从货币动力学看宏观金融监管问题

Macro Financial Regulation:The Dynamics of Money Perspective

货币在人类社会的制度框架中运动,决定了研究货币的运动有三个方面,即货币、制度及两者的关系。通过定义货币流通速度,推导出货币动力学模型,证明了货币运动有一总的循环运动方向和货币运动具有连续介质特征,也证明了费雪和魁奈等人提出货币运动如同流体的假说,从能量的角度推导出货币跨国运动模型。运用控制连续介质运动的理论和方法来对货币的运动实施监管,即要从边界进行控制,如果只在货币这一连续介质内部控制货币质点的运动,这是徒劳的。

Money moves in the institutional framework of human society. This determines that there are three aspects in its movement：money, institution and the relationship between the two. This paper defines the velocity of money and deduces the model of money dynamics, proving that the movement of money has a main circular direction of movement and the nature of continuous media. It also proves the hypothesis that money moves like fluid , proposed by Irving Fisher and Fran？ ois Quesnay, thus deducing the model of the cross-border movement of money. The movement of money should be regulated by using the theory and approach of controlling media movement, i.e. controlling from the border. It would be vain to control the movement of mass points of money from within the continuous media.