Broad Money vs Narrow Money: Definitions and Distinctions | 广义货币与狭义货币的划分

📚 Broad Money vs Narrow Money: Definitions and Distinctions | 广义货币与狭义货币的划分

In any modern economy, the money supply is a key indicator for macroeconomic policy. However, “money” is not simply the cash in people’s pockets. Different assets can act as a store of value or a means of exchange, and central banks need a way to classify them. This article explains the distinction between broad money and narrow money, as required by the CIE A-Level Economics syllabus.

在任何现代经济体中，货币供应量都是宏观经济政策的重要指标。然而，“货币”并不只是人们口袋里的现金。不同资产都可以作为价值储藏或交换媒介，因此中央银行需要一种方式来给它们分类。本文根据 CIE A-Level 经济学考纲，解释广义货币与狭义货币之间的划分。

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1. The Functions of Money | 货币的职能

Before comparing narrow and broad definitions, we must recall what money does. Money has four classic functions: medium of exchange, store of value, unit of account, and standard of deferred payment.

在比较狭义与广义定义之前，我们需先回顾货币的职能。货币有四种经典职能：交易媒介、价值储藏、计价单位以及延期支付标准。

As a medium of exchange, money eliminates the inefficiencies of barter because it is generally accepted in transactions.

作为交易媒介，货币因被普遍接受而消除了物物交换的低效率。

As a store of value, money allows purchasing power to be saved for future use. However, inflation erodes this function over time.

作为价值储藏，货币使购买力可以保存到未来使用。但通货膨胀会随着时间推移侵蚀这一职能。

As a unit of account, money provides a common measure for prices and debts; as a standard of deferred payment, it enables contracts to be written in money terms.

作为计价单位，货币为价格和债务提供了共同尺度；作为延期支付标准，它使人们能够以货币形式订立合约。

These functions help explain why money is usually defined by its liquidity. The more easily an asset can be used to make a payment, the more “money-like” it is.

这些职能有助于解释为什么货币通常以流动性来定义。一种资产越容易被用来付款，它就越具有“货币”的特征。

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2. What Is Narrow Money? | 什么是狭义货币？

Narrow money consists of the most liquid assets in the economy. These are assets that can be used directly to buy goods and services without delay. In most definitions, narrow money includes currency in circulation and demand deposits.

狭义货币由经济体中流动性最强的资产组成。这些资产可以立即用于购买商品和服务。在大多数定义中，狭义货币包括流通中的现金和活期存款。

Currency in circulation means notes and coins held by the public, excluding cash held by banks. Demand deposits, also called sight deposits or current accounts, are bank balances that can be withdrawn on demand by writing a cheque or using a debit card.

流通中的现金是指公众持有的纸币和硬币，不包括银行自身持有的现金。活期存款又称即期存款或往来账户存款，是可以随时通过支票或借记卡支取的银行存款余额。

Because these components are immediately spendable, narrow money is closely linked to consumer purchasing power and short-run aggregate demand. In many countries, the narrowest aggregate is called M0 or M1.

由于这些组成部分可立即用于支出，狭义货币与消费者购买力和短期总需求密切相关。在许多国家，最窄的货币指标被称为 M0 或 M1。

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3. What Is Broad Money? | 什么是广义货币？

Broad money is a wider measure of the money supply. It includes narrow money plus less liquid financial assets that can be converted into cash relatively easily and without a large loss of value. These assets are often called near money.

广义货币是更宽泛的货币供应量口径。它包含狭义货币，再加上一些流动性较低的金融资产。这些资产可以较为容易地转化为现金，且价值损失不大，通常被称为准货币。

Typical components of broad money include savings deposits, fixed-term or time deposits, money market deposits, and certain short-term financial instruments. These assets pay interest, but they are not immediately usable as a medium of exchange.

广义货币的典型组成部分包括储蓄存款、定期存款或通知存款、货币市场存款以及某些短期金融工具。这些资产有利息收入，但不能立即用作交易媒介。

Thus, broad money measures the total stock of purchasing power that households and firms can eventually use in spending, even if it is not instantly available. The exact definition of broad money differs across countries, but the general principle is the same.

因此，广义货币衡量的是家庭和企业最终可用于支出的总购买力，即使这些资金并非立即可用。不同国家对广义货币的具体定义有所不同，但基本原则是一致的。

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4. Common Monetary Aggregates | 常见货币供应量指标

The table below summarises the typical monetary aggregates, from the narrowest to the broadest. Candidates should note that the exact labels and components vary by country.

下表概括了从最窄到最宽的常见货币供应量指标。考生应注意，具体名称和构成因国家而异。

Aggregate	Typical components	Liquidity
M0	Notes and coins in circulation, and in some countries banks’ operational deposits at the central bank	Highest
M1	M0 plus demand deposits held by the public	Very high
M2	M1 plus savings deposits and small time deposits	High
M3	M2 plus large time deposits and institutional money market funds	Medium
M4	M3 plus other deposits and short-term financial assets	Broadest / least liquid

In economic exams, you do not always need to memorise every aggregate. Instead, you should be able to identify which assets count as narrow money and which are added when the definition is widened.

在经济考试中，你不必记住每一个货币指标的细节。更重要的是能够判断哪些资产属于狭义货币，以及在定义放宽后又有哪些资产被加入。

M1 = Currency in circulation + Demand deposits

Broad money = Narrow money + Near-money assets

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5. The Role of Liquidity | 流动性的核心作用

The distinction between narrow and broad money is ultimately about liquidity. Liquidity means how quickly and cheaply an asset can be converted into a means of payment without losing its nominal value.

狭义货币与广义货币之间的区别，归根结底在于流动性。流动性是指资产能够多快、以多低的成本转化为支付手段，同时不损失其名义价值。

Cash and current-account deposits are perfectly liquid because they can be used in transactions immediately. A fixed-term deposit, by contrast, cannot be spent until maturity, or it can be withdrawn early only by paying a penalty.

现金和活期存款是完全流动的，因为它们可以立即用于交易。而定期存款则要等到期才能动用，若提前支取通常需要支付罚息。

There is usually a trade-off between liquidity and return. Assets with high liquidity, such as cash, pay little or no interest, while assets with lower liquidity, such as time deposits, pay a higher return.

流动性和回报之间通常存在权衡取舍。现金等流动性极高的资产几乎没有利息，而定期存款等流动性较低的资产则提供较高的回报。

This trade-off is why wealth holders do not simply hold cash. They balance the convenience of liquidity against the opportunity cost of lost interest.

正是这种权衡关系，使财富持有者不会只持有现金。他们需要在流动性的便利与损失利息的机会成本之间做出选择。

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6. Why the Distinction Matters for Policy | 划分对政策的意义

Central banks watch both narrow and broad money, but for different purposes. Narrow money is a useful indicator of spending in the immediate future, because it is the part of the money supply that households and firms can spend at short notice.

中央银行同时关注狭义货币和广义货币，但目的不同。狭义货币是未来短期内支出的有用指标，因为它是家庭和企业可以随时支出的部分。

Broad money is a better indicator of total purchasing power in the economy. It includes funds that may be used for spending later, so it can signal future inflationary pressure.

广义货币则更能反映经济体中的总购买力。它可能包含未来才会用于支出的资金，因此可以预示未来的通胀压力。

Monetarist economists, following Milton Friedman, argue that changes in the money supply are the main cause of changes in aggregate demand and inflation. They often express this using the equation of exchange:

以米尔顿·弗里德曼为代表的货币主义经济学家认为，货币供应量的变化是总需求和通货膨胀变化的主要原因。他们通常用交易方程式来表达这一观点：

MV = PY

Here, M is the money supply, V is the velocity of circulation, P is the price level, and Y is real output. If M grows faster than Y, the equation predicts upward pressure on P, meaning inflation.

其中，M 是货币供应量，V 是货币流通速度，P 是物价水平，Y 是实际产出。如果 M 的增长快于 Y，该方程式就预示着 P 面临上涨

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