由金融危机反思货币信用理论

Theories of Money and Credit Pre and After the Financial Crisis:An Overview

本文回顾了金融危机之前主流的货币信用理论,分析其何以未能预测和解释金融危机的发生;本文也讨论了金融危机发生后,货币信用理论的最新进展。本文认为,一个合格的金融危机理论,应该将货币、信用和创造信用的金融机构(尤其是银行)融合在一个统一的框架中,用以解释在何种情况下,金融部门会由于信用的过度扩张而倒塌,并与实体经济相互反馈,导致经济危机。

This paper surveys the mainstream theories of money and credit before the global financial crisis and investigates the reasons they cannot explain and predict the happening of financial crisis. This paper also surveys the new development of money and credit theories after the global financial crisis. In this process, we sug- gest that a qualified theory of financial crisis shall integrate money, credit as well as financial institutions which create credit, in particular, the banking sector, into a unified framework to explain under what conditions can over - indebtedness leads to the collapse of the financial sector. The collapse of financial sector interacts with the real economy which leads to the economic crisis.