货币理论重塑:分解与统一分析框架

发布时间：2018-07-08 12:25

本文选题：货币分解理论 + 流动性过剩　；参考：《财经研究》2017年09期

【摘要】：长期以来,经济学家对货币理论的研究主要从货币需求分析出发,形成了费雪方程式、剑桥方程式、凯恩斯货币需求模型、后凯恩斯主义货币模型、弗里德曼货币函数等一系列经典理论模式。但是,这些研究模型中,持有可带来收益的金融资产都是无收益货币的负相关因素。至于是否需要有一部分货币专门用来服务金融资产,至少迄今为止,尚无这方面系统的科学论证。文章提出的货币分解理论,试图从理论上对该问题加以探讨。货币具有价值尺度、流通手段、支付手段、贮藏手段和世界货币等多重职能。因而表面同质的货币必然有着内部的异质分工,这是货币分解的基本逻辑。文章采用货币供给侧分解方法,按照货币的流向把政府发行的货币分为流入实体经济的货币和流入虚拟经济的货币;实体经济货币包括交易货币和交易准备货币,虚拟经济货币包括储蓄货币和金融市场货币。在货币总量不变的条件下,这四个组成部分的货币数量随着货币需求动机的不同而有着动态变化,这样就引入了货币流动的动力机制。货币分解理论揭示了货币存量与流量的相对含义,涉及政府、家庭、企业、金融机构和国外部门等市场参与者,同时也与股票、债券和衍生品等市场发生联系——传统货币理论是这一理论的特殊情况,能够涵盖现有相关文献的主要观点并较全面地解释了"中国流动性之谜",可以成为货币理论的统一分析框架。该理论对现实经济现象有较强的解释力,对正确认识世界经济运行规律和政府制定宏观经济政策提供理论支持。
[Abstract]:For a long time, the study of monetary theory by economists mainly started from the analysis of monetary demand and formed Fisher equation, Cambridge equation, Keynesian monetary demand model, post-Keynesian monetary model. Friedman monetary function and a series of classical theoretical models. However, in these research models, holding financial assets that can bring income is negative correlation factor of non-income currency. There is no systematic scientific argument, at least so far, as to whether a portion of money is needed to service financial assets. The paper puts forward the theory of money decomposition, and tries to discuss the problem theoretically. Currency has many functions, such as value measure, circulation means, payment means, storage means and world currency. Therefore, the superficial homogeneous currency must have the internal heterogeneity division of labor, which is the basic logic of currency decomposition. By using the method of money supply-side decomposition, the paper divides the money issued by the government into the money flowing into the real economy and the currency flowing into the virtual economy according to the flow direction of the money, and the real economy currency includes the transaction currency and the transaction reserve currency. Fictitious economic currency includes savings money and financial market currency. Under the condition that the total amount of money is invariant, the quantity of money of these four components changes dynamically with the different motivation of money demand, so the dynamic mechanism of money flow is introduced. The monetary decomposition theory reveals the relative meaning of money stock and flow, involving market participants such as governments, households, enterprises, financial institutions and foreign sectors, as well as stocks, Bond and derivatives markets are linked-traditional monetary theory is a special case of this theory. It can be used as the unified analytical framework of monetary theory, which can cover the main viewpoints of the existing literature and explain the "mystery of Chinese liquidity" in a more comprehensive way. The theory has a strong explanatory power to the real economic phenomenon, and provides theoretical support for the correct understanding of the operation law of the world economy and the formulation of macroeconomic policies by the government.
【作者单位】：山西财经大学财政金融学院;对外经济贸易大学国际经济贸易学院;
【基金】：国家自然科学基金面上项目(71571044)
【分类号】：F820

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