货币信用与市场泡沫的内在关联--从比特币泡沫说起

The internal relations between money credit and market bubbles——An example from bit-coin bubbles

比特币诱发新一轮的投机狂潮,市场泡沫再次进入人们的视野。比特币泡沫的特殊之处在于比特币的货币属性,围绕这一点学界展开了激烈地争论,但投资者无疑看中了它对法定货币的替代可能和投资潜力。这也表明市场泡沫背后有着重要的货币根源,可归因于货币价格对商品价值的偏离,而法定货币也可看做市场泡沫的一种基本形式。货币信用会通过从属波效应、信用扩展周期和金融不稳定性等一系列传导机制形成市场泡沫,因而,在信用货币时代需要市场各参与方的相互协作才能有效防治市场泡沫带来的影响。

Bit-coin has aroused a new speculative wave, and market bubbles again fly into people＇ s horizons. The special feature of bit-coin bubbles lies in its currency nature, on which the academic circle argues heatedly, but undoubtedly investors value the possibility of substitution for legal currency and its investment potentiality, which suggests that there is an important source of money behind market bubbles, it can be attributed to the deviation of the price of currency from goods value, and that legal currency can be considered as one of the basic forms of market bubble. Money credit will form market bubbles through a se- ries of transmission mechanism, such as affiliate effect, credit expansion cycle and financial instability. However, at the era of credit money, it is necessary for market players to corporate to prevent the influence of market bubbles effectively.