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依据后凯恩斯货币经济学中的代表性观点,本文重新阐述了信用货币、银行存款和存款准备金的本质及其在货币运行机制中的作用,指出信用货币是银行贷款创造的存款,银行贷款是货币增长的主要源泉;讨论了利率、流动性偏好、风险评估和信贷配给等因素在信用货币创造和回流两条路径中的作用,突出信用货币循环的内生性;分析了短期与长期货币供给曲线的特征及其内在关系。这是一种不同于主流经济学的货币运行机制,它从逻辑上否定了货币乘数理论和可贷资金说。本文依据我国经验验证了上述假说并结合我国实际情况从五个方面阐述该假说的理论与政策启示。
Based on the post-Keynesian views of monetary economics, this paper restates the essence of credit money, bank deposits and deposit reserve and its role in currency operation mechanism. It points out that credit money is a deposit created by bank loans, and bank loans are Discussed the role of interest rate, liquidity preference, risk assessment and credit rationing in the two paths of credit money creation and return, highlighted the endogeneity of the credit money cycle; analyzed the short-term and long-term money supply curve The characteristics and their internal relations. This is a monetary operation mechanism different from mainstream economics, which logically rejects the monetary multiplier theory and loanable funds. Based on the experience of our country, this paper validates the above hypothesis and expounds the hypothesis theory and policy enlightenment from five aspects according to the actual situation in our country.