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金融结构的多元化虽然实现了对资金量和使用效率的改善,但虚拟经济的迅速崛起,诱使资金从投资收益率低的产业大量抽逃,引发实体经济内部的塌陷,并改变了社会总体的经济结构;而非银行金融机构对资金的表外转移行为将直接作用于货币乘数,进而干扰央行货币供给行为,最终弱化货币政策对整体经济运行的宏观调控效应。若无法实现有效监管,将诱发更严重的通货膨胀和经济危机。
Although the diversification of the financial structure has realized an improvement in the amount of capital and the efficiency of its use, the rapid rise of the fictitious economy has led to massive escaping of funds from industries with low returns on investment, which have caused the collapse of the real economy and changed the overall social Economic structure. However, non-bank financial institutions’ off-balance-sheet transfer of funds will directly act on the monetary multiplier, interferes with the central bank’s money supply and ultimately weakens the macro-control effect of monetary policy on the overall economic operation. Failure to achieve effective regulation will induce more serious inflation and economic crisis.