流量、储蓄与金融权利——兼议蒋硕杰的货币流量理论以及中国金融改革的货币逻辑
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| Title | Monetary Flow, Savings and Financial Property Rights
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| 作者 | 张杰 |
| Author | Zhang Jie |
| 作者单位 | 中国人民大学财政金融学院 |
| Organization | China Financial Policy Research Center, Renming University of China |
| 作者Email | zhangjie@ruc.edu.cn |
| 中文关键词 | 货币流量分析 储蓄效应 金融权利结构 金融分析的制度范式 |
| Key Words | Flow Approach; Savings Effect; Structure of Financial Right; Institutional Paradigm of Financial Analysis |
| 内容提要 | 在货币理论史上，流量分析和存量分析的是非曲直一直是人们关注和争论的焦点，本文试图对相关文献进行重新梳理。由于此问题进一步牵扯到储蓄效应和金融权利结构，因此对于理解中国金融改革的货币逻辑具有特殊意义。本文初步确认，借助以蒋硕杰为代表的一些经济学家的努力，货币流量分析曾经更胜一筹，但因囿于完全市场假设，加之未能直面货币起源双重逻辑的挑战，这一分析最终在理论范式的重建方面无功而返。不料，中国的金融改革为甄别和评判这两种货币分析的利弊优劣提供了千载难逢的机会。本文的讨论发现，中国的金融改革过程使长期隐藏于货币流量存量内层的金融权利结构得以凸显，从而有可能将货币分析引向重建金融分析制度范式的正确路径。 |
| Abstract | The paper intends to present a review on the pros and cons of flow approach and stock approach, a traditionally controversial topic in the history of monetary theory. In view of its relation to savings effect and the structure of financial right, the issue will carry a special significance to the understanding of the monetary logic in China’s financial reform. The paper finds that flow approach, represented by Tsiang, S. C. and some other economists, seems to have held the upper hand. Yet, due to its rigid confinement to the full market assumption and its failure to tackle the challenge posed by the logic of the dual origin of money, their analysis ended up in vain in the effort to reestablish theoretical paradigm. Later, the progress of the financial reform in China offered a rare opportunity to test the validity of the two approaches, for it brought into surface the structure of financial right that had been hiding underneath. Thus, money analysis might therefore be able to step onto the correct path leading to the reestablishment of the institutional paradigm of financial analysis. |
| 文章编号 | WP983 |
| 登载时间 | 2015-12-11 |
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