金融改革的捷径

A Simpler Approach to Financial Reform

金融改革的一个关键问题就是制止恐慌的蔓延和资金链的断裂,而特许货币策略旨在让金融系统具备防御恐慌的能力,特许货币令广义货币的发行成为国家的主权事务,从而为金融系统加上了防恐慌的保护层。但是特许货币并非将现行体制全盘否定,再另起炉灶,而是保留其精华,并进行逐步提升,使之更符合现代金融的要求。

Preventing market panic and liquidity squeezes is key objective as financial reforms are carried out. A licensed money approach is aimed at immunizing the financial system against panic. The approach makes the issuance of broad money a sovereign duty. As such, it helps makes make the financial system panic-free. Yet the licensed money system would not deny all of the existing system. Instead, it would take the existing system as its starting point, and improve and modernize it to meet the demands of contemporary finance.