The Perils of Base Money

Insecure linkage of ordinary money to fractional reserves of a distinct base money can sometimes endanger the smooth working of modern monetary systems. This danger applies most obviously to the analogous insecure pegging of domestic to foreign currency. Worry would better focus, however, not on the size of reserve ratios but on the very existence of something distinct to which ordinary money is linked.In the modern world money is a device for monitoring transactions, keeping records, calculating economic benefits and costs, and accomplishing multilateral clearing. Money enables people conveniently to use the entitlements acquired by delivering goods and services and securities to some trading partners to obtain others of these from other trading partners. The tickets and memoranda employed in these operations need not take the form of little disks of precious metal or even of certificates convertible into them or some other kind of ultimate base money.It would be economically advantageous and feasible to make all money inside money (in the sense of Gurley and Shaw), with the value of the money unit determined and maintained otherwise than through convertibility into a distinct base money, which would have been abolished.     

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…     

货币：作为一种保险合同

我们在本文使用了一种分析货币的新方法,即在货币能够提供保险的意义上,将货币认为是一种保险合同,从而在信息私有情况下保险市场的分析方法可以得以应用,在这种分析框架下,我们可以重新理解通货膨胀和通货紧缩,并且可以很好地解释国际金融诸如“特里芬难题”以及金融危机等许多问题,在分析中,我们也提供了初步的解决问题的建议。     

货币创造的逻辑形成和历史演进——对传统货币理论的批判

本文从逻辑的原点出发,分析了信用货币制度下货币的创造过程,提出货币的核心功能不是交易媒介和价值储藏手段,而是组织生产。货币的本质不是一般等价物,而是作为无限跨期价值尺度的一般性债务。从货币创造的视角出发分析了货币的演进历史,质疑了传统理论描述的从实物货币到信用货币的演进过程,提出信用货币是历史上货币的主要表现形式,货币演进历史的主要脉络是:私人信用货币—政府信用货币—银行信用货币。最后本文分析了对银行货币创造的约束,并回顾和总结了中国央行约束与银行反约束在中国的实践。     

洗钱活动对银行部门的利用

一个洗钱活动一般涉及好几个部门 ,大致上可分为银行部门 ,银行外的金融部门和非金融的行业。银行系统乃全球资金划拨的主要系统 ,是洗钱犯罪者处理非法收益的重要部门。本文介绍西方成熟的银行系统中发现的洗钱手段 ,以作借鉴之用     

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.     

The Nonstationarity of Money and Prices in Interdependent Economies

In most nations, paths of monetary aggregates and prices consistently depart from stationary trends. This paper shows that this is a fundamental implication when monetary authorities of interdependent countries seek to smooth their home output and prices in the presence of incomplete world output-market integration and structural asymmetries. Using a two-country model with interdependent output supply schedules, we show that this conclusion holds whether the exchange rate floats or is fixed. It also holds if monetary policies are coordinated. Therefore, optimal monetary policy choices by central banks yield stationary paths for money and prices only under very specific conditions.     

国际热钱进入与国家粮食安全

2006年末以来,世界农产品价格大幅上涨,围绕粮食、食品的国内外投资和交易成为新的经济热点。作为世界粮食大国和人口大国,为控制通货膨胀,实施低粮价政策,这为国际热钱进入粮食领域提供了条件。本文分析了我国现有粮食管理体制下热钱进入的可能性、规模、方式和途径,在此基础上提出了打击热钱进入粮食领域的长效措施。     

热钱流入对中国经济的影响及其对策

人民币升值预期和国内房地产、股市价格上涨预期使得国(境)外热钱大量流入中国,对中国的经济产生了严重的负面效应,干扰了中国货币政策的有效性,也威胁到中国的金融安全。本文界定了热钱的概念和特性,分析了国(境)外热钱进入中国的动机及其对中国经济的影响,提出了应对热钱异常流入的对策建议。     

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.     

电子货币的替代效应与交易性货币供给:基于中国数据的实证分析

电子货币的产生与发展已经给传统的货币金融理论带来了前所未有的挑战.以电子货币为视角,通过对电子货币与交易性货币供给的相关性进行统计检验,结果表明: (1)电子货币对交易性货币有着明显的替代效应,它不仅改变了货币供给结构,而且给传统货币层次划分方法带来了新的挑战; (2)电子货币对传统货币的替代有着明显的阶段性特征; (3)电子货币的存在削弱了中央银行对基础货币的控制能力,弱化了货币供应量作为货币政策中介目标的效果,从而影响了货币政策的有效性.