信用膨胀、虚拟经济、资源配置与经济增长 阅读全文
下载全文 |
Title | Inflation, Virtual Economy, Resource Allocation and Endogenous Growth
|
作者 | 何其春 邹恒甫 |
Author | He Qichun and Zou Hengfu |
作者单位 | 中央财经大学 |
Organization | Central University of Finance and Economics |
作者Email | qichunhe@gmail.com;heqichun@cufe.edu.cn |
中文关键词 | 信用膨胀;资源配置;企业家创新;经济增长 |
Key Words | Credit Inflation; Resource Allocation; Entrepreneurial Innovation; Economic Growth |
内容提要 | 在本文里,我们着重于研究银行系统引发的信用膨胀。我们在生产函数里面引入信用,从而给银行系统引发的信用膨胀施加了上界。银行系统通过信用膨胀能带来收益(等同于铸币税收益)。该收益会吸引更多的劳动力资源进入银行业这一虚拟经济部门,从而拉低企业家创新的回报。但是如果该收益是通过借贷给企业家来实现的,那么一部分收益会流向企业家,从而促进创新和经济增长。如果该收益主要流向企业家,那么后一个作用起主导,从而信用膨胀促进经济增长。如果该收益主要流向银行等虚拟经济部门,那么前一个作用起主导,从而信用膨胀阻碍经济增长。在后一种情形下,政府为刺激经济继续增加通货膨胀率,会形成恶性循环;政府在适当的时候,应该放弃扩张之手。政府应该采取渐进的办法:在某些地区(比如依赖虚拟经济较严重的地区)首先放弃扩张之手,避免银行系统过度增加信用膨胀;或者如同现在采取的“定向降准”的办法把银行信用导向企业家;更直接的做法是对企业家的创新进行补贴。 |
Abstract | In this paper we study the credit inflation initiated by the banking system. We introduce money via the production function, which imposes an upper limit for the banks to increase credit inflation. The banks can reap revenue (similar to seignorage revenue) from credit inflation. If the majority of the revenue goes to the entrepreneurs, then the balanced growth rate will be higher. In contrast, if the majority of the revenue is retained by the banks, then it will attract more labor into the banking sector. Less labor left to be employed by the entrepreneurs would lower the return to entrepreneurship, ending up lowering long-run growth. In this case the government might pursue more expansionary monetary policy, forming a vicious cycle. In proper situation, the government may find it desirable to gradually give up expansionary monetary policy in certain areas that rely more on virtual economy, avoiding a substantial shock to the economy. |
文章编号 | WP806 |
登载时间 | 2015-01-16 |
|