金融创新、金融脱媒与信用货币创造
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| Title | Financial Innovation, Financial Disintermediation and
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| 作者 | 李宏瑾 苏乃芳 |
| Author | Li Hongjin and Su Naifang |
| 作者单位 | 中国人民银行 |
| Organization | People’s bank of China |
| 作者Email | leehongjin@163.com;sunf013@126.com |
| 中文关键词 | 金融创新 金融脱媒 货币供给 货币乘数 |
| Key Words | Financial Innovation; Financial Disintermediation; Money Supply; Money Multiplier |
| 内容提要 | 近年来，随着利率市场化进程的加快，我国以银行理财和互联网金融为代表的金融创新和金融脱媒迅猛发展，传统的以货币供应量为中介目标的数量型货币调控效果日益下降。本文以互联网金融(即货币基金和同业存款)形式的金融脱媒为例，从信用货币创造理论出发，构建了考虑金融脱媒情形的货币供给和货币乘数模型，并利用中国数据进行相关检验。结果表明，金融创新和脱媒使传统以银行存款为媒介的信用货币创造机制更为复杂，进一步扩大了存款的货币乘数边际效应，货币数量可控性更加困难。在金融改革和金融发展日益深入的当下，我国货币政策亟须向价格型调控转型，本文对此提供了理论支持。 |
| Abstract | As the rapid development of interest rates liberalization, financial innovation and financial disintermediation represented by banking wealth management business and internet finance, have gained rapid progress. Meanwhile, the effectiveness of traditional quantity-based monetary policy with the intermediate target of money supply becomes weaker and weaker. In this article, we analyze the credit money creation process under financial disintermediation (internet finance as the example, i.e. money market fund and interbank deposits), and build a novel money supply and multiplier model. We further use the empirical analysis to verify and discuss the model. The results show that financial innovation and financial disintermediation increase the effect of money multiplication, and increase the difficulty to control the money aggregates. It signifies the importance and urgency of the central bank to turn to priced –based monetary policy under current deepening financial reform and financial development circumstance.
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| 文章编号 | WP705 |
| 登载时间 | 2014-09-19 |
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