信用货币制度下的货币供给与金融风险分析——基于马克思主义内生货币视角

Analysis of Money Supply and Financial Risk under Credit Money System:Based on the Marxist Endogenous Money Perspective

马克思货币理论的精髓在于阐明了货币供给的内生性。从内生货币视角来看,在信用货币制度下,各经济主体能够以资产抵押为基础,从银行部门获得相应的信贷货币支持,实际物质产出与信贷货币之间存在着互动相生的关系。此外,各经济主体在各金融机构的支持下进行直接融资,通过借贷关系扩张衍生出大量的债务货币。银行体系产生的信贷货币和社会融资产生的债务货币一起构成社会融资总量。社会融资规模受到基础货币量、货币乘数以及货币滤出率等因素影响,存在着上限约束。

The essence of Marx’s monetary theory is to clarify the endogenous nature of money supply.From the perspective of endogenous money,under the credit money system,each economic entity can obtain corresponding credit money support from the banking sector on the basis of asset collateral,and there exists an interactive and symbiotic relationship between real material output and credit money.In addition,each economic entity carries out direct financing with the support of various financial institutions,generating a large amount of debt money through the expansion of borrowing and lending relationships.The credit money generated by the banking system and the debt money generated by social financing together constitute the total social financing.The scale of social financing is affected by factors such as the amount of base money,the money multiplier,and the money filtration rate,and there is an upper limit constraint.