当代市场经济运行的信用经济本质剖析——美国“次贷”危机引发的经济学暨政策思考之一

Analysis of the Nature of Credit Economy for Present Market Economy Operation

美国"次贷"危机爆发深刻揭示了当代市场经济运行中的金融本质特征之一是高度发达的信用经济。负债运行是当代市场经济中微观主体的常态,是社会经济正常运转的必要前提与制约保障。信用经济本质上是债权债务经济,并具有正负"双重"效应。信用经济的核心功能是以时间交错、空间重组的方式极大限度地将现有的暂时闲置的社会资源动员起来,使原有的经济实体规模在本不可能的基础上得以扩张;但这种经济的运行一旦在某个环节出现断裂并引发环环相扣的整体信用关系功能性断裂时,就会引发整个社会经济的连锁反应,使其原来对社会经济的加速度推动作用反方向运行,并由此产生对社会经济的加速度的破坏张力。发挥信用经济正效应,抑制负效应,需要遵循信用经济运行的基本平衡公式,保障信用经济运行的基本约束条件,即债务人的受信在数量、质量、时间上与债权人的授信相平衡,并以此构建监管体系。

The break out of Sub - prime crisis in the United Sates profoundly revealed that highly developed credit economy is one of the natures in present market economic operation. For micro - entities, operating under liabilities, which is normal in present market economy, is a necessary condition and conditioned protection for normal operation of the social economy. The nature of credit economy is claim and debt, and it has dual effects. Credit economy plays a critical role in the distribution of surplns funds throughout society with the methods of crossing - time and recomposing - space. The motion of money throughout the nation -robes the scale of real economy expand beyond possible. However, if the motion paused in one procedure and lead the whole credit chain break down functionally, which win result in chain - reacting of the whole social economy. The phenomena will make the economic operation in reversed acceleration and destroy the whole normal economic operation. We should bring the positive role of credit into play and restrain its negative role, which should follow the basic balanced equations of the credit economic operation and construct the regulation system, all of these are in order to safeguard the basic restrictions, that is the quantity, quality and time span between the credit - accept.ors and credit - grantors should be balanced.