中文摘要：

自1980年代中期存款准备金制度建立以来，中国的货币乘数增长较快，并对货币供应量（M2）的过快增长有着重要影响；2003年之后，中央银行频繁调整法定准备金率，以之作为主要的货币政策工具。本文在国际比较的基础上，分析了我国货币乘数及其影响因素的增长变迁和背景；选取2003年至2012年1季度作为样本期间，研究了货币乘数与其影响因素间的协整关系。提出若干政策建议，以应对货币乘数的增长。

英文摘要：

Since the deposit reserve system was established in 1980s, China＇s money multiplier has grown rapidly, which has had an important impact on the rapid growth of money supply （ M2 ） ; and the Central Bank of China has frequently used the required reserve policy as the main monetary policy tool since 2003. Based on inter- national comparisons, this paper studied the growth trend and background of the Money Multiplier and its determi- nants of China and estimated cointegration relationship between the money multiplier and its determinants. Some policy suggestions are presented to cope with the issue of money multiplier＇s growth.