货币循环与实体经济增长

Money Circulation and Real Economic Growth

货币信用化是经济金融化的重要组成部分,只有超量的货币发行才能满足实体经济的虚拟化,并支撑起虚拟经济与实体经济循环。基础货币主要发挥货币的流通职能,满足实体经济循环,因此其规模应与实体经济规模一致。而在基础货币上衍生的信用货币则主要流通于虚拟经济,故包含信用货币的广义货币供给对实体经济影响是间接的。因此,货币政策中只有基础货币发行能够有效调节实体经济,而通过广义货币供给量的调控来调节实体经济是无效的。在理论分析的基础上,本文通过实证检验证实了狭义货币供给量与实体经济的关联度,而随着信用货币含量的增加,广义货币供给层次与经济的相关性削弱,证实了理论分析,并为当前货币政策体系支撑实体经济增长提供了基于马克思主义政治经济学的启示。

Currency credit is an important part of economic financialization. Only excessive currency issuance can satisfy the virtualization of the real economy and support the cycle between the virtual economy and the real economy. The base currency mainly plays the function of currency circulation and satisfies the circulation of the real economy, so its scale should be consistent with the scale of the real economy. The credit currency derived from the base currency is mainly circulated in the virtual economy, so the broad money supply including the credit currency has an indirect impact on the real economy. Therefore, in monetary policy, only the issuance of base money can effectively regulate the real economy, and it is ineffective to regulate the real economy through the regulation of broad money supply. On the basis of theoretical analysis, this paper confirms the correlation between the narrow money supply and the real economy through empirical tests, and with the increase of the credit money content, the correlation between the broad money supply and the economy weakens, which confirms the theoretical analysis and provides enlightenment based on Marxist political economy for the current monetary policy system to support the growth of the real economy.