Breaking the taboo: a history of monetary financing in Canada, 1930–1975

Monetary financing – the funding of state expenditure via the creation of new money rather than through taxation or borrowing – has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007–2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth‐century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present‐day discussions around the governance of money creation.     

我国通货膨胀名义成因和实际成因的检验分析

货币供给扩张是导致通货膨胀的名义因素,总需求和总供给扩张是导致通货膨胀的实 际因素。通过统计检验,我们发现,货币供给增长率和通货膨胀率之间不存在显著的协整关系,但 消费需求增长率对通货膨胀率具有显著的Granger影响,这说明我国价格水平变化具有名义需求和 实际需求的双重驱动迹象。因此抑制通货膨胀时,控制名义因素效果比较明显,而治理通货紧缩 时,实际因素扩张的作用则更为显著。     

庸俗社会学批评误读一例--重评托尔斯泰的《黑暗的势力》

剧作<黑暗的势力>是托尔斯泰的晚年的力作.一般认为,这部剧反映了资本主义社会金钱势力即剧中所指的"黑暗势力"对宗法制农村侵蚀的俄国"改革"后的现实.其实,该剧是一部道德剧,是反映托氏道德观和宗教理想的道德剧.托尔斯泰在这里给人们上的"生活的一课",不是引导宗法农民去抗拒资本主义,而是劝戒人们警惕贪欲的诱惑,不要充当那被"网住爪子"的鸟儿.作家从道德角度向人类良知发出的呼唤,对腐朽落后的社会戕害人心表现出极大的义愤.     

货币政策中性与非对称性的实证研究

我国的货币作用机制与西方市场经济国家的情形具有较大的差别 ,不论是预期的货币供给冲击 ,还是非预期的货币供给冲击 ,对产出的影响均非中性 ,说明货币供给在推动我国经济的运行中仍起着关键性的作用 .更进一步分析发现 ,货币供给 M1的冲击对产出的影响具有对称性 ,而货币供给 M2的冲击对产出的影响具有非对称性 ,且这种非对称性与西方国家的情形刚好相反 ,正的货币冲击对经济增长具有明显的促进作用 ,而负的货币冲击虽对经济增长有一定的抑制作用 ,但与正的货币冲击相比 ,其强度在统计意义上要弱很多 .     

中国狭义货币及其各组合分量的需求模型

主要研究流通中现金、活期存款和狭义货币的需求函数．实证结果表明现金、活期存款和狭义货币与收入、价格水平、利率和货币化进程存在长期均衡关系．中国的货币供给增长率大于经济增长和通货膨胀率之和,原因在于中国存在货币化现象,货币存量的增加除了满足经济增长的需要还要满足经济货币化的那一部分     

金融创新对货币需求影响的模型分析

本文将金融创新作为投资项目,假设了一个包含金融创新过程的初始成本。并将其导入Lucas现金预付款模型,然后利用这一拓展型模型分析了技术创新、利率变化、经济增长以及金融创新等因素对货币需求变化的影响。     

‘Family money’ and ‘business money’: bankrupt entrepreneurs in a ‘question situation’

This paper addresses the question of bankruptcy and honesty in local contexts, and especially the problem of the bankrupt small businessman in conveying ‘honesty’ to the local community. Studying bankrupt entrepreneurs, the analysis explores a tacit dialogue between the failed businessmen and the small town communities where they live and work. The bankrupts respond to their seemingly mistrustful surroundings by demonstrating their respect for the dividing line between two social categories of money: ‘company money’ and ‘family money’. This discursive resource expresses business ethics and respectability, both essential for the bankrupt entrepreneur to start another business in the local community. The empirical material in the study consists of interviews with 22 businessmen who had created small businesses and experienced at least one bankruptcy, half of them in small towns. The entrepreneurs were found through court records and word of mouth. Interviews were conducted by the author and by graduate students from the Department of Sociology in Lund. All interviews were tape-recorded and transcribed verbatim.     

灰色动态预测模型在货币供应量预测中的应用

在对金融系统中货币供应量的预测进行相关研究的基础上,介绍了符合金融系统预测规律的灰色系统动态预测法,并根据中国货币供应量的实际数据进行了实证的预测检验。结果显示,这种方法简单,不需要借助于其他任何时间序列数据,需要数据量少,预测精确度高,对于近期预测尤其准确,也可进行中长期预测;实证预测结果也符合我国金融系统中货币供应量预测的实际。     

湖北"马币"事件的经济学分析

在湖北浠水洗马镇出现了政府开的"白条"在当地充当货币流通的现象.文章分析了白条之所以能作为货币流通的内在原因,探讨了由此所引发的社会经济后果.得出的一个基本结论是"马币"的存在将导致地区整体福利水平的下降,扩大收入分配的不公,阻滞地区经济的发展,而地方政府对此必须承担责任.     

Money as a Tool for Negotiating Separateness and Connectedness in the Therapeutic Relationship

It is nothing new to suggest that money has meaning. Whether or not one accepts Freud's (1908)linkage of money and feces, within our culture money is frequently seen as a direct pathway to feelings of power, agency, self-directedness, and personal satisfaction. Trachtman (1999) states, Money, psychologically speaking, is our projection onto coins, bills, bank accounts, and other financial instruments of our beliefs, hopes, and fears about how those things will affect who we are, what will happen to us, and how we will be treated by others or by ourselves...(Trachtman, 1999, p. 283). Yet this material is often unavailable for therapeutic exploration or understanding until it explodes into the therapy, often in unmanageable and countertherapeutic ways. This article will look at some of the ways in which money can be utilized to negotiate the ever-changing tensions between self and other, object and subject, intrapyschic and interpersonal, connection and separation that appear in every relationship. In particular, it will explore some ways that money issues within the therapeutic relationship can be turned into significant tools for understanding and working with anxieties about connection and separateness, both within and outside the therapeutic dyad.