宏观经济理论中的金融因素:若干认识误区  

Financial Factors in Macroeconomic Theory:Some Misunderstandings

作　　者：马勇[1] 

机构地区：[1]中国人民大学国际货币研究所

出　　处：《金融评论》2012年第3期1-13,123,共13页Chinese Review of Financial Studies

基　　金：国家自然科学基金项目"宏观审慎政策体系与实施方案研究"(71150003);北京市教育委员会共建项目"中国货币国际化战略研究"资助

摘　　要：本文以主流宏观经济学的若干认识误区为切入点,对宏观经济理论中的金融因素及相关问题进行了初步的理论反思。这一反思主要围绕以下六个基本命题展开:一是金融因素在宏观经济中的影响被严重低估,二是主流货币政策框架的致命缺陷源于其政策视野的短期性,三是货币与信用的创造机制存在着本质差别,四是财政机制与信用机制并非独立,五是金融创新指向信用创造并改变了经济金融环境,六是泡沫问题金融化的本质在于杠杆扩大化。这些命题的共同启示是:宏观经济理论必须在纳入内生性金融因素的基础上予以系统重建。To clear the misunderstandings of the mainstream macroeconomics, this paper provides a preliminary theoretical reflection on the financial factors and related issues in macroeconomic theory. It proposes six basic propositions: first, the impact of financial factors on macro economy has been greatly underestimated; second, the fatal flaw of the mainstream monetary policy framework is due to its short -term policy vision; third, there are substantial differences between monetary and credit creation; fourth, fiscal and credit mechanisms are not necessarily independent from each other; fifth, financial innovation points to credit creation and changes the economic environment; sixth, the essence of the bubble economy is a leverage expansion process. These propositions imply that macroeconomic theory must be systematically reconstructed by incorporating financial factors endogenously.

关 键 词：宏观经济理论 金融 信用 

分 类 号：F830[经济管理—金融学] F015