一、中国M2与GDP之比走势图

通常认为,M2与GDP之比(M2/GDP)这一指标比例反映了一个经济的金融深度,该比值越大,说明经济货币化的程度越高。M2/GDP实际衡量的是在全部经济交易中,以货币为媒介进行交易所占的比重。总体上看,它是衡量一国经济金融化的初级指标。

但M2/GDP比例的大小、趋势和原因则受到多种不同因素的影响。

china-m2-gdp-ratio-chart-01

过去4年(2008年-2012年),中国货币供应量M2从2008年底的 475166.60 亿元扩张到2012年底的 974148.80 亿元,激增50万亿元,几乎翻番。

M2与GDP之比,也是一路水涨船高。如果货币总量的扩张节奏跟随实体经济同步变化,既M2与GDP之比大致维持在1.5倍的合理水平,那么目前75万亿的货币总量就完全足够。但现在2012年底,货币总量为974148.80 亿已足足高出22万亿

截至2012年年末,中国的M2为97.4万亿(2012.12.31日的汇率为6.286,折合美元为 97.4/6.286=15.5万亿美元),GDP为53.4万亿(2012.12.31日的汇率为6.286,折合美元为53.4/6.286=8.5万亿美元),中国的M2/GDP达到97.4/53.4=1.82创下新高。而同期美国的M2余额为10.04万亿美元,截至2012年3季度,GDP为15.81万亿美元,美国的M2/GDP达到10.04/15.81=0.635。这是什么概念?等于是中国一块钱的货币供应,只撬动了五毛钱的GDP;而美国一美元拉动最少1.5美元的GDP

2012年,中国GDP为8.5万亿美元,美国GDP为15.81万亿美元,

中国GDP/美国GDP = 8.5 / 15.81 = 53.76%,中国GDP约为美国GDP的一半

2012年,中国M2为15.5万亿美元,美国M2为10.04万亿美元,

中国M2/美国M2 = 15.5 / 10.04 = 154.38%,中国M2约为美国M2的1.5倍

总结中美两国的经济效益:

(中国M2/中国GDP)/ (美国M2/美国GDP)

= (15.5/8.5) / (10.04/15.81)

= 1.8235 / 0.6350

= 2.8717 (倒数为 1 / 2.8717 = 0.3482)

即美国的经济效益是中国的2.8717倍,中国的经济效益是美国的1/3

 

中国在经济货币化提高的过程中埋下了不少隐患。具体表现形式有经济领域泡沫资产存在、运营效率低及落后产能过多、贫富差距越来越大、房价与物价调控陷入两难、经济体制结构改革阵痛等。

相比其他国家,中国的货币化速度也过快。根据世界银行的M2/GDP数据显示,美国货币化走势曲折向下,巴西、俄罗斯这些新兴经济体虽然总体趋势向上,但也不如中国货币化率走势陡峭。根据统计数据显示,M2/GDP从1978年的0.32增长到2012年的1.88,在34年间扩大了近6倍。

 

二、M2/GDP历史数据

年 份 M2指标值(亿元) GDP绝对额(亿元) M2/GDP
2016年末 1550100.00 744127.00 2.0831
2015年末 1392300.00 676708.00 2.0575
2014年末 1228374.81 635910.00 1.9317
2013年末 1106524.98 588018.76 1.8818
2012年末 974148.80 534123.04 1.8238
2011年末 851590.90 473104.05 1.8000
2010年末 725851.79 401512.80 1.8078
2009年末 610224.52 340902.81 1.7900
2008年末 475166.60 314045.40 1.5131
2007年末 403442.2 265810.30 1.5178
2006年末 345603.6 216314.4 1.5977
2005年末 298755.7 184937.4 1.6154
2004年末 253207.7 159878.3 1.5838
2003年末 221222.8 135822.8 1.6288
2002年末 185007 120332.7 1.5375
2001年末 158301.9 109655.2 1.4436
2000年末 134610.3 99214.6 1.3568
1999年末 119897.9 89677.1 1.3370
1998年末 104498.5 84402.3 1.2381
1997年末 90995.3 78973 1.1522
1996年末 76094.9 71176.6 1.0691
1995年末 60750.5 60793.7 0.9993
1994年末 46923.5 48197.9 0.9736
1993年末 34879.8 35333.9 0.9871
1992年末 25402.2 26923.5 0.9435
1991年末 19349.9 21781.5 0.8884
1990年末 15293.4 18667.8 0.8192

从上表可以看出,1995年的时候,中国的M2基本与GDP等额,都刚刚超过6万亿元,比值为1.00。随后比值上升,2003年已经超过1.6,维持到2008年1.50,随后,2009年继续上升突破新高达到1.77。到2016年已经达到2.08的水平了——GDP的规模只有74.4万亿元,但M2已经高达155万亿元。

科普:M2是个什么东西?为什么会增长的这么快?

专业定义: 广义货币(M2,Broad money)

M0、M1、M2、M3都是用来反映货币供应量的重要指标。

M1反映着经济中的现实购买力;M2同时反映现实和潜在购买力

若M1增速较快,则消费和终端市场活跃;若M2增速较快,则投资和中间市场活跃

M2过高而M1过低,表明投资过热、需求不旺,有危机风险

M1过高M2过低,表明需求强劲、投资不足,有涨价风险。

中央银行和各商业银行可以据此M1和M2判定货币政策:宽松、稳健、紧缩。

我国对货币层次的划分是:

M0 = 流通中的现金;
M1 = M0 + 企业活期存款;(狭义货币)
M2 = M1 + 准货币(定期存款+居民储蓄存款+其他存款);(广义货币)
M3 = M2 + 金融工具(金融债券+商业票据+大额可转让定期存单等);
其中,M2减M1是准货币,M3是根据金融工具的不断创新而设置的。

通俗点说吧,M2就是全社会所有的钞票现金、活期存款、定期存款的总和,也就是全社会拥有的货币规模。

由于货币都是有购买力的,当这个规模过大的时候,就意味着购买力很大很大,商品价格容易上涨,由此造成通胀。所以,经济学家们很担忧。另一方面,央行如果多发钞票,并不会留在自己手里,而一定通过各种途径到了个人、企业或政府手里,然后他们必然存款到银行那里。所以,M2如果多了,也间接说明央行印钞太多。

现在经济学家们担忧的是:1995年到2016年,中国的GDP从6.1万亿元增长到74.4万亿元,增长11倍(是原来的12倍)。但是,M2却从6.07万亿元增长到155万亿元,增长22倍。M2远超GDP,远超美国,这岂不是通胀的前奏?

china-m2-gdp-ratio-chart-02

反问:M2长期保持着这么快的增长,要通胀早就胀了,何以中国没有出现恶性通胀呢?一个直接的例子是:1994年底,全国猪肉均价约每公斤13-14元。2015年底,经过涨价之后,猪肉均价不过22元,20年间涨幅还不到1倍。其它生活品的价格虽然有上涨,但并没有涨到很离谱的地方,又因为猪肉在CPI中的占比关系,所以CPI看起来比较平稳。

既然货币供应增加超常,但社会上没有严重的通胀,就说明可能是我们的数据出问题了。如果央行的数据没问题,则一定是GDP的数据出问题了。

如果从多方面来论证一下,我们不难发现,在M2/GDP的比值上涨一倍的情况下,很多指标的涨幅也超过了一倍

比如:国家税收占GDP的比重,从0.1增长到接近0.2。

又如:国家财政收入占GDP的比重从0.1上升到0.22

再如:规模以上工业企业的主营业务收入占GDP的比重从0.8上升到1.8(统计局的数据显示,规模以上工业企业的收入1995年是5.3万亿元,2015年111万亿元,增速也超过20倍,而同期的GDP增速只有10倍)。

类似的数据还有很多,我就不一一列举了。

通过这些数据,我们大致可以明白一个道理:其实并不是M2异常地高了,而很可能是GDP的数据被低估了。

GDP的数据被低估了?你不信?那好,请你回答我:

1、为什么工业企业的主营业务收入增长20倍而GDP才增长10倍?

2、为什么国家税收和财政收入增长20倍而GDP才增长10倍?

3、为什么固定资产投资增长了27倍而GDP才增长了10倍?

4、为什么居民储蓄存款增长了18倍而GDP才增长了10倍?

5、为什么投资增长27倍、税收增长20倍而居民消费才正好增长10倍?

如果不带偏见地看问题,就自然能得出结论:是GDP被低估了。我们2015年的GDP的规模很可能早已超过百万亿元,只不过各个层面的统计不足以覆盖,导致GDP的数据被低估

比如,为什么2008年之后M2占GDP的比重才又突然上升了?不能简单地把投资拉动作为主因。想一想2008年之后的技术层面的变革,是不是伴随着淘宝的兴起、网店的热潮和移动支付的兴起?谁能说清楚网商的规模究竟有多大?又有多少是根本没有被纳入经济统计的?

中国经济数据的传统,以前是国企单位努力多报数据以求政绩、而民企瞒报避税,到后来,无论国企还是民企,都是瞒报的多,目的都是为了避税。随着网络经济的兴起,大量的电商创业者是基本根本没有纳税的,也没有纳入经济统计中。这个有点像民间市场,交易量庞大而很少纳入实际的经济统计。

至于地下经济(灰色经济)领域的统计缺失,不在本文讨论范畴内。我只想强调一点的是:M2增长快,意味着全社会购买力提高,而这种购买力提高,本质上是民间资金有需求,与央行滥发货币关系不大,倒是与民间的资金创造能力有关。

我的结论只是:M2的数据并没有异常高,中国经济的总量可能被低估了。单纯从M2的数据看,中国经济没有太大的问题。

 

三、M2/GDP相关数据图表

中国 - 美国 M2 和 GDP增速对比图

从图上可以看出,2008年起,中国M2迅速陡峭增长,GDP也随之大幅增长

china-m2-gdp-ratio-chart-02
china-m2-gdp-ratio-chart-03
china-m2-gdp-ratio-chart-04

china-m2-gdp-ratio-chart-05

china-m2-gdp-ratio-chart-06

 

M2 - M1 - M0 历年经济数据(1978 - 2017)

米扑财富: http://money.mimvp.com/m2.php

米扑财富: http://money.mimvp.com/m2.php
数据日期 M2(货币与准货币) M1(货币) M0(流通中现金)
数量 同比 环比 数量 同比 环比 数量 同比 环比
2017-02 1582900.00 11.10% 0.44% 476500.00 21.40% 0.85% 71700.00 3.30% -17.21%
2017-01 1575900.00 11.30% 1.66% 472500.00 14.50% -2.90% 86600.00 19.40% 26.79%
2016-12 1550100.00 11.30% 1.29% 486600.00 21.40% 2.36% 68300.00 8.10% 5.24%
2016-11 1530400.00 11.40% 0.72% 475400.00 22.70% 2.15% 64900.00 7.60% 1.09%
2016-10 1519500.00 11.60% 0.20% 465400.00 23.90% 2.44% 64200.00 7.20% -1.38%
2016-09 1516400.00 11.50% 0.36% 454300.00 24.70% -0.04% 65100.00 6.60% 2.52%
2016-08 1511000.00 11.40% 1.30% 454500.00 25.30% 2.62% 63500.00 7.40% 0.32%
2016-07 1491600.00 10.20% 0.07% 442900.00 25.40% -0.16% 63300.00 7.20% 0.80%
2016-06 1490500.00 11.80% 1.97% 443600.00 24.60% 4.55% 62800.00 7.20% 0.00%
2016-05 1461700.00 11.80% 1.14% 424300.00 23.70% 2.61% 62800.00 6.30% -2.48%
2016-04 1445200.00 12.80% -0.07% 413500.00 22.90% 0.46% 64400.00 6.00% -0.46%
2016-03 1446198.00 13.40% 1.51% 411581.30 22.10% 4.86% 64651.21 4.40% -6.87%
2016-02 1424619.00 13.30% 0.59% 392504.70 17.40% -4.89% 69421.49 -4.80% -4.28%
2016-01 1416320.00 14.00% 1.73% 412685.60 18.60% 2.93% 72526.51 15.10% 14.73%
2015-12 1392278.00 13.30% 1.33% 400953.40 15.20% 3.44% 63216.58 4.90% 4.79%
2015-11 1373956.00 13.70% 0.95% 387618.30 15.70% 3.14% 60328.24 3.20% 0.71%
2015-10 1361021.00 13.50% 0.09% 375806.40 14.00% 3.13% 59900.48 3.80% -1.84%
2015-09 1359824.00 13.10% 0.21% 364416.90 11.40% 0.45% 61022.97 3.70% 3.32%
2015-08 1356908.00 13.30% 0.27% 362793.70 9.30% 2.74% 59061.79 1.80% 0.09%
2015-07 1353211.00 13.30% 1.49% 353122.20 6.60% -0.83% 59010.71 2.90% 0.69%
2015-06 1333375.00 11.80% 1.99% 356082.80 4.30% 3.79% 58604.27 2.90% -0.80%
2015-05 1307358.00 10.80% 2.08% 343085.90 4.70% 1.99% 59075.97 1.80% -2.79%
2015-04 1280779.00 10.10% 0.43% 336388.30 3.70% -0.24% 60772.46 3.70% -1.90%
2015-03 1275333.00 11.60% 1.43% 337210.50 2.90% 0.83% 61949.81 6.20% -15.02%
2015-02 1257381.00 12.50% 1.18% 334439.20 5.60% -3.93% 72896.20 17.00% 15.63%
2015-01 1242710.00 10.80% 1.17% 348109.50 10.60% 0.02% 63040.51 -17.60% 4.62%
2014-12 1228375.00 12.20% 1.64% 348056.40 3.20% 3.86% 60259.53 2.90% 3.12%
2014-11 1208606.00 12.30% 0.78% 335114.10 3.20% 1.67% 58438.53 3.50% 1.29%
2014-10 1199236.00 12.60% -0.23% 329617.70 3.20% 0.73% 57691.64 3.80% -1.96%
2014-09 1202051.00 12.90% 0.38% 327220.20 4.80% -1.45% 58844.99 4.20% 1.46%
2014-08 1197499.00 12.80% 0.27% 332023.10 5.70% 0.20% 57997.61 5.60% 1.14%
2014-07 1194249.00 13.50% -1.27% 331347.30 6.70% -2.97% 57346.50 5.40% 0.69%
2014-06 1209587.00 14.70% 2.31% 341487.40 8.90% 4.16% 56951.05 5.30% -1.89%
2014-05 1182300.00 13.40% 1.15% 327835.30 5.70% 1.03% 58051.11 6.70% -0.96%
2014-04 1168813.00 13.20% 0.70% 324482.50 5.50% -0.98% 58615.54 5.40% 0.49%
2014-03 1160687.00 12.10% 2.56% 327683.80 5.40% 3.49% 58329.30 5.20% -6.40%
2014-02 1131761.00 13.30% 0.73% 316625.10 6.90% 0.55% 62320.95 3.30% -18.52%
2014-01 1123521.00 13.20% 1.54% 314900.60 1.20% -6.63% 76488.59 22.50% 30.62%
2013-12 1106509.00 13.60% 2.53% 337260.60 9.30% 3.83% 58558.31 7.10% 3.75%
2013-11 1079257.00 14.20% 0.84% 324821.90 9.40% 1.66% 56441.27 7.70% 1.52%
2013-10 1070242.00 14.30% -0.66% 319509.40 8.90% 2.30% 55595.72 8.00% -1.59%
2013-09 1077379.00 14.20% 1.52% 312330.30 8.90% -0.56% 56492.53 5.70% 2.85%
2013-08 1061256.00 14.70% 0.86% 314085.90 9.90% 1.12% 54925.35 9.30% 0.94%
2013-07 1052212.00 14.50% -0.21% 310596.50 9.70% -0.93% 54412.78 9.50% 0.65%
2013-06 1054404.00 14.00% 1.17% 313499.80 9.10% 1.06% 54063.91 9.90% -0.68%
2013-05 1042169.00 15.80% 0.93% 310204.50 11.30% 0.83% 54431.39 10.80% -2.11%
2013-04 1032552.00 16.10% -0.32% 307648.40 11.90% -1.05% 55607.15 10.80% 0.26%
2013-03 1035858.00 15.70% 3.73% 310898.30 11.90% 5.00% 55460.52 12.40% -8.05%
2013-02 998600.80 15.20% 0.65% 296103.30 9.50% -4.86% 60313.65 17.20% -3.42%
2013-01 992129.30 15.90% 1.85% 311228.60 15.30% 0.83% 62449.63 4.40% 14.25%
2012-12 974148.80 13.80% 3.10% 308664.20 6.50% 3.97% 54659.77 7.70% 4.33%
2012-11 944832.40 13.90% 0.90% 296883.00 5.50% 1.22% 52392.12 10.70% 1.80%
2012-10 936405.90 14.10% -0.77% 293311.70 6.10% 2.27% 51467.72 10.50% -3.68%
2012-09 943688.80 14.80% 2.03% 286788.20 7.30% 0.37% 53433.49 13.30% 6.37%
2012-08 924894.60 13.50% 0.63% 285739.30 4.50% 0.94% 50235.06 9.70% 1.06%
2012-07 919072.40 13.90% -0.64% 283090.70 4.60% -1.54% 49705.85 10.00% 0.85%
2012-06 924991.20 13.60% 2.77% 287526.20 4.70% 3.18% 49284.64 10.80% 0.50%
2012-05 900048.80 13.20% 1.17% 278656.30 3.50% 1.34% 49039.72 10.00% -2.31%
2012-04 889604.10 12.80% -0.67% 274983.80 3.10% -1.08% 50199.32 10.40% 1.22%
2012-03 895565.50 13.40% 3.27% 277998.10 4.40% 2.84% 49595.74 10.60% -3.60%
2012-02 867171.40 13.00% 1.32% 270312.10 4.30% 0.11% 51448.78 8.80% -14.00%
2012-01 855898.90 12.40% 0.51% 270010.40 3.10% -6.84% 59820.72 3.00% 17.88%
2011-12 851590.90 13.61% 3.16% 289847.70 7.85% 3.00% 50748.50 13.76% 7.25%
2011-11 825494.00 12.70% 1.06% 281416.40 7.80% 1.76% 47317.30 12.00% 1.58%
2011-10 816829.30 12.90% 3.74% 276552.70 8.40% 3.50% 46579.43 11.90% -1.20%
2011-09 787406.30 13.04% 0.84% 267193.20 8.85% -2.27% 47145.32 12.68% 2.99%
2011-08 780852.30 13.50% 1.03% 273393.80 11.20% 1.05% 45775.33 14.70% 1.31%
2011-07 772923.70 14.70% -1.01% 270545.70 11.60% -1.50% 45183.14 14.30% 1.59%
2011-06 780820.90 15.90% 2.28% 274662.60 13.10% 2.00% 44477.80 14.40% -0.28%
2011-05 763409.30 15.10% 0.80% 269289.70 12.70% 0.95% 44602.93 15.40% -1.95%
2011-04 757384.60 15.30% -0.10% 266767.00 12.90% 0.19% 45489.11 14.70% 1.44%
2011-03 758131.00 16.63% 2.99% 266255.60 15.01% 2.72% 44845.32 14.78% -5.13%
2011-02 736130.90 15.70% 0.31% 259200.60 14.50% -0.98% 47270.34 10.30% -18.59%
2011-01 733884.90 17.20% 1.11% 261765.10 13.60% -1.82% 58064.04 42.50% 30.11%
2010-12 725774.10 19.72% 2.17% 266621.30 21.19% 2.78% 44628.17 16.69% 5.62%
2010-11 710339.00 19.50% 1.51% 259420.30 22.10% 2.41% 42252.16 16.30% 1.45%
2010-10 699800.00 19.30% 0.48% 253300.00 22.10% 3.89% 41600.00 16.60% -0.61%
2010-09 696471.50 18.96% 1.30% 243821.90 20.87% -0.21% 41854.41 13.78% 4.84%
2010-08 687506.92 19.20% 2.00% 244340.64 21.90% 1.53% 39922.76 16.00% 0.96%
2010-07 674051.48 17.60% 0.02% 240664.07 22.90% 0.03% 39543.16 15.50% 1.64%
2010-06 673921.72 18.46% 1.59% 240580.00 24.56% 1.73% 38904.85 15.65% 0.65%
2010-05 663351.37 21.00% 1.03% 236497.88 29.90% 1.11% 38652.97 15.20% -2.53%
2010-04 656561.22 21.48% 1.02% 233909.76 31.25% 1.97% 39657.54 15.76% 1.48%
2010-03 649947.46 22.50% 2.18% 229397.93 29.94% 2.28% 39080.58 15.81% -8.83%
2010-02 636072.26 25.52% 1.67% 224286.95 34.99% -2.31% 42865.79 21.98% 5.17%
2010-01 625609.29 25.98% 3.20% 229588.98 38.96% 4.36% 40758.58 -0.79% 6.57%
2009-12 606225.01 27.68% 1.95% 220001.51 32.35% 3.53% 38245.97 11.77% 5.23%
2009-11 594604.72 29.74% 1.36% 212493.20 34.63% 2.38% 36343.86 14.99% 1.72%
2009-10 586643.29 29.42% 0.21% 207545.74 32.03% 2.89% 35730.23 14.09% -2.88%
2009-09 585405.34 29.31% 1.51% 201708.14 29.51% 0.66% 36787.89 15.96% 6.92%
2009-08 576698.95 28.53% 0.63% 200394.83 27.72% 2.30% 34406.62 11.52% 0.49%
2009-07 573102.85 28.42% 0.74% 195889.26 26.37% 1.42% 34239.30 11.59% 1.78%
2009-06 568916.20 28.46% 3.77% 193138.15 24.79% 6.10% 33640.98 11.46% 0.24%
2009-05 548263.51 25.74% 1.44% 182025.58 18.69% 2.14% 33559.52 11.24% -2.04%
2009-04 540481.21 25.95% 1.86% 178213.57 17.48% 0.95% 34257.27 11.26% 1.51%
2009-03 530626.71 25.51% 4.72% 176541.13 17.04% 6.25% 33746.42 10.88% -3.97%
2009-02 506708.08 20.48% 2.13% 166149.60 10.87% 0.57% 35141.64 8.28% -14.46%
2009-01 496136.64 18.79% 4.41% 165214.97 6.68% -0.60% 41082.37 12.02% 20.06%
2008-12 475166.60 17.82% 3.60% 166217.13 9.06% 5.32% 34218.96 12.65% 8.26%
2008-11 458644.65 14.80% 1.22% 157826.61 6.80% 0.40% 31607.34 9.04% 0.92%
2008-10 453133.32 15.02% 0.05% 157194.36 8.85% 0.93% 31317.84 10.59% -1.28%
2008-09 452898.70 15.29% 0.90% 155748.97 9.43% -0.73% 31724.88 9.28% 2.83%
2008-08 448846.68 16.00% 0.56% 156889.92 11.48% 1.22% 30851.62 10.89% 0.54%
2008-07 446362.17 16.35% 0.73% 154992.44 13.96% 0.11% 30687.19 12.30% 1.68%
2008-06 443141.02 17.37% 1.59% 154820.15 14.19% 0.96% 30181.32 12.28% 0.04%
2008-05 436221.60 18.07% 1.61% 153344.75 17.93% 1.09% 30169.30 12.88% -2.01%
2008-04 429313.72 16.94% 1.48% 151694.91 19.05% 0.55% 30789.61 10.70% 1.17%
2008-03 423054.53 16.19% 0.48% 150867.47 17.97% 0.46% 30433.07 11.12% -6.23%
2008-02 421037.84 17.39% 0.77% 150177.88 18.95% -3.03% 32454.47 5.96% -11.50%
2008-01 417818.67 18.88% 3.56% 154870.16 20.54% 1.51% 36673.15 31.21% 20.73%
2007-12 403442.21 16.70% 0.92% 152560.08 21.00% 3.07% 30375.23 12.20% 4.79%
2007-11 399757.91 18.45% 1.41% 148009.82 21.67% 2.32% 28987.92 13.56% 2.37%
2007-10 394204.17 18.47% 0.28% 144649.33 22.21% 1.44% 28317.78 13.43% -2.46%
2007-09 393098.91 18.45% 1.52% 142591.57 22.07% 1.13% 29030.58 13.01% 4.34%
2007-08 387205.15 18.09% 0.86% 140993.31 22.77% 3.49% 27822.39 14.95% 1.82%
2007-07 383884.88 18.48% 1.60% 136237.43 20.94% 0.29% 27326.26 15.05% 1.66%
2007-06 377832.15 17.06% 2.19% 135847.41 20.92% 4.28% 26881.10 14.54% 0.57%
2007-05 369718.15 16.74% 0.65% 130275.80 19.28% 2.03% 26727.97 13.90% -3.90%
2007-04 367326.46 17.09% 0.89% 127678.34 20.01% -0.16% 27813.89 15.14% 1.56%
2007-03 364093.66 17.27% 1.52% 127881.31 19.81% 1.29% 27387.95 16.68% -10.58%
2007-02 358659.25 17.78% 2.04% 126258.08 20.99% -1.73% 30627.93 25.10% 9.58%
2007-01 351498.77 15.79% 1.71% 128484.06 19.80% 1.94% 27949.13 -4.64% 3.24%
2006-12 345603.59 16.94% 2.40% 126035.13 17.48% 3.61% 27072.62 12.65% 6.05%
2006-11 337504.16 16.80% 1.43% 121644.96 16.83% 2.78% 25527.26 13.91% 2.26%
2006-10 332747.18 17.08% 0.27% 118359.97 16.33% 1.32% 24964.17 14.03% -2.82%
2006-09 331865.36 16.83% 1.21% 116814.10 15.70% 1.71% 25687.38 15.33% 6.21%
2006-07 324010.76 18.40% 0.39% 112653.04 15.34% 0.28% 23752.59 12.19% 1.21%
2006-06 322756.35 18.43% 1.91% 112342.36 13.94% 2.86% 23469.08 12.57% 0.02%
2006-05 316709.80 19.05% 0.96% 109219.21 14.01% 2.66% 23465.31 12.75% -2.86%
2006-04 313702.34 18.92% 1.03% 106389.11 12.48% -0.33% 24155.73 11.49% 2.91%
2006-03 310490.65 18.76% 1.96% 106737.08 12.67% 2.28% 23472.03 10.51% -4.13%
2006-02 304516.27 18.82% 0.31% 104357.08 12.44% -2.70% 24482.02 8.00% -16.47%
2006-01 303571.65 19.21% 1.61% 107250.68 10.63% -0.03% 29310.37 22.05% 21.97%
2005-12 298755.67 17.57% 2.19% 107278.76 11.78% 3.03% 24031.67 11.94% 7.24%
2005-11 292350.39 18.30% 1.65% 104125.78 12.71% 2.33% 22409.39 10.89% 2.36%
2005-10 287591.61 17.99% 0.05% 101751.98 12.08% 0.78% 21892.98 9.49% -1.71%
2005-09 287438.27 17.92% 2.19% 100964.00 11.64% 1.60% 22272.92 8.52% 4.32%
2005-08 281288.22 17.34% 1.56% 99377.70 11.50% 1.74% 21351.56 9.39% 0.85%
2005-07 276966.28 16.30% 0.43% 97674.10 11.00% -0.94% 21171.20 9.08% 1.55%
2005-06 275785.53 15.67% 2.43% 98601.25 11.25% 2.92% 20848.76 9.63% 0.18%
2005-05 269240.49 14.64% 0.84% 95802.01 10.40% 1.28% 20811.59 9.26% -3.95%
2005-04 266992.66 14.28% 0.91% 94593.72 10.50% -0.16% 21666.56 9.00% 2.01%
2005-03 264588.94 14.22% 2.02% 94743.19 10.40% 2.08% 21238.95 10.06% -6.30%
2005-02 259357.29 14.23% 0.64% 92814.95 11.08% -4.39% 22667.97 13.95% -5.61%
2005-01 257708.47 14.50% 1.78% 97079.03 15.84% 1.15% 24015.41 7.75% 11.86%
2004-12 253207.70 14.67% 2.46% 95970.82 13.58% 3.88% 21468.30 8.72% 6.23%
2004-11 247135.58 14.23% 1.39% 92387.13 14.32% 1.77% 20209.25 9.60% 0.65%
2004-10 243740.32 13.65% -0.01% 90782.48 13.10% 0.38% 20078.25 10.01% -2.17%
2004-09 243756.88 14.14% 1.68% 90439.05 14.24% 1.47% 20524.17 12.11% 5.16%
2004-08 239729.19 13.84% 0.67% 89125.33 15.70% 1.30% 19517.94 10.85% 0.56%
2004-07 238126.97 15.49% -0.13% 87982.23 15.53% -0.73% 19409.10 11.79% 2.06%
2004-06 238427.49 16.36% 1.53% 88627.14 16.73% 2.13% 19017.58 12.15% -0.16%
2004-05 234842.40 17.71% 0.52% 86780.37 19.24% 1.37% 19048.43 11.30% -4.18%
2004-04 233627.86 19.12% 0.85% 85603.64 20.03% -0.25% 19878.40 13.97% 3.01%
2004-03 231654.60 19.11% 2.03% 85815.57 20.12% 2.70% 19297.43 12.81% -3.00%
2004-02 227050.72 19.43% 0.87% 83556.43 19.78% -0.30% 19893.44 10.91% -10.74%
2004-01 225101.93 18.14% 1.75% 83805.90 15.74% -0.37% 22287.43 4.91% 12.87%
2003-12 221222.82 19.58% 2.25% 84118.57 18.67% 4.09% 19745.99 14.28% 7.08%
2003-11 216351.73 20.40% 0.88% 80814.93 18.90% 0.68% 18439.56 12.80% 1.03%
2003-10 214469.36 21.00% 0.42% 80267.10 19.60% 1.39% 18250.67 14.00% -0.30%
2003-09 213567.13 20.70% 1.41% 79163.88 18.50% 2.77% 18306.36 12.80% 3.97%
2003-08 210591.90 21.60% 2.13% 77032.98 18.80% 1.16% 17606.76 12.10% 1.41%
2003-07 206193.07 20.70% 0.63% 76152.77 20.00% 0.30% 17362.13 13.10% 2.39%
2003-06 204907.42 20.80% 2.71% 75923.23 20.20% 4.32% 16956.89 12.30% -0.92%
2003-05 199505.19 20.20% 1.72% 72777.84 18.80% 2.04% 17115.03 12.30% -1.87%
2003-04 196130.13 19.20% 0.84% 71321.24 18.00% -0.16% 17441.14 9.90% 1.96%
2003-03 194487.30 18.50% 2.30% 71438.82 20.10% 2.41% 17106.50 10.10% -4.63%
2003-02 190108.41 18.10% -0.23% 69756.64 18.80% -3.66% 17937.17 7.80% -15.57%
2003-01 190545.05 19.30% 2.99% 72405.66 19.50% 2.15% 21244.73 27.00% 22.96%
2002-12 185006.97 16.80% 2.93% 70881.79 16.82% 4.25% 17278.03 10.13% 5.70%
2002-11 179736.26 16.60% 1.38% 67992.78 18.50% 1.33% 16346.39 10.60% 2.07%
2002-10 177294.15 17.00% 0.17% 67100.25 17.90% 0.45% 16014.66 10.60% -1.35%
2002-09 176985.21 16.50% 2.16% 66799.76 15.90% 2.98% 16233.58 7.80% 3.32%
2002-08 173250.92 15.50% 1.40% 64868.83 14.60% 2.18% 15712.61 9.30% 2.31%
2002-07 170851.14 14.40% 0.74% 63487.78 17.00% 0.54% 15357.66 9.10% 1.72%
2002-06 169601.24 14.70% 2.16% 63144.00 12.80% 3.10% 15097.35 8.30% -0.96%
2002-05 166023.00 14.00% 0.88% 61246.86 14.60% 1.30% 15243.07 9.60% -3.92%
2002-04 164570.56 14.10% 0.31% 60461.31 11.50% 1.66% 15864.18 8.50% 2.06%
2002-03 164064.57 14.40% 1.94% 59474.83 10.10% 1.32% 15544.63 8.20% -6.59%
2002-02 160935.59 13.00% 0.81% 58702.87 10.90% -3.09% 16641.55 11.60% -0.50%
2002-01 159639.27 13.10% 0.84% 60576.06 9.50% 1.18% 16725.89 -1.70% 6.61%
2001-12 158301.92 17.60% 2.73% 59871.59 12.65% 5.82% 15688.80 7.07% 6.15%
2001-11 154088.30 17.63% 1.71% 56579.60 11.40% 0.83% 14780.00 6.50% 2.04%
2001-10 151497.25 12.90% -0.21% 56114.90 12.30% -1.25% 14484.61 6.60% -3.85%
2001-09 151822.60 16.36% 1.25% 56824.00 12.26% 1.82% 15064.60 8.42% 4.83%
2001-08 149941.76 13.60% 0.48% 55808.92 14.20% 4.31% 14370.13 7.40% 2.12%
2001-07 149228.73 13.50% 0.96% 53502.80 11.90% -3.05% 14071.62 7.00% 0.92%
2001-06 147809.67 14.30% 6.33% 55187.36 14.90% 5.03% 13943.44 7.20% 0.01%
2001-05 139015.84 12.10% -0.67% 52542.99 13.00% -1.35% 13942.28 6.60% -4.66%
2001-04 139949.85 12.80% 0.87% 53261.32 15.00% 0.43% 14622.99 6.90% 1.82%
2001-03 138744.46 13.20% 1.86% 53033.36 17.40% 1.99% 14362.12 8.50% -3.68%
2001-02 136210.17 12.00% -0.97% 51997.68 16.40% -4.43% 14910.39 6.60% -12.39%
2001-01 137543.63 13.50% 2.18% 54406.23 16.80% 2.37% 17018.98 5.80% 16.15%
2000-12 134610.26 12.30% 2.76% 53147.15 16.00% 4.65% 14652.65 8.90% 5.58%
2000-11 130994.07 12.40% 1.14% 50787.49 17.10% 1.67% 13877.70 11.20% 2.12%
2000-10 129522.44 12.30% -0.73% 49952.84 18.20% -1.31% 13589.45 11.80% -2.20%
2000-09 130473.84 13.40% 2.10% 50616.89 20.80% 3.54% 13894.69 13.40% 3.86%
2000-08 127790.30 13.30% 1.16% 48885.38 21.90% 2.26% 13378.68 17.40% 1.69%
2000-07 126323.92 13.40% -0.22% 47803.09 22.60% -0.46% 13156.47 17.50% 1.16%
2000-06 126605.33 13.70% 2.06% 48024.40 23.70% 3.30% 13006.04 19.50% -0.53%
2000-05 124053.25 12.70% -0.06% 46490.23 22.30% 0.37% 13075.45 20.10% -4.39%
2000-04 124121.87 13.70% 1.24% 46319.03 21.70% 2.57% 13675.50 21.80% 3.33%
2000-03 122606.82 13.00% 0.84% 45158.45 18.70% 1.07% 13235.40 16.70% -5.35%
2000-02 121583.40 12.80% 0.30% 44679.20 15.30% -4.06% 13983.00 9.40% -13.12%
2000-01 121220.40 14.90% 1.10% 46570.10 19.40% 1.60% 16093.90 34.20% 19.61%
1999-12 119897.90 14.70% 2.86% 45837.30 17.70% 5.69% 13455.50 20.10% 7.79%
1999-11 116559.00 14.02% 1.01% 43370.00 15.92% 2.61% 12483.00 16.98% 2.71%
1999-10 115390.00 14.39% 0.27% 42265.00 14.89% 0.84% 12154.00 15.74% -0.82%
1999-09 115079.00 15.32% 2.00% 41914.00 14.83% 4.54% 12255.00 16.40% 7.55%
1999-08 112827.00 15.96% 1.27% 40095.00 14.39% 2.83% 11395.00 12.50% 1.75%
1999-07 111414.00 15.68% 0.05% 38991.00 13.49% 0.44% 11199.00 11.57% 2.92%
1999-06 111363.00 17.65% 1.18% 38822.00 14.94% 2.15% 10881.00 11.94% -0.07%
1999-05 110061.00 17.17% 0.77% 38004.00 13.27% -0.13% 10889.00 9.06% -2.99%
1999-04 109218.00 17.87% 0.72% 38053.00 14.07% 0.00% 11225.00 10.34% -1.03%
1999-03 108438.00 17.85% 0.61% 38054.00 14.93% -1.79% 11342.00 11.18% -11.28%
1999-02 107778.00 17.12% 2.16% 38749.00 16.03% -0.67% 12784.00 17.43% 6.56%
1999-01 105500.00 14.41% 0.96% 39011.00 9.63% 0.15% 11997.00 -8.48% 7.08%
1998-12 104498.50 14.80% 2.22% 38953.70 11.90% 4.12% 11204.20 10.10% 5.00%
1998-11 102229.00 16.71% 1.34% 37414.00 13.69% 1.71% 10671.00 9.06% 1.62%
1998-10 100875.20 16.42% 1.08% 36786.70 13.46% 0.78% 10501.30 10.67% -0.25%
1998-09 99795.00 16.19% 2.57% 36501.00 13.20% 4.14% 10528.00 11.69% 3.94%
1998-08 97299.00 14.81% 1.02% 35050.00 10.94% 2.02% 10129.07 8.60% 0.91%
1998-07 96314.00 15.40% 1.75% 34356.00 10.47% 1.72% 10037.40 9.97% 3.26%
1998-06 94658.00 14.34% 0.77% 33776.00 8.70% 0.66% 9720.44 6.56% -2.64%
1998-05 93936.00 15.75% 1.37% 33553.00 10.83% 0.58% 9984.40 10.13% -1.85%
1998-04 92662.00 14.66% 0.70% 33360.00 11.23% 0.76% 10173.00 9.66% -0.27%
1998-03 92015.00 15.18% -0.01% 33110.00 13.94% -0.85% 10201.04 9.90% -6.29%
1998-02 92024.00 16.49% -0.20% 33395.00 14.75% -6.16% 10886.06 8.00% -16.95%
1998-01 92211.40 17.25% 1.34% 35585.60 16.40% 2.18% 13108.40 14.06% 28.80%
1997-12 90995.30 19.60% 3.89% 34826.30 22.10% 5.83% 10177.60 15.60% 4.02%
1997-11 87590.00 18.14% 1.09% 32909.00 20.01% 1.50% 9784.58 12.40% 3.11%
1997-10 86644.00 18.44% 0.88% 32422.00 20.99% 0.55% 9489.00 12.90% 0.67%
1997-09 85892.00 23.33% 1.35% 32245.00 22.93% 2.06% 9426.00 12.09% 1.06%
1997-08 84746.00 17.20% 1.54% 31594.99 22.80% 1.59% 9327.00 15.24% 2.19%
1997-07 83460.00 20.35% 0.81% 31100.00 24.01% 0.08% 9127.00 16.87% 0.05%
1997-06 82789.00 21.51% 2.02% 31074.00 26.32% 2.64% 9122.00 18.99% 0.62%
1997-05 81151.00 21.34% 0.41% 30275.00 23.76% 0.95% 9066.00 17.65% -2.27%
1997-04 80818.00 22.97% 1.16% 29991.00 24.21% 3.21% 9277.00 17.51% -0.05%
1997-03 79889.00 23.84% 1.13% 29058.00 21.54% -0.15% 9282.00 13.62% -7.92%
1997-02 78998.00 23.86% 0.45% 29103.00 15.23% -4.81% 10080.00 8.38% -12.29%
1997-01 78648.00 34.67% 3.36% 30573.00 21.35% 7.22% 11493.00 33.64% 30.57%
1996-12 76094.90 25.30% 2.63% 28514.80 18.90% 3.99% 8802.00 11.60% 1.11%
1996-11 74142.00   1.35% 27422.00 17.05% 2.33% 8705.00 12.57% 3.57%
1996-10 73152.20   5.04% 26798.20 17.09% 2.17% 8405.00 13.27% -0.05%
1996-09 69643.00   -3.69% 26230.00 16.58% 1.95% 8409.00 14.11% 3.90%
1996-08 72309.00   4.27% 25729.45 15.10% 2.60% 8093.35 11.76% 3.64%
1996-07 69346.00   1.78% 25078.00 22.78% 1.94% 7809.31 10.10% 1.87%
1996-06 68132.00   1.87% 24600.00 22.69% 0.56% 7666.00 9.45% -0.52%
1996-05 66880.00   1.76% 24463.00 22.01% 1.32% 7706.00 9.37% -2.39%
1996-04 65723.00   1.88% 24145.00 20.76% 0.99% 7894.94 8.63% -3.35%
1996-03 64511.00   1.15% 23909.00 20.54% -5.33% 8169.00 12.35% -12.17%
1996-02 63778.00   9.21% 25255.60 26.16% 0.24% 9301.00 19.78% 8.15%
1996-01 58401.00   -3.87% 25195.00 20.80% 5.04% 8600.00 -5.92% 9.06%
1995-12 60750.50 29.50%   23987.10 16.80% 2.39% 7885.30 8.20% 1.97%
1995-11       23428.03 25.43% 2.37% 7733.00 12.61% 4.22%
1995-10       22886.04 25.47% 1.72% 7420.06 13.20% 0.69%
1995-09       22500.00 26.22% 0.65% 7369.00 14.91% 1.75%
1995-08       22354.00 27.71% 9.44% 7242.00 19.03% 2.10%
1995-07       20425.89 20.50% 1.87% 7093.00 18.81% 1.27%
1995-06       20050.12 21.20% 0.00% 7004.00 21.16% -0.60%
1995-05       20050.43 22.90% 0.28% 7046.00 22.99% -3.05%
1995-04       19994.38 25.40% 0.80% 7268.00 25.01% -0.04%
1995-03       19835.70 27.90% -0.91% 7271.00 24.62% -6.36%
1995-02       20018.57 29.70% -4.02% 7765.00 23.15% -15.05%
1995-01       20856.66 32.00% 1.54% 9141.00 37.27% 25.42%
1994-12       20540.70 26.20% 9.97% 7288.60 24.30% 6.14%
1994-11       18678.10 24.78% 2.40% 6867.00 27.20% 4.76%
1994-10       18240.60 28.99% 2.32% 6555.00 27.05% 2.21%
1994-09       17826.48 29.60% 1.85% 6413.00 26.37% 5.41%
1994-08       17503.13 28.64% 3.26% 6084.00 23.97% 1.91%
1994-07       16950.95 23.28% 2.47% 5970.00 21.63% 3.27%
1994-06       16543.00 18.03% 1.40% 5781.00 18.86% 0.91%
1994-05       16314.43 15.17% 2.32% 5729.00 20.72% -1.46%
1994-04       15944.48 14.28% 2.81% 5813.99 23.58% -0.35%
1994-03       15508.77 15.36% 0.48% 5834.60 28.01% -7.46%
1994-02       15434.52 16.66% -2.32% 6305.19 35.91% -5.31%
1994-01       15800.50 19.12% -2.95% 6659.03 32.60% 13.54%
1993-12       16280.40 38.78% 8.76% 5864.70 35.26% 8.63%
1993-11       14968.84 30.70% 5.86% 5398.60 35.33% 4.63%
1993-10       14140.88 28.16% 2.81% 5159.56 38.23% 1.67%
1993-09       13755.00 30.30% 1.09% 5074.82 42.58% 3.41%
1993-08       13606.29 29.33% -1.04% 4907.59 44.87% -0.01%
1993-07       13749.96 35.37% -1.90% 4908.30 49.71% 0.92%
1993-06       14016.27 45.00% -1.06% 4863.56 54.11% 2.48%
1993-05       14166.10 49.75% 1.53% 4745.84 52.54% 0.88%
1993-04       13952.10 51.74% 3.78% 4704.50 50.73% 3.22%
1993-03       13444.03 51.52% 1.62% 4557.93 46.22% -1.75%
1993-02       13230.30 50.17% -0.26% 4639.35 41.66% -7.62%
1993-01       13264.40 43.69% 13.07% 5021.91 31.32% 15.82%
1992-12       11731.50 35.90% 2.43% 4336.00 36.40% 8.70%
1992-11       11452.78 33.97% 3.79% 3989.10 32.86% 6.87%
1992-10       11034.05 33.85% 4.53% 3732.59 29.63% 4.87%
1992-09       10556.36 32.42% 0.34% 3559.38 30.38% 5.07%
1992-08       10520.73 37.17% 3.58% 3387.53 28.70% 3.32%
1992-07       10157.21 36.11% 5.07% 3278.63 27.02% 3.89%
1992-06       9666.65 32.77% 2.19% 3155.92 25.37% 1.44%
1992-05       9459.65 29.92% 2.88% 3111.18 25.11% -0.32%
1992-04       9194.51 28.33% 3.63% 3121.20 23.52% 0.13%
1992-03       8872.65 25.51% 0.71% 3117.18 20.56% -4.82%
1992-02       8810.49 23.06% -4.56% 3274.89 16.32% -14.36%
1992-01       9231.11 27.32% 6.92% 3824.24 34.81% 20.34%
1991-12       8633.30 24.20% 0.99% 3177.80 20.20% 5.84%
1991-11       8549.05 28.17% 3.71% 3002.58 20.58% 4.28%
1991-10       8243.34 28.13% 3.40% 2879.34 20.82% 5.47%
1991-09       7972.06 25.99% 3.94% 2730.03 18.67% 3.72%
1991-08       7669.99 26.28% 2.78% 2632.08 20.81% 1.98%
1991-07       7462.47 26.04% 2.50% 2581.10 21.06% 2.54%
1991-06       7280.76 25.42% 0.00% 2517.25 20.09% 1.22%
1991-05       7280.88 25.91% 1.62% 2486.85 18.99% -1.58%
1991-04       7164.47 24.67% 1.35% 2526.81 18.65% -2.27%
1991-03       7069.07 24.99% -1.26% 2585.61 20.00% -8.16%
1991-02       7159.60 26.46% -1.25% 2815.36 23.09% -0.75%
1991-01       7250.21 20.27% 4.31% 2836.70 8.08% 7.27%
1990-12       6950.70 - 4.21% 2644.40 - 6.20%
1990-11       6669.86 18.42% 3.67% 2490.03 13.13% 4.48%
1990-10       6433.80 18.99% 1.68% 2383.23 12.52% 3.60%
1990-09       6327.76 19.38% 4.18% 2300.44 10.47% 5.58%
1990-08       6073.84 14.74% 2.59% 2178.77 4.73% 2.19%
1990-07       5920.52 12.50% 1.99% 2132.06 2.05% 1.71%
1990-06       5805.02 10.18% 0.39% 2096.20 0.73% 0.29%
1990-05       5782.38 8.62% 0.62% 2090.05 2.62% -1.86%
1990-04       5746.54 8.20% 1.61% 2129.69 2.95% -1.16%
1990-03       5655.65 7.68% -0.10% 2154.64 2.65% -5.80%
1990-02       5661.44 6.10% -6.09% 2287.20 1.42% -12.86%
1990-01       6028.46 7.51% 3.40% 2624.60 6.91% 11.97%
1989-12       5830.51 6.20% 3.52% 2344.02 9.84% 6.50%
1989-11       5632.14 6.58% 4.17% 2201.06 8.57% 3.91%
1989-10       5406.82 2.71% 2.01% 2118.14 10.37% 1.72%
1989-09       5300.36 -0.83% 0.12% 2082.42 12.54% 0.10%
1989-08       5293.77 -1.03% 0.59% 2080.28 19.76% -0.43%
1989-07       5262.66 2.54% -0.12% 2089.25 27.57% 0.39%
1989-06       5268.81 6.55% -1.03% 2081.09 34.87% 2.18%
1989-05       5323.60 10.28% 0.24% 2036.78 38.85% -1.54%
1989-04       5311.00 13.86% 1.11% 2068.58 42.23% -1.45%
1989-03       5252.51 16.46% -1.56% 2099.07 45.52% -6.92%
1989-02       5335.97 16.67% -4.84% 2255.21 45.31% -8.14%
1989-01       5607.55 21.05% 2.14% 2454.97 58.10% 15.04%
1988-12       5490.17 22.50% 3.89% 2134.03 46.71% 5.26%
1988-11       5284.43 20.21% 0.38% 2027.34 47.71% 5.64%
1988-10       5264.28 23.01% -1.50% 1919.06 44.98% 3.72%
1988-09       5344.59 28.84% -0.08% 1850.32 45.70% 6.53%
1988-08       5349.04 33.29% 4.22% 1736.98 44.89% 6.06%
1988-07       5132.35 31.34% 3.79% 1637.71 39.39% 6.13%
1988-06       4944.86 29.26% 2.43% 1543.09 35.91% 5.20%
1988-05       4827.54 27.84% 3.49% 1466.88 30.58% 0.86%
1988-04       4664.60 25.18% 3.43% 1454.34 28.19% 0.82%
1988-03       4510.07 21.04% -1.39% 1442.48 26.24% -7.06%
1988-02       4573.73 22.03% -1.26% 1552.02 29.36% -0.05%
1988-01       4632.31 17.12% 3.36% 1552.82 13.51% 6.75%
1987-12       4481.67 16.22% 1.94% 1454.59 19.39% 5.98%
1987-11       4396.18 23.67% 2.72% 1372.56 23.88% 3.69%
1987-10       4279.58 27.31% 3.16% 1323.70 27.64% 4.23%
1987-09       4148.30 28.83% 3.37% 1269.92 29.77% 5.93%
1987-08       4013.21 28.30% 2.70% 1198.86 28.85% 2.04%
1987-07       3907.69 27.82% 2.15% 1174.91 29.29% 3.48%
1987-06       3825.43 27.91% 1.30% 1135.38 27.79% 1.07%
1987-05       3776.36 29.20% 1.34% 1123.39 29.86% -0.98%
1987-04       3726.46 29.36% 0.01% 1134.54 28.70% -0.71%
1987-03       3725.98 30.55% -0.59% 1142.64 27.13% -4.76%
1987-02       3748.03 30.02% -5.24% 1199.81 24.95% -12.29%
1987-01       3955.27 31.43% 2.57% 1367.99 30.21% 12.28%
1986-12       3856.03 28.05% 8.48% 1218.36 23.34% 9.96%
1986-11       3554.65 25.24% 5.75% 1108.02 22.79% 6.84%
1986-10       3361.43 22.83% 4.40% 1037.06 23.58% 5.97%
1986-09       3219.86 18.40% 2.94% 978.62 18.32% 5.18%
1986-08       3127.90 16.31% 2.31% 930.46 16.36% 2.39%
1986-07       3057.26 14.08% 2.22% 908.77 15.95% 2.29%
1986-06       2990.80 13.31% 2.33% 888.46 17.29% 2.71%
1986-05       2922.83 7.63% 1.46% 865.06 17.23% -1.87%
1986-04       2880.70 4.37% 0.93% 881.55 15.88% -1.92%
1986-03       2854.09 1.14% -0.99% 898.79 14.12% -6.40%
1986-02       2882.59 0.41% -4.21% 960.27 13.82% -8.60%
1986-01       3009.35 2.87% -0.07% 1050.63 25.17% 6.36%
1985-12       3011.39 5.84% 6.10% 987.83 24.71% 9.47%
1985-11       2838.29 9.47% 3.72% 902.35 28.78% 7.53%
1985-10       2736.56 12.09% 0.63% 839.20 30.39% 1.46%
1985-09       2719.54 16.99% 1.12% 827.12 40.86% 3.44%
1985-08       2689.34 19.66% 0.35% 799.62 47.65% 2.03%
1985-07       2679.89 23.22% 1.53% 783.74 50.93% 3.46%
1985-06       2639.40 25.51% -2.81% 757.50 54.33% 2.66%
1985-05       2715.74 30.51% -1.61% 737.89 53.22% -3.01%
1985-04       2760.11 33.11% -2.19% 760.76 51.53% -3.41%
1985-03       2822.05 36.62% -1.70% 787.59 54.07% -6.65%
1985-02       2870.78 38.53% -1.87% 843.69 58.89% 0.52%
1985-01       2925.38 34.83% 2.82% 839.35 35.71% 5.96%
1984-12       2845.24 31.42% 9.74% 792.11 49.52% 13.04%
1984-11       2592.64 15.10% 6.20% 700.71 35.37% 8.88%
1984-10       2441.33 14.16% 5.02% 643.59 31.71% 9.60%
1984-09       2324.55 11.64% 3.43% 587.20 25.66% 8.43%
1984-08       2247.44 10.51% 3.33% 541.57 23.18% 4.29%
1984-07       2174.91 7.67% 3.42% 519.27 18.51% 5.79%
1984-06       2103.01 6.48% 1.07% 490.84 16.32% 1.92%
1984-05       2080.79 6.28% 0.35% 481.59 15.98% -4.08%
1984-04       2073.60 5.37% 0.38% 502.06 16.53% -1.79%
1984-03       2065.67 7.26% -0.32% 511.19 17.98% -3.73%
1984-02       2072.29 7.60% -4.49% 530.99 15.46% -14.14%
1984-01       2169.61 9.30% 0.21% 618.47 28.06% 16.74%
1983-12       2165.04 14.85% -3.88% 529.78 20.65% 2.35%
1983-11       2252.51 27.52% 5.33% 517.64 28.10% 5.94%
1983-10       2138.54 26.28% 2.70% 488.63 25.81% 4.57%
1983-09       2082.24 26.74% 2.38% 467.28 23.82% 6.28%
1983-08       2033.77 26.26% 0.68% 439.65 22.14% 0.34%
1983-07       2019.99 27.21% 2.27% 438.16 22.32% 3.84%
1983-06       1975.10 26.01% 0.88% 421.97 19.71% 1.62%
1983-05       1957.82 25.88% -0.52% 415.25 18.82% -3.62%
1983-04       1968.01 26.76% 2.19% 430.86 17.30% -0.56%
1983-03       1925.79 22.69% -0.01% 433.27 14.66% -5.79%
1983-02       1925.99 21.99% -2.97% 459.91 14.14% -4.77%
1983-01       1984.95 21.16% 5.30% 482.96 9.02% 9.98%
1982-12       1885.11 15.19% 6.72% 439.12 10.79% 8.67%
1982-11       1766.36 11.73% 4.31% 404.10 12.30% 4.04%
1982-10       1693.45 35.44% 3.08% 388.40 12.50% 2.91%
1982-09       1642.91 17.91% 2.00% 377.40 13.28% 4.84%
1982-08       1610.77 18.75% 1.44% 359.96 12.43% 0.49%
1982-07       1587.92 20.30% 1.31% 358.21 13.55% 1.62%
1982-06       1567.42 20.78% 0.78% 352.49 15.05% 0.86%
1982-05       1555.30 22.65% 0.18% 349.47 14.04% -4.86%
1982-04       1552.52 22.50% -1.09% 367.33 15.50% -2.79%
1982-03       1569.69 21.77% -0.57% 377.87 16.05% -6.22%
1982-02       1578.76 20.57% -3.64% 402.92 15.17% -9.05%
1982-01       1638.32 19.54% 0.11% 443.01 6.74% 11.78%
1981-12       1636.56 24.38% 3.52% 396.34 14.48% 10.14%
1981-11       1580.86 31.05% 26.44% 359.85 16.46% 4.23%
1981-10       1250.32 10.34% -10.27% 345.23 20.78% 3.63%
1981-09       1393.37 28.81% 2.72% 333.15 21.43% 4.06%
1981-08       1356.45 29.95% 2.76% 320.16 23.15% 1.49%
1981-07       1320.01 30.37% 1.71% 315.46 25.33% 2.96%
1981-06       1297.76 32.01% 2.34% 306.38 25.93% -0.02%
1981-05       1268.12 32.48% 0.06% 306.44 26.04% -3.65%
1981-04       1267.41 32.73% -1.68% 318.04 25.18% -2.33%
1981-03       1289.05 33.73% -1.55% 325.62 24.52% -6.93%
1981-02       1309.39 34.19% -4.46% 349.86 25.32% -15.70%
1981-01       1370.50 32.81% 4.16% 415.03 38.15% 19.88%
1980-12       1315.74 23.04% 9.08% 346.20 29.32% 12.04%
1980-11       1206.27 26.22% 6.45% 309.00 31.42% 8.10%
1980-10       1133.15 26.56% 4.75% 285.84 29.40% 4.19%
1980-09       1081.75 24.17% 3.63% 274.35 21.63% 5.53%
1980-08       1043.81 22.86% 3.09% 259.97 20.72% 3.28%
1980-07       1012.49 21.80% 3.00% 251.71 18.20% 3.46%
1980-06       983.04 20.67% 2.70% 243.30 16.57% 0.07%
1980-05       957.20 18.30% 0.24% 243.13 16.33% -4.31%
1980-04       954.89 14.35% -0.94% 254.07 16.91% -2.84%
1980-03       963.91 15.68% -1.22% 261.49 19.39% -6.34%
1980-02       975.80 18.57% -5.44% 279.18 22.25% -7.07%
1980-01       1031.89 21.20% -3.50% 300.41 16.79% 12.21%
1979-12       1069.36 24.42% 11.90% 267.71 26.26% 13.86%
1979-11       955.66 18.24% 6.74% 235.13 23.40% 6.44%
1979-10       895.32 14.99% 2.77% 220.90 19.25% -2.07%
1979-09       871.19 14.11% 2.54% 225.57 19.81% 4.75%
1979-08       849.58 12.38% 2.20% 215.35 18.25% 1.12%
1979-07       831.28 11.37% 2.04% 212.96 17.64% 2.04%
1979-06       814.67 9.34% 0.68% 208.71 16.95% -0.14%
1979-05       809.14 6.76% -3.11% 209.00 14.73% -3.83%
1979-04       835.08 3.33% 0.22% 217.33 12.82% -0.77%
1979-03       833.24 0.65% 1.24% 219.02 12.40% -4.09%
1979-02       823.00 -1.24% -3.33% 228.36 10.91% -11.22%
1979-01       851.39 -2.20% -0.94% 257.22 12.03% 21.31%
1978-12       859.45   6.33% 212.03   11.28%
1978-11       808.27   3.81% 190.54   2.86%
1978-10       778.64   1.99% 185.24   -1.61%
1978-09       763.47   0.99% 188.27   3.38%
1978-08       755.99   1.28% 182.12   0.61%
1978-07       746.43   0.18% 181.02   1.43%
1978-06       745.08   -1.70% 178.46   -2.04%
1978-05       757.93   -6.22% 182.17   -5.43%
1978-04       808.17   -2.37% 192.63   -1.14%
1978-03       827.83   -0.66% 194.86   -5.36%
1978-02       833.35   -4.27% 205.89   -10.32%
1978-01       870.53     229.59    

1978年1月改革开放时,M0为 229.59亿 元, 2017年2月M0为 71700亿 元

71700 / 229.59 = 312.30 倍

39年里,M0 增长了 312.30倍,年化增长率为 15.88%

 

1985年7月出生的时候,M0为 783.74亿 元, 2017年2月M0为 71700亿 元

71700 / 783.74 = 91.48 倍

32年里,M0 增长了 91.48倍,年化增长率为 15.16%

 

2012年7月工作的时候,M0为 49705.85 亿 元, 2017年2月M0为 71700亿 元

71700 / 49705.85 = 1.44 倍

5年里,M0 增长了 1.44 倍,年化增长率为 7.6% (M0流通货币减少,信用卡、支付宝、微信支付、借贷宝、白条等虚拟货币增多)

 

2012年7月工作的时候,M2为 974148.80亿 元, 2017年2月M0为 1582900亿 元

1582900 / 74148.80 = 1.63 倍

5年里,M0 增长了 1.63 倍,年化增长率为 10.2%(M2计算更准确些)

为什么1978年到2017年,以及1985年到2017年,M0的年化增长率大约为15%,但从2012到2017年的年化增长率只有7.6%,下降这么多呢?原因是M0是社会流通中的货币,随着2010年后的移动互联网急速发展,社会流通中的现金货币逐渐被移动支付、网银转帐、信用卡、支付宝、微信支付、白条等虚拟货币替代,所以导致M0增速下降到了7.6%

因此,从2012年起最好用广义货币M2计算,大约年化增长率为10.2%

如果你的工资增长幅度小于10.2%,或者你的投资收益小于10.2%,那么说明你跑输了社会财富增长率,你拥有的财富在缩水哦(不考虑汇率影响,若考虑人民币汇率贬值,财富缩水则会更多...)

 

 

参考推荐

中国M2与GDP之比走势图推荐 - 许多经济术语解释

M2-M1-M0历年数据(1978-2017)  (推荐 - 百度文库)

中国历年货币供应量(M0-M1-M2)准确数据