马克思货币理论和西方有关货币理论比较研究

作为《资本论》这一无产阶级“圣经“的重要组成部分,马克思的货币理论是同他的商品价值理论紧密联系在一起的.商品价值理论是货币理论的基础,货币理论是商品价值理论的直接发展.《资本论》中的货币理论是马克思货币理论的完成阶段.在西方,尽管资产阶级的货币理论多种多样,但影响最大,流传最久的还是货币数量论.无论是传统的货币数量论还是现代货币数量论,均与马克思的货币理论有所不同.本文主要比较分析马克思的货币理论与西方货币理论,比较两种理论在货币流通规律上的异同.     

西方货币需求理论研究述评

西方货币需求理论的研究经历了古典货币数量论、现金余额数量说、凯恩斯的货币需求理论及凯恩斯之后货币需求理论的发展这样几个演进阶段。对外开放、金融创新和技术进步以及货币政策的实践推动了西方货币需求理论发展到一个新的阶段。近年来西方货币需求理论的实证研究得到了迅猛发展,但是在货币统计口径、规模变量的选择、机会成本变量的选择以及货币需求函数形式等方面仍存有争论。     

货币是生产力要素

货币银行学是现代市场经济理论之一，它研究的是货币以有货币为载体的社会经济联系，利益形态、流通运动过程与规律，研究信用的本质，机制及相关政策工具等。最近在学习货币银行学理论后，对货币问题的认识和思考有新的启发。     

西方货币需求理论的比较分析

货币需求理论在整个货币理论中占有极其重要的地位。在我国目前有关货币理论的书籍中，对西方货币需求理论的介绍通常是孤立地进行的，不注重它们之间的内在联系，这是一种缺憾。本文试图在研究西方货币需求理论的过程中，通过对比和分析，寻找一条贯穿各种货币需求理论的主线，突出各种理论之间的内在联系和区别，以便对西方货币需求理论有一个全面、准确和深入的了解。     

从最优货币区理论浅析亚洲货币统一进程

随着区域经济的不断发展,区域性货币统一已成为新的潮流,欧元的诞生为亚洲货币一体化提供成功范例。以最优货币区理论为基础,对亚洲地区现状进行分析,能够得出加强中日合作,可以逐渐推动亚洲货币统一的结论。     

从欧元危机谈对东亚货币一体化的建议

东亚一直在探索推进区域货币一体化,并将欧元区作为借鉴范例。然而近期由希腊债务危机引爆的欧元危机,激发了许多关于如何真正构建起完善的统一货币区的思考。本文将结合欧元危机,根据最适度货币区理论,通过分析欧元在制度设计中的缺陷,加以联系东亚具体现行实际,比较得出对东亚货币一体化的未来发展的启示与建议。     

数字人民币对存款货币的影响与协调对策

数字货币作为新兴区块链技术的产物,对传统金融市场的影响深远。随着数字人民币的发行,作为商业银行负债端存款货币的稳定性出现波动。目前我国对于数字人民币的定位是数字化现金,货币流通级别属于M0,同时数字人民币比存款货币具有更加突出的技术优势,例如双离线交易方式、银行账户松耦合、点对点交易等。但数字人民币存在技术依赖性和隐私泄露风险等缺陷,不足以替代纸币和存款货币,而需与其并存。存款货币与数字人民币同为信用货币,二者在金融市场中存在竞争关系。在数字化经济进一步发展的过程中,货币系统稳定是金融市场发展的保障。为了协调两者的冲突,减少数字人民币对存款货币的影响,建议在《中国人民银行法》中明确数字人民币不付息、设置风险预警机制等措施以保障两者的有机发展。     

货币数量论与维克塞尔货币理论的提出北大核心

文章围绕维克塞尔对"货币数量论"的"破"与自然利息率的"立"来解析维克塞尔货币理论思想的发展脉络。维克塞尔首次将静态的货币数量论分析发展为动态的价格变化,通过"自然利息率"与实际利息率之间的利差解释价格变动的原因,在对当时流行的货币数量论进行批判性吸收基础上,从货币供给角度创立了影响后世的货币理论与经济周期理论。当前我国货币政策操作框架正在经历从数量型向价格型调整的转变,为更好发挥利率在宏观调控中的作用,重读维克塞尔不仅具有理论意义也具有现实意义。     

基于“最优货币区理论”的东亚货币合作探讨

以“最优货币区理论"为分析基础,结合了当前东亚各国的经济情况,得出结论:现阶段东亚地区各国不构成最优货币区,但从成本——收益角度分析货币合作的收益远大于成本;因此,应积极创造条件渐进地推进东亚地区的货币合作。最后,提出了对实施东亚货币合作的展望。     

法定数字货币对我国金融体系的影响研究

法定数字货币的产生、推行和发展对传统货币、第三方、国际贸易等都具有重要的影响。鉴于此,本文从传统货币、第三方、国际贸易三个角度详细地探讨了法定数字货币带来的影响,以期为研究法定数字货币的人士提供理论参考。     

A duality theory of payment systems

We model the Central Bank’s management of intraday liquidity in modern real-time gross settlement systems as a linear programming problem parameterized by different intraday monetary policies, such as reserve requirements, net debit caps and Lombard loans. We then use duality theory to determine the shadow-prices of constraints of each bank. These shadow-prices can be used by the Central Bank to set personalized intraday monetary policies in order to reduce idleness of money and to give a microfoundation of the too-big-to-fail policy.     

Limited monitoring and the essentiality of money

Monetary theory emphasizes that imperfect monitoring is necessary for money to be essential, that is, for money to achieve socially desirable allocations. Little is known about how limited monitoring must be if money is to be essential, though. Understanding sufficient conditions for the essentiality of money is important since monitoring is a natural way in which credit is introduced in monetary models. In this paper, we show that money can fail to be essential even if monitoring is quite limited. This indicates that one must be careful when introducing monitoring in monetary models to allow for the coexistence of money and credit.     

Adaptive learning and monetary exchange

This paper investigates three classic questions in monetary theory: How can an intrinsically worthless asset, such as fiat money, maintain value as a medium of exchange? What are the short-run and long-run effects of a change in the money supply? What is the social cost of inflation? I answer these questions using a microfounded model of monetary exchange that replaces the rational expectations assumption with an adaptive learning rule. First, I show that monetary exchange is a robust arrangement in the sense that agents are able to learn the stationary monetary equilibrium while the non-monetary equilibrium is unstable under learning. Second, an unanticipated monetary injection has real effects in the short-run because learning the value of money takes time. In the long run, agents successfully learn the value of money, hence money is neutral. Third, under a constant money growth policy, an increase in the growth rate of money increases output in the short-run producing a short-run Phillips curve. A ten percent increase in the money growth rate has a social cost of 0.41 percent of output per year. Alternatively, a ten percent decrease in the money growth rate has a social benefit of 0.37 percent of output per year.     

Debt as the Basis of Currency

A bstract Even more than most nineteenth-century economists, Henry Dunning Macleod recognized the importance of trust in a properly functioning monetary system. Macleod developed a credit theory of money in which he argued that money originated as a debt claim against society. The value of money depends on the willingness of economic agents to accept it, no matter what material the money is made of. Macleod applied this theory to the evaluation of other systems in which money is not based on debt, showing the dangerous consequences that could arise from pursuing other theories of money creation to their logical conclusions.     

POST-KEYNESIAN MONETARY THEORY: SOME ISSUES

Abstract. Post-Keynesian monetary theory is of increasing interest to economists in the light of world-wide financial deregulation of financial markets. This paper offers an exposition of the main issues in this area, including an overview of the most divisive issue, that of interest rate determination, and hence, the slope of the money supply function. Post-Keynesian monetary theorists divide into two camps with respect to the determination of interest rates: the 'markup school'and the 'liquidity preference school'. It is argued in the paper that the post-Keynesian theory of the business cycle, which incorporates endogeneity of the money supply, requires a liquidity preference notion of interest rate determination.     

Wicksell vs the Classics on the Mechanics of the Quantity Theory: A Comment on Abiakpor

ABSTRACT Did Wicksell misinterpret the classics ideas on monetary theory as Ahiakpor would have us believe or did he merely refine and add some original analysis based on this theory of the cumulative process? Regarding Marshall's ideas on money as the distillation of classical monetary theory: did Wicksell accuse Marshall (and therefore the classics) wrongly of assuming velocity constant during short period business fluctuations? Did Marshall neglect changes in velocity, focusing instead on movements in real income?     

CANTILLON AND HUME ON MONEY AND BANKING: THE FOUNDATIONS OF TWO THEORETICAL TRADITIONS

The distinction between the ‘classical’ monetary theory and ‘quantity’ theory has been proposed in literature on money and banking. The overall feature of the classical theory of money is that it holds one principle of regulation for each kind of issue (metallic money, bank issues and paper money) whereas the quantity theory applied the causality and proportionality postulates for all kinds of monies. Without claiming to adjudicate the validity of such a distinction, the paper investigates the foundation of each tradition. In this respect, this paper, respectively, examines, and provides a survey of the secondary literature on, Cantillon's Essai and the Hume's Discourses.     

The evolution of monetary policy rules

This article examines the evolutionary forces involved in the development of monetary policy rules over time, considering in particular how these relate to proposals made by Milton Friedman and Walter Bagehot. The lines between money and credit and between monetary and fiscal policy are given special focus.     

货币供应量对我国股票市场影响的实证研究

本文将货币供应量与沪深股指作为代表变量纳入货币金融系统内进行分析,旨在借鉴较为成熟的金融计量方法实证分析货币供应量对于股票价格指数的互动情况,建立适当的VAR模型以及利用VAR模型进行分析,同时对数据进行乔纳森检验(Johansen检验)和格兰杰(Granger)因果检验,并在此基础上分析货币供应量作为货币政策中介工具作用于股票市场的可控性和可测性,从而研究货币供应量与股票价格指数之间的相关关系,得出货币供应量对于股票市场的一般影响机制,指出我国货币政策的缺陷和存在的问题,提出相应的应对策略与建议。     

Limits to the equilibrating capabilities of market systems

Serious macroproblems are not a simple result of inflexibilities of prices. Standard economic theory does not help our understanding of the role of money and of monetary institutions in disturbed states of the economy. Several examples are discussed.