内生货币供给理论的回顾与展望

以西方主流经济学为代表的外生货币供给理论越来越受到现实的挑战和理论界的置疑。内生货币供给理论,特别是后凯恩斯主义的观点则提供了一种不同于主流经济学的解释本文简要的回顾了内生货币供给理论的历史,介绍了后凯恩斯主义内生货币供给理论的主要观点,并对其发展做出了展望。     

电子货币供给机制分析

电子货币的发行与传统的货币供给机制有很大差别,在网络经济下电子货币的供给有两种形式:一是电子货币仅作为支付手段时的供给机制,二是电子货币作为银行一般性负债时的供给机制.网络经济下电子货币的供给完全是一种竞争性的市场行为,随着电子货币的发展,必将对传统的由中央银行垄断货币供给的机制提出挑战.     

Analysis and Management of Indonesian Money Supply Growth

This paper reviews Indonesia's record of monetary management over the last quarter century, showing that there has been a lack of stability in money growth, and that average growth rates have been higher than is consistent with low inflation. The source of monetary expansion is located primarily in growth of base money, which is here disaggregated into three components reflecting government policy in respect of the budget, the exchange rate, and interest rates, respectively. Exchange rate policy, through its effect on the balance of payments, is shown to have been the main cause of rapid and unstable monetary growth during this period. A contrast is also drawn between the author's preferred technique of analysing monetary movements and the 'accounting approach', based on money formation tables and favoured by previous writers in this field.     

信贷投放、货币供给和货币政策的有效性分析

在货币政策的实施过程中,作为政策中介的金融机构贷款余额、广义货币供给与物价水平和GDP序列存在稳定的均衡关系,信贷投放对于货币政策有效性具有显著的制约作用.现阶段我国货币政策实施环境决定了在货币政策效应的传导机制中,信贷渠道对国民经济的影响大于货币渠道.     

试论银行国际化的适应性货币供给效应

本文从分析银行国际化的内涵入手,提出银行国际化增强了其适应性货币供给能力的观点,认为这种适应性的货币供给效应会对一国的货币政策和金融监管产生不利影响,并据此提出只有通过加强金融监管和国际合作才能在一定程度上控制银行这种适应性的货币创造能力,最终尽可能地减少银行国际化所带来的负面效应。     

A Case of Private Supply of Money in Stateless Somalia

Since the collapse of the state in 1991 and the subsequent crashof the domestic currency, the Somali economy starved for liquidityto facilitate economic recovery and means to replace ageingbanknotes. In the long absence of effective state authority,forged banknotes from factions competed to fill the void andbecame accepted. In much the way that Milton Friedman predicted,the consequent unregulated private supply of money seeking tocapture seignoirage income soon raised prices, destabiliseddomestic markets, eroded the market value of Somali shillingbanknotes and reduced it to pure commodity money. However, theexperience did not lead to an infinite price level simply becausethe money issuers were unwilling to add zeros to denominationsin fear that the public will not accept them. Rather, as themarginal cost of importing and injecting new reprints on existinghighest denomination neared its exchange value, the incentiveto import more banknotes subsided, and domestic prices startedto stabilise. Incredibly, at this very low exchange value, theSomali currency survives and retains its service value, andreal cash balances have actually increased.     

货币、资本与一般均衡理论

本文试图对剑桥资本争论和货币纯理论的逻辑争论提供一种解释,从而把古典学派和马克思经济学的价值、分配理论与凯恩斯的货币理论或“宏观经济学”的分析结合起来,建立一种新的理论体系以取代目前居主流地位的新古典理论。由此所推论出的经验意义上的结论是,由国民收入核算体系所表明的所有统计量值与新古典理论的生产函数或技术分析是完全无关的,而是来自于资本主义经济关系。这种资本主义经济关系的基础是建立在以获取利润为目     

中国货币供应量与能源价格的实证分析

以2005年1月至2011年12月的货币发行量和能源价格月度数据为样本,采用VAR模型和基于该模型的脉冲响应、方差分解、误差修正和格兰杰因果检验等实证方法分析二者之间的短期及长期均衡关系,结论表明:货币发行量(M2)和能源价格具有显著的长期协整关系;但短期内,与货币发行量对能源价格的影响程度相比,能源价格对货币发行量的影响程度较强,即在短期内货币发行量的变动没有显著地传导到能源价格变动上。     

股票价格波动对货币供给的作用

近年来,随着世界性股票市场价格的快速上涨,金融资产的价值急速膨胀,货币在整个经济体系中的供给过程与原来有所不同.本文在货币供给内在机制的分析框架下,研究了股票价格水平的波动对货币供给影响,认为股票价格是货币供给与流动的重要渠道和影响因素.它的变动是经济社会货币流与人们预期变动的综合体现,同时股票价格的变动又通过影响货币流和人们的预期,成为影响社会总收入的重要变量.     

内生货币供给下的中国货币政策传导机制

货币政策传导机制是货币政策理论的核心内容,也是影响货币政策有效性的重要因素。本文从内生货币供给理论出发,以中国金融体系为背景,建立了中国货币政策传导机制的理论模型,并从理论和经验事实两方面对其进行了分析。