从内生货币到内生金融:后凯恩斯主义货币金融理论的发展与启示

From Endogenous Money to Endogenous Finance:The Development and Implication of Post Keynesian Monetary and Financial Theory

后凯恩斯主义从反向因果关系和金融创新两个维度诠释了货币内生的机理和过程,但却由于把关注焦点集中于传统商业银行而受到Palley的批评,后者提出用内生金融概念取代内生货币以涵盖非银行金融机构的流动性创造。尽管非银行金融机构创造的负债可以代替货币执行交易媒介的职能,然而其流动性终究是虚拟的,离不开商业银行"真正"流动性的参与和支持。现实生活中,商业银行和非银行金融机构之间的界限日益模糊,整个金融体系在带来远大于内生货币理论描述的金融弹性的同时,也导致更大的金融不稳定性。后凯恩斯主义从内生货币到内生金融理论的发展,丰富了我们对货币金融本质和规律的认识,为走出中国特色金融发展之路提供了参考和借鉴。

Post-Keynesianism interprets the mechanism and process of endogenous money from the two dimensions of reverse causality and financial innovation.However,it has been criticized by Palley because of its focus on traditional commercial banks.The latter proposes to replace endogenous money with the concept of endogenous finance to cover the liquidity creation of non-bank financial institutions.Although the liabilities created by non-bank financial institutions can replace currency to perform the functions of the transaction medium,their liquidity is virtual after all,and cannot be separated from the participation and support of the"real"liquidity of commercial banks.In real life,the boundaries between commercial banks and non-bank financial institutions are becoming increasingly blurred.While the entire financial system brings financial flexibility far greater than those described by the endogenous monetary theory,it also leads to greater financial instability,which will bring the supervisory authority severe challenges.The development of post-Keynesian theory from endogenous money to endogenous financial theory has enriched our understanding of the nature and laws of monetary finance,and has provided reference for the development of finance with Chinese characteristics.