4534<\/span>\u5104\u5143\uff0c<\/span>……<\/span>\uff0c\u5305\u542b\u8ecd\u516c\u6559\u3001\u52de\u4fdd\u9000\u4f11\u7d66\u4ed8<\/span>……<\/span>\u3002\u5c0d\u6b64\uff0c\u8ca1\u653f\u90e8\u7e3d\u662f\u9019\u6a23\u5ba3\u7a31\uff1a\u300c\u4f9d\u570b\u969b\u7d44\u7e54\u6a19\u6e96\uff0c\u6f5b\u85cf\u8ca0\u50b5\u4e0d\u8a08\u5165\u4e00\u822c\u653f\u5e9c\u8ca0\u50b5\u3002\u300d\u300f<\/span>***<\/span><\/p>\n

<\/span><\/p>\n

\u9019\u6a23\u7684\u7d93\u6fdf\u60c5\u52e2\uff0c\u5c0d\u56fa\u5b9a\u85aa\u6c34\u6536\u5165\u8eab\u7121\u6046\u8ca1\u7684\u5e74\u8f15\u4eba\u6700\u70ba\u4e0d\u516c\uff0c\u800c\u4e14\u653f\u5e9c\u8d85\u652f\u4e0d\u65b7\u81a8\u6f32\u7684\u50b5\u52d9\uff0c\u672a\u4f86\u52e2\u5fc5\u4e5f\u8981\u4ed6\u5011\u8ca0\u8cac\u511f\u9084\u3002\u6211\u5011\u6b63\u627c\u6bba\u7684\u4e0d\u53ea\u662f\u53f0\u7063\u7684\u5e0c\u671b\uff0c\u800c\u4e14\u662f\u672a\u4f86\u50c5\u5b58\u80fd\u652f\u6301\u53f0\u7063\u751f\u5b58\u7684\u5fae\u8584\u529b\u91cf\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u7576\u653f\u5e9c\u4ee5<\/span>Covid-19<\/span>\u70ba\u7531\uff0c\u6177\u6168\u5230\u8655\u5be6\u65bd\u88dc\u8cbc\u7684\u6642\u5019\uff0c\u4ed6\u5011\u6709\u6c92\u6709\u597d\u597d\u60f3\u904e\uff0c\u662f\u4e0d\u662f\u628a\u9322\u771f\u6b63\u82b1\u5728\u5200\u53e3\u4e0a\u4e86\u3002<\/span><\/p>\n

<\/span><\/p>\n

\u9019\u662f\u6211\u5011\u8a72\u6709\u7684\u61f7\u7591\u3002<\/span><\/p>\n

<\/span><\/p>\n

*<\/span>\uff1a\u300a\u8ca8\u5e63\u7c21\u53f2\u300b\uff0c\u83ab\u745e\uff0e\u7f85\u65af\u5df4\u5fb7<\/span> <\/span>\u8457\uff0c\u9673\u6b63\u82ac<\/span> <\/span>\u9ad8\u7fe0\u971c<\/span> <\/span>\u8b6f<\/span><\/p>\n

**<\/span>\uff1a\u8cc7\u6599\u53c3\u8003<\/span>FundDJ<\/span>\u57fa\u667a\u7db2<\/span><\/p>\n

***<\/span>\uff1a\u3008\u300c\u5927\u50b5\u6642\u4ee3\u300d\u885d\u64ca\u5168\u7403\uff01\u53f0\u7063\u7015\u81e8\u300c\u6d3b\u4e0d\u8d77\u300d\u7684\u672a\u4f86\u3009\uff0c\u6587<\/span> \/<\/span>\u5f6d\u674f\u73e0<\/span> <\/span>\u651d\u5f71<\/span> \/ <\/span>\u5f35\u667a\u5091\uff0c<\/span>2021-11-26<\/span>\uff0c<\/span>2021\/12<\/span>\u6708\u865f<\/span> <\/span>\u9060\u898b\u96dc\u8a8c<\/span> <\/span><\/p>\n

<\/span><\/p>\n

P.S. <\/span>\u8ca8\u5e63\u4f9b\u7d66\u984d\u7684\u5b9a\u7fa9<\/span><\/p>\n

<\/span><\/p>\n

M1A<\/span>\uff1d\u901a\u8ca8\u6de8\u984d\uff0b\u4f01\u696d\u53ca\u500b\u4eba\uff08\u542b\u975e\u71df\u5229\u5718\u9ad4\uff09\u5728\u8ca8\u5e63\u6a5f\u69cb\u4e4b\u652f\u7968\u5b58\u6b3e\u53ca\u6d3b\u671f\u5b58\u6b3e\u3002<\/span><\/p>\n

M1B<\/span>\uff1d<\/span>M1A<\/span>\uff0b\u500b\u4eba\uff08\u542b\u975e\u71df\u5229\u5718\u9ad4\uff09\u5728\u8ca8\u5e63\u6a5f\u69cb\u4e4b\u6d3b\u671f\u5132\u84c4\u5b58\u6b3e\uff08\u76ee\u524d\u53ea\u6709\u500b\u4eba\u53ca\u975e\u71df\u5229\u5718\u9ad4\u53ef\u4ee5\u958b\u7acb\u5132\u84c4\u5b58\u6b3e\u5e33\u6236\uff09\u3002<\/span><\/p>\n

M2 <\/span>\uff1d<\/span>M1B<\/span>\uff0b\u6e96\u8ca8\u5e63\uff08\u5305\u62ec\u4f01\u696d\u53ca\u500b\u4eba\u5728\u8ca8\u5e63\u6a5f\u69cb\u4e4b\u5b9a\u671f\u6027\u5b58\u6b3e\u8207\u5916\u532f\u5b58\u6b3e\uff0c\u90f5\u532f\u5c40\u5438\u6536\u4e4b\u90f5\u653f\u5132\u91d1\u7e3d\u6578\uff0c\u4f01\u696d\u53ca\u500b\u4eba\u6301\u6709\u8ca8\u5e63\u6a5f\u69cb\u4e4b\u9644\u8cb7\u56de\u4ea4\u6613\u9918\u984d\uff0c\u4ee5\u53ca\u5916\u570b\u4eba\u6301\u6709\u4e4b\u65b0\u53f0\u5e63\u5b58\u6b3e\uff09\u3002<\/span><\/p>\n

M2+Bond fund<\/span>\uff08\u6de8\u984d\uff09\uff1d<\/span>M2<\/span>\uff0b\u50b5\u5238\u578b\u57fa\u91d1\uff0d\u50b5\u5238\u578b\u57fa\u91d1\u5b58\u653e\u9280\u884c\u5b58\u6b3e<\/span>–<\/span>\u9280\u884c\u6301\u6709\u4e4b\u50b5\u5238\u578b\u57fa\u91d1\u3002<\/span><\/p>\n

<\/span><\/p>\n

2022\/8\/24 <\/span>\u8ca8\u5e63\u7c21\u53f2<\/span> Damakey<\/span><\/p>\n

 <\/span><\/p>\n

 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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