摘要
不同于主流的观点,后凯恩斯货币理论认为货币的本质是一种债权—债务关系,而非交易媒介。在现代金融体系下,人们在经济活动中发生的债权—债务关系需要使用被广泛接受的银行货币进行清算。其间,贷款创造存款而内生出的银行货币满足了私人经济体之间的清算需求。而公众提现、银行之间以及银行与国家之间的债权—债务清算则要使用更权威的国家货币来完成,中央银行需适应性地提供准备金以满足这种需求。因此,货币供给是自下而上的内生需求决定的,最终取决于经济体系中因各种经济活动不断创造的债权—债务关系。这种理论分析在政策上的启示是:中央银行难以有效控制货币供应量,而外生控制资金批发利率,强化金融监管则是合理的政策选择。
Post-Keynesian monetary theory argues that the nature of money is a kind of credit-debt relationship rather than the medium of exchange. In modem financial system, the credit-debt relationship created in economic activities requires to be cleared with bank money which is widely accepted by the public. Therefore, loan creates deposit which meets the demand of clearing between the privates. Furthermore, more authoritative state money is needed for public withdrawals and clearings among banks and government, thus the reserves should be provided adaptively by central bank. Therefore, money supply is determined by endogenous needs from below, and finally rests with credit-debt relationship endlessly created by various economic activities in the economic system. The analysis implies that the central bank should abandon quantitative control and shift to interest rates control as the intermediate target, thus the rigid financial monitoring must play the important role in the monetary policy.
出处
《广东金融学院学报》
CSSCI
北大核心
2012年第1期14-23,共10页
Journal of Guangdong University of Finance
基金
教育部人文社会科学研究青年基金项目(11YJC790213)
中国博士后科学基金(20110491642)
陕西师范大学"211工程"三期重点项目
关键词
货币供给
内生性
货币本质
债权-债务关系
货币创造
money supply
endogeneity
nature of money
credit - debt relationship
money creation
