金融稳定与货币稳定关系论

金融稳定与货币稳定之间究竟是什么关系?本文首先介绍了国外学者对二者关系的研究,然后从金融危机的预防和对危机机构的救助出发,分析了双方在短期的矛盾和冲突;接着通过建立投资—通胀模型,揭示了长期货币稳定对金融稳定的促进作用。文章认为,把握好货币稳定和金融稳定的这种短期冲突性与长期一致性,对于同时肩负实现货币稳定和维护金融稳定两大职能的中央银行来说,不无重大的理论和实践意义。

What in fact is the relation between financial stability and monetary stability? The article, as a first step, introduces the study on this relation by overseas academics, then it analyses the short term contradictions and conflicts between them from the point of view of preventing financial crisis and bailing out institutions at risk. Finally, by building an investment-inflation model, the article reveals how long term monetary stability contributes favorably to financial stability. The article believes that a good understanding of the short term conflicts between and long term consistency of financial stability and monetary stability carries enormous theoretical and practical implication to a central bank which is entrusted with both realizing monetary stability and maintaining financial stability.