谈谈基础货币的扩张倍数问题

谈谈基础货币的扩张倍数问题高勇在现代信用货币制度下，货币供应量是通过货币创造来实现的。整个货币供给形成的主体是中央银行和商业银行，其中中央银行创造广义的现金货币，而商业银行创造存款货币。商业银行由于具有吸收存款和发放贷款的功能，所以能够创造出派生存款...     

基于信用货币的多重货币合作分析

货币制度是人们为降低交易成本进行的理性选择,货币信用创造的困境导致现代国际货币的缺失。本文从货币制度和货币信用出发探讨多重货币合作的机制和作用,并对多重货币合作做出解释。     

基于信用货币的多重货币合作分析

货币制度是人们为降低交易成本进行的理性选择,货币信用创造的困境导致现代国际货币的缺失.本文从货币制度和货币信用出发探讨多重货币合作的机制和作用,并对多重货币合作做出解释.     

为什么虚拟货币难成大器？

无论货币的形态如何演变,货币的信用本质和基本职能从未改变,节约交易成本是货币制度演变背后的客观规律。虚拟货币由于不具备可靠的信用基础而无法承担货币计价单位的职能,以其作为交易媒介用于真实经济不但不能减少交易环节和成本,反而极大地增加了交易成本。现代中央银行提供的公共服务不可或缺且不可替代。互联网时代的创新同样不能违背事物的本质和历史客观规律,企图以单调的技术性对抗复杂的人性,用技术创新代替制度改革,创造一种“理想的货币”,必然以失败告终。     

为什么虚拟货币难成大器?

无论货币的形态如何演变,货币的信用本质和基本职能从未改变,节约交易成本是货币制度演变背后的客观规律。虚拟货币由于不具备可靠的信用基础而无法承担货币计价单位的职能,以其作为交易媒介用于真实经济不但不能减少交易环节和成本,反而极大地增加了交易成本。现代中央银行提供的公共服务不可或缺且不可替代。互联网时代的创新同样不能违背事物的本质和历史客观规律,企图以单调的技术性对抗复杂的人性,用技术创新代替制度改革,创造一种"理想的货币",必然以失败告终。     

香港最后贷款人制度分析及启示

“最后贷款人”是中央银行的一项重要职能，它是指在商业银行出现危机和流动资金短缺的情况下，中央银行或货币管理当局向商业银行提供融资或流动资金援助，这个职能通常由中央银行提供。在信用货币制度下，中央银行具有酌情发行货币进行信用创造的功能，当金融机构或金融市场出现流动性短缺时，中央银行可以通过创造货币提供资     

货币政策回归适度宽松是今后中国经济平稳发展的需要——解读数量宽松的货币政策和适度宽松的货币政策

美、日、欧等国数量宽松的货币政策是基础货币供应的数量宽松,而不是货币供应的数量宽松 世界各国目前都处于信用货币制度之下.市场流通的信用货币是由中央银行和商业银行共同创造的.中央银行因为垄断了国家法偿货币--现钞的发行权而对商业银行的信用创造有控制力.     

基础货币与中央银行的宏观货币调控

一、基础货币的质和量搞清基础货币的质和量,是研究基础货币必须首先解决的重要问题。对基础货币的质,西方经济学界有各种不同的解释。不过,有一个共同的基本点,即认为基础货币是商业银行创造信用的基础,其可以通过现代银行机制创造出数倍于自身量的货币。我国现行金融体制并非典型的二级银行制度,因为除中央银行和专业银行外,广泛存在     

货币问题的新政治经济学解释

从新政治经济学的角度研究货币度相关问题，认为货币本身可以看作是一种制度；货币的起源、货币制度的演变、货币信用的基础都需要进行政治经济学的分析；货币政策是不同利益主体相互博弈的结果，这种相互博弈导致了货币政策效果不能够完全发挥出来。     

人民币国际化问题的货币演化视角

在货币演化视角,人民币国际化将是一个长期而艰难的过程.本文有两个主要结论,一是货币国际化应着眼于国家社会经济发展的需要,不能倒果为因,用国际货币的成本收益左右货币国际化的进程.二是信用货币制度下货币与银行同生共存,欲兴货币,必先强银行.     

Modelling credit in the transmission mechanism of the United Kingdom

Studies have focused heavily on money in the transmission mechanism of monetary policy. In this article we explore the empirical importance of credit. The paper provides a framework in which to analyse the balance sheets of, and financial flows between, different sectors of the UK economy, and an econometric model of the interactions between non-financial firms, households and credit offered by banks and non-bank financial intermediaries. The paper also provides a dynamic structural model of bank and building society credit, money and decisions to consume and invest and then adds credit from non-bank financial intermediaries. Our bottom line is that credit is an important part of the transmission process of UK monetary policy.     

电子货币对存款准备金制度的冲击效应研究

本文以电子货币为视角,将电子货币引入存款准备金制度的理论分析框架,在理论分析及对传统货币模型修正的基础上,选择电子货币与存款准备金政策相关的变量,建立数量经济模型。通过统计检验发现：电子货币放大了货币乘数,并使货币乘数变得不稳定,从而加大了中央银行通过存款准备金政策影响货币乘数来调节商业银行信用创造能力的难度,削弱了存款准备金政策的效率。     

How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India

Many emerging markets have undertaken significant financial sector reforms, especially in their banking sectors, that are critical for both financial development and real economic activity. In this paper, we investigate the success of banking reforms in India where significant banking reforms were implemented during the 1990s. Using the argument that well-functioning credit markets would reflect a credit channel for monetary policy at work, we test whether a change in monetary policy has a predictable impact on borrowing behaviour of several types of firms, including business group affiliated, unaffiliated private firms, state-owned firms and foreign firms. The empirical results suggest that unaffiliated private firms have the most vulnerable to monetary policy stance during tight policy regimes. We also find that during tight monetary policy regimes, bank credit of smaller firms is more sensitive to changes in the interest rate than that of large firms. In an easy money regime, monetary policy and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion of bank credit in total debt for any of the firms. We discuss the policy implications of the findings.     

外资银行信贷行为对我国货币供应量影响的实证分析

目前,同业往来是外资银行人民币资金的重要来源,短期贷款是外资银行资金运用的主要渠道。外资银行信贷行为不受信贷调控指导,增加了货币供给的不确定性,对货币供应量的可控性产生了影响。外资银行对我国各个区域货币供给影响程度差异也很大。实证分析发现,外资银行贷款已经开始对我国M1产生了一定的影响,需要引起宏观金融调控部门的关注。     

地方政府借款的潜在风险分析

本文从地方政府多种关系冲突和商业银行对地方政府贷款风险认识不足入手,揭示地方政府借款存在的潜在风险,并力图通过对地方政府借款主体的合法性、借款用途的合理性、借款资金贷后划转规范性、第一和第二还款来源的稳定性和可靠性、担保措施的可信性和长效性等风险的剖析,呼吁地方政府和商业银行在刺激内需热潮中,保持清醒头脑,控制住地方政府的借款额度,防止还款来源资金的断裂。     

Banks, private money, and government regulation

We study competition between inside and outside money in economies with trading frictions and financial intermediation. Claims on banks circulate if the redemption rate is low. When the quantity of fiat money is scarce, coexistence of inside and outside money dominates equilibria with a unique medium of exchange. If outside money is ample, banks choose to redeem claims in outside money, which increases welfare. Under binding reserve requirements, tightening monetary policy leads to credit rationing. Our results support recent trends toward lower reserve requirements. However, we also identify situations where restrictions on note issue are beneficial.     

Optimal Monetary Policy in a Model of Money and Credit

We investigate the extent to which monetary policy can enhance the functioning of the private credit system. Specifically, we characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit: it allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self‐insure against the risk of not being able to use credit in some transactions. We consider a (nonlinear) monetary mechanism that is designed to enhance the credit system. An active monetary policy is sufficient for relaxing credit constraints. Finally, we characterize the optimal monetary policy and show that it necessarily entails a positive inflation rate.     

On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter?

This paper empirically investigates the impact of monetary policy on the credit supply of Islamic versus conventional banks of Malaysia using an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks' credit supply, we include several bank-specific and macroeconomic variables in the specification as control variables. We provide strong evidence on the existence of the credit channel of monetary policy transmission mechanism in Malaysia. Yet, we show that Islamic banks respond considerably less to changes in monetary policy instruments as compared to their conventional counterparts. We also find that the monetary policy measures affect small-sized banks and less-liquid banks more as compared to large-sized and more-liquid banks. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising any monetary policy instruments to manage credit supply in the economy.     

The bank lending channel in the Malaysian Islamic and conventional banking system

This paper examines the bank lending channel of monetary transmission in Malaysia, a country with a dual banking system including both Islamic and conventional banks, over the period 1994: 01-2015:06. A two-regime threshold vector autoregression (TVAR) model is estimated to take into account possible nonlinearities in the relationship between bank lending and monetary policy under different economic conditions. The results indicate that Islamic credit is less responsive than conventional credit to interest rate shocks in both the high and low growth regimes; however, the sub-sample estimation shows that its response has increased in more recent years becoming quite similar to that of conventional credit. Moreover, the relative importance of Islamic credit shocks in driving output growth is notable in the low growth regime, their effects being positive. These findings can be interpreted in terms of the distinctive features of Islamic banks.     

Heterogeneous effects of credit constraints on SMEs’ employment: Evidence from the European sovereign debt crisis

This paper takes advantage of access to detailed matched bank-firm data to investigate whether and how employment decisions of SMEs have been affected by credit constraints during the European sovereign debt crisis. Variability in banks’ financial health following the 2008 crisis is used as an exogenous determinant of firms’ access to credit. Findings, relative to the Belgian economy, clearly highlight that credit matters. They show that SMEs borrowing money from pre-crisis financially less healthy banks were significantly more likely to be affected by a credit constraint and, in turn, to adjust their labour input downwards than pre-crisis clients of more healthy banks. These results are robust across types of loan applications that were denied credit, i.e. applications to finance working capital, debt or new investments. Yet, estimates also show that credit constraints have been essentially detrimental for employment among SMEs experiencing a negative demand shock or facing strong product market competition. In terms of human resources management, credit constraints are not only found to foster employment adjustment at the extensive margin but also to increase the use of temporary layoff allowances for economic reasons. This outcome supports the hypothesis that short-time compensation programmes contribute to save jobs during recessions.