摘要
制度金融理论近年来引起人们的广泛关注,其研究框架正日趋成形,本文试图对此领域的若干新进展进行初步梳理。本文发现,在Merton等提出的"功能与结构金融学"框架中,制度金融理论的独特面目渐趋清晰。Stiglitz等通过将一些关键制度因素"内生化"于既有的货币经济分析框架,为长期行进于宏观路径的货币经济学找回了微观(制度)基础,不过,他们并未触及货币经济运行背后的金融权利内涵。所幸Soto发现并强调了货币金融所有权的制度涵义。Borland和Yang则将分工、货币与信贷以及法律、政府等多种因素引入一般均衡模型,揭示了货币的性质以及货币制度演进的深层涵义;而在金融中介理论初步接纳了金融企业家因素之后,被主流经济学长期搁置的金融机构以及金融企业家的演进与结构也正式进入制度金融理论的核心框架。
The institutional paradigm in financial analysis has been drawing widespread academic attention and is forming a mature framework. The paper intends to deliver a tentative review of the latest developments in this field. Institutional finance initially took shape in the inodel of functional and structural finance forwarded by Merton, etc. Then, by endogenizing some key institutional factors in monetary economics that had long been existing in the macroeconomic context, Stiglitz retrieved its micro-institutional foundation, though the micro perspective failed to touch the financial rights behind the performance of monetary economy. However. Soto discovered them and made a thorough analysis of the institutional implications of monetary finance ownership. Later, the introduction of division of labor, money, credit, law and government into general equilibrium by Borland and Yang illustrates the nature of money as well as the implications of the development of monetary systmn. And the subsequent acceptance of financial entrepreneurship into the financial intermediation theory has helped the evolution and structure of financial institutions and financial entrepreneurs enter officially the core theoretical framework of institutional finance.
出处
《经济研究》
CSSCI
北大核心
2011年第3期145-159,共15页
Economic Research Journal
基金
2007年度国家社会科学基金重点项目“科学发展观与新时期深化中国金融体制改革的政策选择”(07AJY015)
中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)重大基础研究计划项目“金融分析的制度范式与制度金融学”(10XNL008)的支持
关键词
制度金融学
金融产权结构
货币制度内生化
金融企业家
文献述评
Institutional Finance
Structure of Financial Property Rights
Endogenous Nature of Monetary System
Financial Entrepreneur
Review of Literature
