Ghana's virtual monetary policy
indicating that the total money demand is determined by income and interest rate.
from the perspective of economic theory, although fiscal policy can directly stimulate investment, its effect is often discounted because of certain "crowding out effect". It should be pointed out here that e to specific institutional reasons, China's fiscal policy in this period had almost no "crowding out effect"< (2) the effect of "positive" monetary policy is rather weak
with the start of positive fiscal policy, macro policy is accompanied by steady monetary policy. In the view of relevant departments, the so-called prudent monetary policy is a policy that can prevent both inflation and deflation, that is, a moderate monetary policy. However, in fact, our monetary policy is relatively loose. The main reason is not that we have adopted a prudent monetary policy in name, but that we have violated its original intention in practice, that is, the money supply is still accelerating (the most important manifestation of active monetary policy). On the contrary, ring the implementation of a prudent monetary policy, the broad money supply (M2) has not increased very fast, compared with the previous annual growth rate of more than 20% (or even about 30%), In recent years, the growth rate of M2 has been stable below 15%, which is worthy of the name of "steady"; However, in recent years, China's m2 / GDP has been growing, especially after 1998. It is roughly estimated that the current ratio is about 2, which is rare in the world. Moreover, the people's Bank of China has lowered interest rates eight times since 1996, including five times since 1998
therefore, in these sense, our monetary policy is "positive". The role of monetary policy is manifested in two aspects, that is, with the expansion of money supply, the interest rate decreases, so the consumption of residents increases and the investment of enterprises expands. However, from the practical situation in China, the stimulating effect of these two aspects is not obvious. The main reason should be explained from the excess currency, the following only gives a rough overview from two aspects
from the perspective of money demand. According to Keynesian method, money demand can be divided into transaction demand, prevention demand and speculation demand. In an economy, the change of transaction demand will not be great. It is just a little bigger in the boom and a little less in the depression, but it will not be very different; However, in terms of preventive demand and speculative demand (the sum of the two is equal to that of quasi currency), there are often significant changes, which is the case in China
first of all, there is a great demand for money prevention. There has been a lot of discussion about Preventive Savings in the academic circle, that is, the uncertainty faced by Chinese residents in the transition period is greatly increased, such as unemployment, future pension and children's ecation, which requires a lot of spending, resulting in a large amount of savings, the marginal propensity to consume is constantly decreasing, and the increase of consumption promoted by interest rate rection is very limited
secondly, the high speculative demand for money is perhaps the most noteworthy. As we all know, China's stock market has always been characterized by speculative activities. A large number of private money flows into the stock market to participate in virtual economic activities, so the new money moves back and forth between the securities trading margin account and the current deposit account of enterprises and residents. Some scholars estimate that the proportion of funds entering the stock market in 2001 accounted for 26.32% of that year's m2. It can be seen that the absorption of money by the virtual economy is very amazing. However, because most of the capital is more important than speculation rather than long-term investment, the role of this part of capital entering the stock market for substantial proction is also very limited. Moreover, not only many residents with savings deposits participate in speculation, but also many enterprises themselves invest a lot of proctive capital in the stock market. We know that moderate speculation can activate the stock market, which is concive to the development of the real economy, but excessive speculation can only be a zero sum game, or even a negative sum game. It is just a game of redistributing wealth among speculators, which will not directly promote material proction, There could also be a lot of negative effects
from the perspective of credit, credit policy has always been tightening. The Asian financial crisis has given enough warning to the Chinese government, so the central bank suddenly tightened the credit supervision of commercial banks and implemented the loan responsibility system. Since then, there has been a credit crunch in China. Since 1995, the "deposit gap" in the financial system has further expanded, reaching 4905.9 billion yuan in 2003. Although the credit structure of state-owned banks has changed with the process of marketization, it is not substantial. It's just that we will no longer give loans to inferior state-owned enterprises, but the funds of large and medium-sized state-owned enterprises with good quality are still very rich, and the loans of a large number of small and medium-sized private enterprises are still difficult. As the capital of large and medium-sized state-owned enterprises has always been abundant, the interest rate cut will not stimulate their loan demand too much, so the stimulating effect of interest rate cut on investment is not obvious under this specific system
from the above two aspects, we can see that, on the one hand, the demand for money of economic entities has been high, on the other hand, bank credit has shrunk, so that a large amount of money deposited in banks can not be converted into investment, that is, there are serious problems in the transmission mechanism of our monetary policy, and ultimately the effect of "positive" monetary policy is greatly reced, On the surface, China has almost fallen into the liquidity trap. At this time, looking back at the "crowding out effect" of fiscal policy, it is very obvious. Since a large amount of funds can not be transformed into effective investment in the banking system, the issuance of additional treasury bonds has become a way to convert these funds into a part of the actual total demand through the purchase of treasury bonds. The bank supporting loans for treasury bond investment projects and other social funds also have the same nature, so there is basically no "crowding out effect". But it must be pointed out that this small "crowding out effect" is the result of distortion under the specific system of our country
to sum up, in the past seven years, our active fiscal policy has indeed played an extremely "positive" role, which is of great significance to ensure the economic growth in a specific period; At the same time, although the "positive" monetary policy is not satisfactory and the effect is very weak after the event, the "positive" monetary policy undoubtedly provides an extremely loose monetary environment for the positive fiscal policy to play an effective role, which is also a necessary condition for the positive fiscal policy to play a role under the specific state-owned enterprise system and banking system in China. Therefore, it is undoubtedly wise for the central government to change the active fiscal policy to a steady one, because the effect of the past fiscal policy is obvious, and fading out is also concive to effectively curb the current local economic overheating. Moreover, because our country's interest rate is not yet fully market-oriented, the central bank's role in using monetary policy in macro-control will still be very limited. Therefore, fiscal policy can not fade out immediately, otherwise, the economy will probably lead to recession and fall back into deflation. And this is probably the real reason for the adjustment to be "steady" rather than "tight". From this point of view, it is just right to change from "positive" to "steady". However, the problems of China's economy are largely long-term. Even if we can control the short-term economic fluctuations, the economic growth mode under this specific system can't help worrying people
problems: the economic growth model is still not healthy enough
from the previous detailed analysis, we can clearly feel the problems of China's economic growth model, that is, it is still a "government led" economy, and administrative intervention has increased instead of decreasing, Only seven years of active macro policy can maintain the economic growth (in fact, it is stable and declining), which determines that its growth mode is not healthy enough
just as some scholars have pointed out, our economy has changed from resource constrained to demand constrained since 1997, but we must see that this progress is still quite limited, because demand constraints are not market-oriented constraints, especially in terms of investment demand, which is mainly caused by the credit crunch ordered by the government. And the consumption demand constraint is formed under the investment demand constraint, especially the consumption demand of urban residents. As we all know, after the mid-1990s, China's economy bid farewell to the shortage. Urban residents' consumption of basic consumer goods and rable goods, such as color TV sets, refrigerators and washing machines, has been basically saturated, and they began to turn to the demand for high-end consumer goods, such as cars and housing. However, these procts are just the ones with insufficient market supply, especially the lack of personalization, The shortage of supply is directly related to the credit tightening policy. At the same time, e to SARS in 2003, the credit policy suddenly became loose, which immediately triggered an investment boom in steel, electricity, cement and other raw materials instries and real estate instry, directly leading to local overheating of the economy. But this is not a fever without any reason, but a concentrated release after years of repression, which is the inevitable result of strong consumer demand as a driving force
on the other hand, e to the active fiscal policy, a large number of national debt projects are launched, and a large number of bank supporting loans are involved, but these projects are feasible
the following is the economic situation of Ghana:
Ghana is mainly agricultural. Gold, cocoa and timber are the three traditional export procts of Canada. Since the implementation of the economic structural adjustment plan in 1983, the government has taken the eradication of inflation, the development of agriculture and the encouragement of investment as the three major priorities, and the economy has maintained sustained growth. Known as the "model" of economic restructuring in African countries, the title of least developed country was cancelled by the United Nations in 1994. In the late 1990s, e to the impact of external factors such as the fall of gold and cocoa prices in the international market, Canada's economy was in deep trouble, its fiscal deficit increased sharply, and its currency was devalued greatly. After the Kufuor regime came to power, it focused on stabilizing and developing the economy, strengthened macro-control, formulated temporary budget, comprehensively carried out free and open economic policy, promoted the development of private enterprises, and promoted economic growth. Join the HIPC and strive for debt relief in the west to ease the pressure of debt repayment. The prices of gold and cocoa in the international market have graally picked up, the Canadian economy has improved, the currency has stabilized, and the inflation rate has dropped, which is in the stage of recovery growth. As a result of the formulation and implementation of a series of development strategies, Ghana's economy has achieved unprecedented development in the past few years, continuously maintaining an annual economic growth rate of 6%, becoming the leader of economic development in West Africa. When visiting Ghana at the beginning of 2009, World Bank President Zoellick said that Ghana's economy has been running well in the past 10 years, with strong economic growth. It is one of the countries with better economic development in Africa, especially in West Africa. At the same time, the Ghanaian government attaches great importance to the investment in infrastructure, ecation, health care and other areas of people's livelihood, which has benefited the people and effectively promoted social stability. Ghana's economy is dominated by agriculture. Its main crops are corn, potato, sorghum, rice and millet. Its main economic crops are oil palm, rubber, cotton, peanut, sugarcane and tobacco. Ghana has a weak instrial base and relies on imports of raw materials. Its main instries include wood and cocoa processing, textile, cement, electric power, metallurgy, food, clothing, wood procts, leather procts, wine making, etc. Since the implementation of economic restructuring in 1983, Ghana's economy has maintained a momentum of sustained growth. In 1994, the United Nations abolished Ghana as a least developed country. GDP (2001): 5 billion US dollars per capita GDP (2001): About 266 US dollars per capita GDP annual growth rate (2001): 4.2% currency name: CEDI exchange rate (January 2002): 1 US dollar = 7125 CEDI inflation rate (2001): 21.3% (source: 2001 / 2002 Quarterly Economic Review) exchange rate (September 2010): 1 US dollar = 1.4611 cedi In 2006, Ghana's exchange rate was 1 US dollar = 1 CEDI after the implementation of monetary reform policy. Later, Ghana suffered inflation again and CEDI depreciated. The exchange rate to RMB is about: 1 CEDI = 4.3308 yuan)
resources
rich in mineral resources. The main mineral reserves are about 2 billion ounces of gold, with proven reserves of 31.672 million ounces in 1994; About 100 million carats of diamonds, with proven reserves of 8.7285 million carats in 1994, ranking fourth in the world; Bauxite is about 400 million tons, with proven reserves of 18.919 million tons in 1994; Manganese is 49 million tons, and the proven reserves in 1994 are 4.8917 million tons, ranking the third in the world. In addition, there are limestone, iron ore, andalusite, quartz sand and kaolin. The forest coverage rate of Ghana accounts for 34% of the total land area, and the main timber forests are concentrated in the southwest. Gold, cocoa and timber are the three traditional export procts of Ghana's economy. Ghana, rich in cocoa, is one of the largest cocoa procers and exporters in the world. Cocoa proction accounts for about 13% of the world's proction
instry and mining instry has a weak instrial foundation, and raw materials rely on imports. In recent years, the position of instry in the national economy has risen. In 2000, the instrial output value accounted for 25% of the GDP, with a growth rate of 3.8%. Gold mining and other mining instries have become the most dynamic sectors in recent years. In 2000, the output value accounted for 6% of GDP, with a growth rate of 12.8%; In 1999, gold exports earned US $708.4 million, an increase of 3%. The main manufacturing instries are wood and cocoa processing, textile, cement, electric power, metallurgy, food, clothing, wood procts, leather procts, wine making and rice milling. In 2000, e to the sharp depreciation of currency, the scarcity of foreign exchange, the lack of electricity and other reasons, the manufacturing instry suffered serious damage.
Ghana CEDI ￠ GHS ￠ 1GH = 100 pesewas (pesewas, GP)
before independence, Ghana's currency issuance was undertaken by the West African Monetary Authority (wacb). West African pounds, shillings and pence issued by the authority were circulated in Ghana as legal tender until July 1958< After Ghana became independent, the new monetary authority, the Bank of Ghana, issued the first set of national currency independently on July 14, 1958. Since then, the Bank of Ghana officially replaced the West African Monetary Bureau and began to issue coins and notes< In early 1965, Ghana decided to get rid of the British colonial monetary system and began to widely adopt the decimal system. On July 19, 1965, Ghana issued a second set of currency, which replaced Ghanaian pounds, shillings and pence with CEDI notes and biseva coins. The CEDI paper money bears a portrait of President Kwame Nkrumah and can be exchanged for eight shillings and four pence. The name of paper money "CEDI" comes from "sedie", a kind of shell which was widely used as currency circulation in the late 19th century. The name of the coin "bisewa" represents the smallest unit of measurement of Jinsha, which is used to replace the British colonial "penny"< In 1967, the CPP government of Ghana was overthrown, and the new military government decided to replace the old currency with the new currency without the portrait of President Nkrumah. On February 17, the new currency was born and named "new CEDI". The price ratio between the new currency and the old CEDI in 1965 was 1:1.2. The name of "new CEDI" was not called "CEDI" for short until March 1973< On March 9, 1979, the government of Ghana announced the issuance of the fourth set of new CEDI to replace the old coins. In this currency issue, the exchange of new and old cedars is converted at a ratio of 70% below 5000 cedars and 50% above 5000 cedars. Since then, the old CEDI has been withdrawn from circulation, and the face value of the new CEDI is 1, 2, 5, 10, 20 and 50 respectively
changes in the denomination of Ghanaian currency
since 1965, the denominations of various CEDI and pesewa in circulation in Ghana have changed greatly, from 1 CEDI to 5000 CEDI for banknotes and from 0.5 pesewa to 500 CEDI for coins. The denominations of the coins issued in 1965 were 1,5,10,50,100,1000 and 5,10,20 pesewas, respectively. From 1972 to 1994, Ghana issued seven banknotes and eight coins with denominations ranging from 2 CEDI to 5000 CEDI; Denominations range from 100 to 50000 pesewas. Since 2002, the Ghanaian government has issued two kinds of CEDI banknotes with denominations of 10000 and 20000 respectively< In 2007, the Ghanaian government announced the issuance of the new currency "Ghana CEDI", which has been in circulation since July. After the issuance of the new currency, the old currency can continue to be used until December 31, 2007, and then formally withdraw from circulation. In the 1990s, Canada was burdened with a heavy deficit. After the new Patriotic Party government came to power in 2001, through macroeconomic regulation and control, recing government expenditure and Strengthening Taxation, the fiscal deficit graally decreased, and the proportion of GDP decreased from 8.5% in 2000 to 3.2% in 2004. In 2008, affected by the international financial crisis and other factors, the government's fiscal deficit rose sharply, accounting for 14.9% of GDP. After the mills government implemented the prudent fiscal and monetary policies, the fiscal situation of Canada improved, and the foreign exchange reserve increased from US $1.2 billion at the end of 2008 to US $4.7 billion at the end of 2010. In 2012, Canada's fiscal situation tightened, with a fiscal deficit of 8.649 billion CEDI, accounting for 12% of GDP, foreign debt of 13.238 billion US dollars and foreign exchange reserves of 5.888 billion US dollars< There are 23 banks and 326 branches in Canada, and the Bank of Ghana, the central bank, is responsible for managing banks and other financial sectors. *** The listed companies are mainly in manufacturing, wine making, banking, insurance, mining and oil instries. Chieftain System
after Ghana's independence, the government implemented republican system. However, the chieftain system still exists in the countryside. The chief is male and has political, land and legal power. The chief is appointed and will be removed at any time if he is incompetent. The chief is the spokesman of the tribe. He reflects the demands and opinions of the tribe to the government, mediates civil disputes, organizes and leads local public welfare activities, enjoys high prestige among the tribe, and has great social influence
stool
stool is a symbol of the chief's power, and the common people also keep a stool they like, which is also a necessity for marriage
other
every tribe in Ghana has its own traditional festivals every year, such as "hunger Festival", "cassava Festival", "deer hunting Festival" and so on. In the grand festivals, very interesting drumming parties are held. Various African drums of different sizes are placed on the square. The drummers can sing praises to the chief with different drum sounds, or narrate the past in a slow voice, or announce the news and events of the tribe for the "drum fight" competition. Independence Day: March 6, 1957
Republic Day: July 1, 1957
The per capita GDP of African countries is low, but the price level is high. Most of Ghana's commodities and daily necessities are imported, and the price is relatively expensive. There are few kinds and brands to choose from, especially computers, digital cameras and other electronic procts. In dry season, there are few kinds of vegetables
for example, in Takoradi, a city in the south of Cana, the hotel cost is 80, the place is 400 yuan, lunch cost is 14, the place is 70 yuan, dinner cost is 12, the place is 60 yuan, the place is 30 yuan, the place is 1.5, the place is 7 yuan, the place is 150 yuan, a kilo of grapes is 50 yuan, a kilo of longan is 100 yuan, and a portion of fried noodles is 40 yuan
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extended data:
reasons for the high price in Ghana, Africa:
the degree of diligence has a significant impact on the price level. Under the same conditions, the higher the degree of diligence, the more labor people are willing to pay, the more labor achievements they have, the more labor achievements they enjoy per capita, and the stronger the purchasing power of money, That is, the lower the price. Under the same conditions of labor efficiency, the more hardworking people are, the more labor achievements they have, the greater their real purchasing power, and the lower the price level is
the African population loves leisure, and the labor efficiency itself is not high. The per capita labor time is less, the per capita labor achievements are naturally less, and the per capita purchasing power is bound to be less, which is reflected in the high price level. China's population is highly instrious, which is the main reason why China's price level is relatively low< br />
the choice of RMB policy, China's trade surplus continues to narrow, exports continue to shrink, and foreign investors are withdrawing. This is a phenomenon that the Chinese government does not want to see. In the face of such a situation, what kind of RMB exchange rate policy is beneficial to China? To answer this question, we should consider at least these two aspects. One is how much benefit will the decline of RMB exchange rate bring to China's exports? The trade surplus narrowed to US $4.8 billion in February, compared with us $40 billion in the previous three months. China's trade surplus will almost certainly decline in 2009 for the first time in five years. As trade and investment flows have reversed dramatically. In order for China to be competitive with other export competitors, the RMB needs to depreciate significantly. Since July, for example, the yuan has risen 33% against the won and 12% against the Singapore dollar. This makes the competitiveness of China's exports relatively weak, and promotes the increase of China's imports, thus bringing some support to other economies. Another problem is that the ratio of the speed of the increase in the amount of money in the US dollar to that in the RMB will affect the exchange rate between the RMB and the US dollar. To put it simply, if the speed of the money supply in the US dollar is greater than that in the RMB, then the US dollar is bearish relative to the people's currency. For quite a long time, China's comprehensive national strength can not surpass that of the United States. China's continuous purchase of US Treasury bonds is a last resort, not a matter of economic interests, but a matter of maintaining the stability of the existing strategic pattern. The U.S. government has always claimed that the RMB exchange rate is too low to resist China's export of goods, but at the same time, the U.S. has injected a large number of dollars into the market to stabilize the U.S. financial system, which makes China in a dilemma.