从资产负债表机理看信用货币创造的内在逻辑  

The Internal Logic of Credit Money Creation from the Perspective of Balance Sheet Mechanism

作　　者：王国刚[1] 方明浩 潘登 WANG Guo-gang;FANG Ming-hao;PAN Deng(School of Finance,Renmin University of China,Shanghai 100872,China;School of Economics,Shanghai University of Finance and Economics,Shanghai 200433,China;Development Research Center of Shanghai Municipal People’s Government,Shanghai 200003,China)

机构地区：[1]中国人民大学,北京100872 [2]上海财经大学,上海200433 [3]上海市人民政府发展研究中心,上海200003

出　　处：《贵州财经大学学报》2024年第4期21-37,共17页Journal of Guizhou University of Finance and Economics

基　　金：国家社科基金重大项目“中国地区金融风险指数构建及其应用”(18ZDA093);国家资助博士后研究人员计划(GZC20231523);中国博士后科学基金资助第75批面上项目(2024M751926);国家自然科学基金专项“助力可持续发展的金融市场建模分析”(72342021);教育部人文社科重点研究基地重大项目“中国特色多层次贫困治理与保险保障体系研究”(22JJD790089)。

摘　　要：“存款创造贷款、贷款创造存款”是主流货币理论的重要基础。英国学者乔西·瑞安-柯林斯等人和中国学者孙国峰等人认为,“存款创造贷款”的原理存在根本性错误,用于存款的货币均为贷款的产物,因此,不是“存款创造贷款”而是“贷款创造存款”,银行可以无限地凭空创造贷款。本文对这一认识寻根溯源,指出其中的偏颇之处。“贷款创造存款”的认识,从麦克鲁德算起已有140多年的历史,但它并不符合信用货币创造和资产负债表复式记账的内在机理。商业银行贷款以有款可贷为前提;在无款可贷条件下,贷款合同只是一纸空文。在实施贷款行为中,资金应从商业银行在央行的存款账户划到客户在商业银行的存款账户。从资金流程角度看,这是“存款创造存款”过程。从央行资产负债表看,不论是“发行货币”还是收取“存准”、吸收超额存款准备金都是资金来源的重要渠道,有了资金来源,才能有效地开展贷款、贴现、公开市场操作等“资金使用”,这一切操作都建立在真实资金的基础上,并非无中生有的“贷款创造存款”。“存款创造贷款”与“贷款创造存款”之争在理论逻辑中无解,要解开这一死结,需要回到历史起点。人民币最初入市是与边币和旧币的兑换,初始信用货币并非来自贷款;银行券的问世建立在贵金属货币准备的基础上,并非来自贷款。如果银行可以凭空创造贷款,则不存在美国硅谷银行破产事件,也不存在2008年美国金融危机,同时,利率理论、商业银行经营管理理论、资产负债表理论、货币政策理论、汇率理论等均将失效。The propositions of“deposits create loans”and“loans create deposits”are the important foundation of mainstream monetary theories.There are some scholars from British and China,including Josh Ryan-Collins,Guofeng,and so on,who believed that the theory that“deposits create loans”was fundamentally wrong.They emphasize that their framework is based on a solid research foundation and point out that the currency for deposits was the product of loans,which means loans precede deposits and banks could create credit indefinitely.This article traces to origins for the theory of“loans create deposits”and points out its errors.The concept of“loans create deposits”was proposed more than 400 years ago in writings by John Law,but it is not in accord with the implicit mechanisms of the credit money creation and the double entry bookkeeping of balance sheet.Commercial bank loans are based on the premise that there is money to be loaned;under the condition that there is no money to be loaned,the loan contract is just a blank letter.In the process of granting loans,the money should be transferred from the deposit account of the commercial bank in the central bank to the deposit account of the customer at the commercial bank.From the perspective of capital flow,this is the process of“deposits creating deposits”.The initial entry of RMB into the market is the result of the exchange of border region currency and old currency,so the initial credit currency does not come from loans.In terms of the balance sheet of the central bank,“issuing currency”,collecting“deposit money”,and absorbing excess deposit reserve,are important sources of funds.With sufficient fund sources,we can effectively“allocate funds”in ways such as loans,discounts,open market operations,etc.All these operations are based on real capitals,rather than“loans creating deposits”which is fabrication.The debate between“deposits creating loans”and“loans creating deposits”is unsolvable in theoretical logic.To unravel this deadl

关 键 词：信用货币创造 资产负债表 存款 贷款 

分 类 号：F820[经济管理—财政学]