Research Article
A New Cost-Profit Model for Measuring the Optimal Scale of China’s Foreign Exchange Reserve
Table 3
Money multiplier and broad money supply (
%: increasing rate of
;
: money multiplier;
%: inflation rate).
| | | Base money | | % | | % | |
| | 1999 | 29798.2 | 11763.81 | 12.57 | 3.9478 | | | | 2000 | 31957.34 | 13248.75 | 12.62 | 4.1458 | 0.26 | 0.021 | | 2001 | 33957.84 | 15288.85 | 15.40 | 4.5023 | 0.46 | 0.030 | | 2002 | 37727.45 | 18324.69 | 19.86 | 4.8571 | | — | | 2003 | 43798.52 | 21922.68 | 19.63 | 5.0053 | 1.16 | 0.059 | | 2004 | 58776.79 | 25320.77 | 15.50 | 4.3080 | 3.89 | 0.251 | | 2005 | 64245.22 | 29875.55 | 17.99 | 4.6502 | 1.82 | 0.101 | | 2006 | 77597.96 | 34557.79 | 15.67 | 4.4534 | 1.46 | 0.093 | | 2007 | 101387.4 | 40340.13 | 16.73 | 3.9788 | 4.75 | 0.284 |
| | Mean | | | | 4.4876 | | 0.120 |
|
|
Source: the World Bank “World Development Indicators” (WDI) (from Annual Book of World Economy 2008-2009).
|
