货币体系中的可兑换性与信用依赖性——解读金融业历史论争的现代意义

Convertibility and Credit-Dependency in Monetary System——An Interpretation about the Historical Debates of Financial Industry in Modern Sense

在商品货币体系时期,曾经出现过始于货币供给与价格水平关系的三次论争,论争揭示出了维持货币体系稳定运行的"可兑换性"准则。在信用货币体系时期,该体系隐含的内在缺陷,往往成为发生金融危机的前奏,因此,针对信用货币体系的内在缺陷,实行谨慎监管、有限竞争和行业自律的原则,以保证"信用依赖性"准则的实现。

Monetary system in the commodities period, there have been three times of debates started in the relationship between money supply and price level, the debates revealed the ＂convertibility＂ criteria of maintaining monetary system stable operation. In the period of credit-monetary system, the intrinsic defects which implied in the system often were a prelude to the financial crisis. So to be aim at the latent defect in the system, it implements prudential supervision, limited competition and the principle of self-discipline to realize the ＂the credit-dependency＂ principle.