货币契约、金融功能与经济发展

Money Contract,Financial Function and Economic Development

本文从交换的角度出发,认为货币是一种为了节约交易费用而设计的载有对社会资源支配权的契约。契约的目的是保障货币作为一种有效率的交换媒介,从而降低交易成本。从契约这一视角理解货币可以发现金融系统有三项重要功能:组织社会资源进行生产、调节消费与投资的比例和风险管理。笔者基于金融系统对消费投资比例的调节功能,通过构建模型说明,发展中国家可以通过完善市场机制和金融系统功能,借助市场的力量实现投资与消费的最优比例,从而使经济得到最优的发展。

We start the article from the perspective of exchange, and suppose that people design the currency as a contract which controls over the social resources for saving the transaction costs. The aim of using contract is insuring currency as a kind of efficient medium of exchange which can bring down the exchange costs. The financial system has three main functions ： Organizing the social resources for product, adjusting the ratio between consumption ＆ investment and risk management. Basing on the analyses, we establish the model and draw the conclusions：developing countries could improve the market mechanism and the function of financial system, and realize the best proportion of investment and consumption by dint of the market power, which aims at better economic development.