流动性平衡、价值创造及金融产品设计原则——基于符号经济系统和实体经济系统互动的视角

本文运用含有实际余额效应的瓦尔拉斯模型描述了符号经济系统与实体经济系统的基本平衡条件,并指出流动性(信用)是通过影响价值创造过程而间接地创造价值,但流动性的过度扩张可能导致符号经济系统独立于实体经济运行而与价值创造无涉,打破两系统的基本平衡关系。本文最后通过对美国新金融模式的分析,说明我们仍需按照资金转移及分配和风险转移及分配两种基本中介功能相分隔的原则来设计金融产品,才能避免信用过度扩张而导致的流动性危机。

Fluidity Balance ,Value Creation and Principles of Financial Product Design: A Perspectivefrom Interaction between Symbol Economy System and Real Economy System

This paper describes the basic conditions for the balance between symbol economic system and real economic system using Walrasian model which includes the real money balance effect.It also finds that fluidity (credibility) creates value indirectly by affecting the process of value creation,while the excessive expansion of fluidity might lead to the independence between symbol economic system and real economic system.This will result in the irrelevance of value creation,and further break the basic balanced r...