货币需求理论的新发展及其面临的挑战

从局部需求动机到联合动机研究货币需求是货币需求理论的一大进步。重新定义货币,构建新的变量体系,提出新的需求理论及利用新的计量技术是目前为克服经济全球化和金融革新冲击货币需求函数的几个对策。纵观现有的货币需求理论,其存在着诸如经济人假设、融资动机研究薄弱、货币需求与货币供给分析人为分割及货币需求函数稳定性等问题。随着网络经济和金融创新的发展,以往界定的三动机与收入利率关系将不再可靠,由于经济交溶和货币在国际间的快速转移使得货币需求分析框架不能局限在一国范围,需求动机在时空分割上的模糊也将迫使以往分析方法改变,货币需求理论与时俱进将是一个必然要求。

New development of money demand theory and challenges it faces

In the view of present money demand theory, this paper holds that there are some problems such as economic-man hypothesis, weak research on financing motives, analysis separation of money demand from money supply and stabilization of money demand function. With the development of the Internet economy and financial innovation, the relationship between original money demand motives and income and interest rates becomes unreliable. Economic globalization and international money transfer make the money demand analysis performed in light of the international situation. Blur of demand motives in the space-time separation causes the previous analysis mode to change. It is inevitable for money demand theory to develop with the advance of the times.