信用货币制度下对货币创造和货币本质的再认识

主流经济学认为货币主要作为一种交易媒介而存在,并且是外生可控的,因此货币当局可以通过控制货币数量来影响经济运行以实现其政策目的。但在信用货币制度下,货币的本质是一种债权-债务关系,商业银行是货币的唯一创造主体,中央银行需要适时提供基础货币来满足跨行之间的交易结算。通过分析信用货币制度下商业银行创造货币的理论逻辑,并讨论与之相关的一些实际问题,最后提出研究的结论及思考。

Recognition of Money Creation and Essence Under Credit Monetary System

Mainstream economics holds that money exists mainly as a medium of transaction and is exogenous and controllable, so monetary authorities can control the amount of money to influence economic operation and achieve their policy objectives. However, under the credit monetary system, the essence of money is a kind of debtor-creditor relationship. Commercial banks are the only creator of money. The central bank needs to provide the basic currency in time to meet the inter-bank transaction settlement. This paper analyzes the theoretical logic of commercial banks’ money creation under the credit monetary system, discusses some practical problems related to it, and finally puts forward the conclusion and thinking of this paper.