信用膨胀、虚拟经济、资源配置与经济增长

发布时间：2018-01-04 15:29

本文关键词：信用膨胀、虚拟经济、资源配置与经济增长　出处：《经济研究》2015年04期 　论文类型：期刊论文

【摘要】：本文着重于研究银行系统引发的信用膨胀。在生产函数里面引入信用,从而本文给信用需求一个微观基础,同时也给银行系统引发的信用膨胀施加了上界。银行系统通过信用膨胀能带来收益(等同于铸币税收益)。该收益会吸引更多的劳动力资源进入银行业这一虚拟经济部门,从而拉低企业家创新的回报。但是如果该收益是通过借贷给企业家来实现的,那么一部分收益会流向企业家,从而促进创新和经济增长。如果该收益主要流向企业家,那么后一个作用起主导,从而信用膨胀促进经济增长。如果该收益主要流向银行等虚拟经济部门,那么前一个作用起主导,从而信用膨胀阻碍经济增长。在后一种情形下,政府为刺激经济继续增加通货膨胀率,会形成恶性循环;政府在适当的时候,应该放弃扩张之手。政府应该采取渐近的办法:在某些地区(比如依赖虚拟经济较严重的地区)首先放弃扩张之手,避免银行系统过度增加信用膨胀;或者如同现在采取的"定向降准"的办法把银行信用导向企业家;更直接的做法是对企业家的创新进行补贴。
[Abstract]:This paper focuses on the credit expansion caused by the banking system, and introduces credit into the production function, thus this paper gives a micro basis for credit demand. It also creates an upper limit on the credit inflation that the banking system can generate through credit expansion (equivalent to seigniorage gains). The gains will attract more labor resources into the virtual sector of the banking economy. This reduces the return on entrepreneurial innovation. But if the return is made by lending to the entrepreneur, a portion of the proceeds flow to the entrepreneur. This promotes innovation and economic growth. If the proceeds flow mainly to entrepreneurs, then the latter plays a leading role, thereby boosting economic growth. If the proceeds go mainly to virtual economic sectors such as banks. In the latter case, the government will continue to increase inflation in order to stimulate the economy, will form a vicious circle; In due course, the government should give up the hand of expansion. The government should take an asymptotic approach: in some areas (such as areas that rely on the more serious virtual economy), the hand of expansion should be given up first. Avoid excessive credit inflation in the banking system; Or, as is now adopted, the "directionally downgraded" approach leads banks' credit to entrepreneurs; A more direct approach would be to subsidize entrepreneurs' innovation.
【作者单位】：中央财经大学中国经济与管理研究院;世界银行;
【基金】：教育部2013年“新世纪优秀人才支持计划”(NCET-13-1052)的资助
【分类号】：F832.4;F822.0;F124.1
【正文快照】： 一、前言目前中国经济面临的难题之一是,政府原本通过扩张性货币政策来刺激经济,但是发现推高了房价、火了虚拟经济,反而导致经济里更少份额的资源流向实体经济和企业家。根据何其春(2012,前言),新经济增长模型(Romer,1990;AghionHowitt,1992)阐释了企业家的创新是经济增长的

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