产能过剩与增长型衰退的货币责任——以房地产和光伏产业为例

Research on Monetary Liability of Overcapacity and Growth Recession as A Example of the Real Estate and Photovoltaic Industry

货币投入对经济社会所具有的促进作用,是有利的货币供给冲击;而货币在短期内受高收益率的引诱而持续流入某个产业,导致该产业由产能过剩逐渐转向增长型衰退,就是不利的货币供给冲击。前者是货币的正面责任,后者则归于货币的负面责任。货币作为社会生产关系的产物,货币内在的社会性就要承担社会责任:中央银行应当在产业结构调整、治理产能过剩等方面制定和实施货币政策,对货币供给"引导与控制";商业银行的贷款决策要警惕某些产业短期的高收益率,以规避引诱货币流入出现的"信用繁荣";社会公众理性的投资行为,不仅能够获得合理稳定的投资收益,也是维护金融市场和货币体系秩序的内在要求。

Money into the economy and society has a promoting role,that is favorable currency supply shocks.In the short run,Money by the lure of high rate of return sustained inflows into a certain industries,which leads to overcapacity in the industry to gradually shift from the growth recession,That is unfavorable currency supply shocks.The former is a positive duty currency,The latter is attributed to adverse currency liability.Money as a product of social relations of production,Its inherent social currency must bear social responsibility.Central banks should formulate and implement monetary policy in the industrial structure adjustment,governance overcapacity and so on,and guide and control the money supply.Commercial banks’ lending decisions should be alert to some of the industry’s short-term high rate of return,that avoid credit boom which is led to by the lure currency inflows.Rational investment behavior of the public is not only to obtain a reasonable and stable investment income,but also to maintain orderly financial markets and monetary system inherent requirement.