"洗钱"与"反洗钱"

“洗钱”已经成为当今国际社会不得不面对的一个“公害”。据世界银行的一份统计,我国自改革开放以来,除了经政府合法批准对外投资的款项外,外流资金中有相当部分与“洗钱”有关。但直到目前为止,世界各国对于洗钱的定义还不尽一致,但一般是指将犯罪收益、不法收益通过各种手段隐瞒或掩饰起来,并使之合法化的活动和过程。各国司法界定的洗钱犯罪大致分为以下几类:一是将所有非法途径如贩毒、走私、抢劫、贪污、诈骗、受贿等方式获得的资金收益进行清洗,使之披上合法外衣的活动统称为“洗钱”。美国、法国等实行这一认定。二是将法律明确规定…     

电子货币对货币供应量的冲击及应对策略

当前世界各国的私人部门都在竞相研发电子货币并逐步走向实用化，电子货币的私人发行使它不再仅仅是货币形式的转化，还会对货币供应机制产生重大冲击，其分散发行所催生的竞争性货币供应格局潜存着货币发行量失控的风险；其对传统货币的替代通过扩大商业银行的信用创造功能增加了狭义货币供应量；其不断创新及低套现成本使货币供应统计量失效。因此，借鉴西方发达国家的先进经验并结合我国国情，我国应仅允许银行发行电子货币并以公开市场操作冲销扩张的超额储备，同时尽快实现货币政策中间指标从数量型指标转向价格型指标。     

Money and specialization

Summary.  This paper examines the relationship between specialization and the use of money in two versions of the search-theoretic monetary model. The first version establishes a surprising result that specialization is more likely to occur in a barter economy than in a monetary economy. The result is reversed in the second version where a different specification of preferences is adopted to limit the scope of barter. This contrast between the results provides a concrete illustration of the general argument that money encourages specialization only when it enlarges the extent of the market. Received: January 31, 1995; revised version August 12, 1996     

Money and Information

This paper investigates the role of money in markets in which producers have private information about the quality of the goods they supply. When the fraction of high-quality producers in the economy is given, money promotes the production of high-quality goods, which improves the quality mix and welfare unambiguously. When this fraction is endogenous, however, we find that money can decrease welfare relative to the barter equilibrium. The origin of this inefficiency is that money provides consumption insurance to low-quality producers, which can result in a higher fraction of low-quality producers in the monetary equilibrium. Finally, we find that most often agents acquire more costly information in the monetary equilibrium than in the barter equilibrium. Consequently, money is welfare-enhancing because it promotes useful production and exchange, but not because it saves information costs.     

货币是否影响产出

研究经济周期的经济学家经常要探讨货币增长与产出增长的关系，这一探讨可以分成两种理论，其一是货币经济周期理论，该理论强调货币供给在影响真实经济活动中的因果作用：货币供给的增长变化引起产出增长的变化（货币影响产出）；其二是真实经济周期理论，该理论对传统的货币经济周期理论形成挑战。真实经济周期模型用反因果关系的概念来解决货币与产出的关系。认为经济中真实部门的发展影响人们的理财决定，从而影响货币需求的数量，只要金融系统随着需求的主为化而做出反应，产出增长的变化将导致货币增长的变化（产出影响货币）。     

论国际热钱

1997年东南亚金融危机之后,国内外学术界进行了关于国际热钱的讨论.在近年人民币升值压力存在的情况下,我国又一次展开了关于国际热钱进入中国的讨论.既要分析不同情况下国际热钱进入的渠道,更应对防止国际热钱的破坏作用提出可行的方案.     

On Income Velocity of Money,Precautionary Money Demand and Growth

A stochastic growth model with money introduced via a cash-in-advance constraint is used to analyze the behavior of the income velocity of real monetary balances and money demand. Agents can purchase consumption goods only using government issued money. The cash-in-advance constraint may become nonbinding because of the uncertainty about the realization of the state of the economy. We find that the precautionary money demand may introduce significant changes into the volatility of the income velocity if it happens almost always. Its presence can also alter the relationship between the average growth rate of money supply and the average growth rate of the economy.     

Money and Price Dispersion

We relax restrictions on the storage technology in a prototypical monetary search model to study price dispersion. In this case, buyers and sellers enter matches with potentially different willingness to trade. Across the distribution of possible bilateral matches, prices generally will differ even though agents have identical preferences and technologies. We provide existence conditions for a particularly simple equilibrium pattern of exchange. We prove that in the limiting case where search frictions are eliminated, equilibrium prices are uniform. We also show that a higher initial money stock can raise the average price level and increase price dispersion.     

动量货币与传统货币指标的理论与经验分析

简单加总的货币指标早已受到理论和实践的挑战,而主流国家的各种改革方案均没有取得成功.其原因是西方学者偏重货币的资产功能,忽视到货币的交易功能,对货币的基本认识存在偏差.宇宙中不存在绝对静止的事物,货币的本性是运动.物理学的动量定理与经济学的交易方程式可以进行类比.笔者尝试建立了动量货币的指标,初步的经验分析结果富有启发意义.货币的重要性依赖于它的数量和速度.西方学者排斥货币的真实速度,宏观经济学的基本结构存在重大缺陷.     

货币"五力"论

在社会主义革命和胜利后,在货币理论上面临的首要问题:是社会主义制度下,要不要保留货币.但是,长期以来,却忽略了货币理论的另一个重大问题,即货币对人的作用.货币对人的作用有"五力":货币的吸引力、和谐力、扭曲力、诱惑力和国际力.社会主义市场经济中存在拜金主义的客观可能性、表现形式及其危害.社会主义市场经济中存在的是残缺的、更危险的拜金主义.在社会主义市场经济中,既要研究货币对经济的作用,又要研究货币对人的作用.     

Money as Social Exergy

Synopsis It has been proposed that open thermodynamic systems will act to dissipate available energy gradients by self-organizing into coherent structures that, with time, evolve and develop into nested hierarchies – panarchies – that adapt to internal and external changes according to a characteristic adaptive cycle. This paper seeks to apply these ideas in the purely societal realm by investigating the role of money in economic systems. Money represents the value embodied in goods; a value that is separate from the exact nature of those goods. We suggest that money thereby liberates the ‘free value’ of economic desire and that this free value has properties analogous to energy. The result is the self-organization of structures and systems (‘econosystems’) that dissipate this ‘free value’. Econosystems act at different scales, and nested levels of econosystems form a panarchy, having effects that can be observed. In particular, it appears that money facilitates the creation of relationships between econosystem actors, increasing the connectedness of the econosystems that envelop those actors. We have identified a phenomenon whereby freed social value (i.e. money) can aggregate, or pool, at a larger econosystem scale in structures such as banks. These pools act as gradients that actors at the neighborhood scale can exploit for self-organization in the econosystem. Thus, econosystem actors appear to be freed from thermodynamic constraints by using money as a means of self-organization. However, because of these pools of aggregated social exergy, connectedness is increased at the larger scale of the econosystem. The potential consequence of this dynamic is that money may act to push larger scale econosystems toward a state of heightened vulnerability to collapse, while freeing smaller scale actors from apparent constraints. In this way, we propose that money acts to skew information feedback loops between econosystem actors and larger scale structures such as economies and ecosystems.      

Money disillusion and stagflation

In the conventional income-expenditure model with rigid wages, the aggregate supply curve is upward sloping. Increases in demand therefore imply increases in real output and employment. We demonstrate here that this conclusion depends on the form of money illusion implied by the rigid wage assumption. If we assume instead that labor supply is more sensitive to price increases than to wage increases, the aggregate supply curve is negatively sloped, and the conventional policy multipliers are thereby reversed. In the second section, we show that this result also follows if labor supply depends on the expected real wage.     

Money,Trust, and Culture: Elements for an Institutional Approach to Money

The development gap between countries in tropical and temperate zones has been attributed to a variety of factors. Using data from the World Values Survey, we find that social norms about thrift, as opposed to sharing, vary with the length of the winter season. We also show that this cultural dimension “thrift versus sharing” and institutional quality both have an independent effect on contemporary economic outcomes. This suggests that the tropical development gap might be the consequence of deep-rooted effects of pre-industrial agro-climatic conditions on both the quality of institutions and social norms about thrift versus sharing that fostered development in the industrial era.     

货币需求弹性决定因素的实证研究

文章从企业和家庭层面的货币需求异质性,对传统货币需求函数进行修正,分析货币需求收入弹性和利率弹性的决定因素。实证结果表明,产业结构和经济开放度不但直接影响货币需求规模,而且通过货币需求弹性间接影响货币需求的变化,产业结构主要对货币需求收入弹性显著影响,而经济开放度对货币需求收入弹性和利率弹性均有显著影响。产业结构升级将弱化对货币需求收入弹性的影响,而加剧对货币需求规模的影响。经济开放度对货币需求的影响将逐渐由正转负,并最终导致货币需求下降。     

Money Laundering and Its Regulation

The recent wave of terrorist attacks has increased the attention to money laundering activities, and the role played by the regulatory frameworks controlling feeder activities. We investigate empirically the determinants of money laundering and its regulation in close to 100 countries. We use various methodologies to put together a cross‐country dataset on proxies for money laundering and construct specific money laundering regulation indices based on specific laws and their enforcement. Results show that tougher money laundering regulation, particularly those that criminalize feeding activities and improve disclosure, are linked to lower levels of money laundering across countries. The relevance of historical factors in explaining the variation of money laundering regulation across countries sheds light on the theories of institutions and provides room for further action, particularly in the areas of the law that reduce the burden of proof, increase the liability of intermediaries and improve disclosure.     

Money, credit and banking

In monetary models where agents are subject to trading shocks there is typically an ex post inefficiency since some agents are holding idle balances while others are cash constrained. This problem creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. In general, financial intermediation improves the allocation. The gains in welfare come from the payment of interest on deposits and not from relaxing borrowers’ liquidity constraints. We also demonstrate that when credit rationing occurs increasing the rate of inflation can be welfare improving.