从货币政策理论到金融市场微观结构理论  

From Currency and Monetary Policy Theory to Credit and Financial Market Theory

作　　者：秦龙 

机构地区：[1]中国社会科学院研究生院 [2]招商证券固定收益总部

出　　处：《金融市场研究》2017年第11期69-80,共12页Financial Market Research

摘　　要：金融市场的发展创新,挑战了中央银行和货币政策,也给以货币政策理论为核心的金融理论带来了挑战。本文通过回顾金融发展历程,以支付和信用创造两大核心功能的演化辨析货币、信用概念的差异,对货币理论进行综述,并指出货币政策理论对当前金融市场解释力的不足,建议金融研究从货币概念更多转向信用概念,从货币政策理论转向更关注信用创造的金融市场微观结构理论。Innovation and market development have brought challenges to the central bank in the formulation of monetary policy, and have led to new complications to the application of financial and monetary policy theories. This paper reviews the path of financial development and assesses the evolution of two core financial functions -- payments and credit creation. The paper also discusses theories of monetary policy and points out the shortcomings of such theories in explaining current financial market conditions. It suggests that financial research should shift from its focus on monetary concepts to credit concepts and from theories on monetary policy to those on financial market microstructure, which is more concerned with credit creation.

关 键 词：货币 信用 支付 融资 货币理论 

分 类 号：F822.0[经济管理—财政学] F830