从货币内生性论直接融资对货币供应量的影响

货币供应量比较单一的统计口径决定了其是间接融资体系的产物 ,而作为企业直接融资场所的证券市场表面上似乎与货币供应量无关 ,但其实从货币内生性角度来看 ,两者的变动之间应该有一种此消彼长的关系 ,本文将从理论和实证两方面分别证明之 ,并据此提出货币当局在制定货币政策时应该考虑资本市场情况的建议。

An Analysis of Effects of Direct Financing on Money Supply with the Theory of Endogenous Money

The narrow statistical caliber of money supply determines that it is the only product of indirect financing system,and it seems to be unrelated to the security market which is the marketplace for corporate direct financing. But according to the endogenous money supply theory,their growth rates would move in opposite directions. This paper tries to prove this with theories and empirical studies. At last the paper points out that the authorities should consider capital market when they are making decisions.