债务视域下的货币供给侧结构性改革

The Monetary Supply Side Structural Reform from the Perspective of Debt

纯粹的债务性支出是利润的源泉,是经济活动和经济增长的源头。如果金融供给侧为追求自身的利益而脱离了为实体经济服务的宗旨,则债务问题终将成为冲击实体经济的洪水猛兽。在当前银行主导型的金融供给侧下,货币可以区分为由中央银行所发行的货币和由商业银行所创造的存款,两种货币的比例构成了货币供给侧结构。在货币供给侧结构中,商业银行的货币是由贷款创造的,由此形成了实体经济的债务;而中央银行的货币发行机制则是多种多样的,这其中甚至包括无偿拨付。无偿拨付是传统社会主义制度下金融为实体经济服务最为直接的表现。为此,在锁定新增货币供给总量的前提下,我们建议:(1)通过央行无偿拨付的货币发行机制,注资成立国有资产管理公司,收购(剥离)商业银行不良的贷款资产;(2)适度提高央行货币占货币总量的比例,以满足中央银行用于剥离商业银行不良资产的货币需求。我们将发现,这样一种改革将使中国当前的债务问题迎刃而解。由于新增的货币供给总量是锁定的,这样一种改革也不会带来通货膨胀加速的危险。

The pure debt expenditures are the source of profit,economic activity and economic growth.If the financial supply side deviates from the purpose of serving the real economy to pursuit of its own interests,the debt problem will eventually become a huge threat to the real economy.In the current bank-led financial supply side,the currency can be distinguished between those issued by the central bank and those created by commercial banks.The proportion of the two kinds of currency constitutes the monetary supply side structure.In the monetary supply side structure,the currency from commercial banks is created by loans,thus forming the debt of the real economy;but the currency from central bank is created via diverse mechanisms,even including non-requited disbursement.Non-requited disbursement is the most direct manifestation of finance serving the real economy under the traditional socialist system.Therefore,on the premise of locking in the total amount of newly supplied money,we suggest:(1)establishing a state-owned asset management company through the non-requited disbursement by the central bank to buy those non-performing assets from commercial banks;(2)increasing appropriately the proportion of central bank currency to meet the demand of central bank for stripping off non-performing assets of commercial banks.We will find that such a reform will solve the current debt problem of China easily.Since the total amount of newly supplied money is locked in,such a reform will also not bring the risk of accelerating inflation.