| 跨期融资、泡沫融资与货币非中性——兼论内生性流动性过剩的成因 |
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| 引用本文： | 邱崇明.跨期融资、泡沫融资与货币非中性——兼论内生性流动性过剩的成因[J].厦门大学学报(哲学社会科学版),2010(2). |
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| 作者姓名： | 邱崇明 |
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| 作者单位： | 厦门大学,金融系,福建,厦门,361005 |
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| 基金项目： | 国家社科基金重大项目"扩大国内需求的宏观经济政策研究"，教育部社科专项项目"资产替代的宏观经济效应与货币政策对策" |
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| 摘 要： | 货币对经济的影响中性与否是货币经济学中一个长期争论的问题.根据信贷所投放的货币是否代表本期已经存在的商品,信贷可以分为三类:真实融资、跨期融资和泡沫融资.研究表明,适度的跨期融资与泡沫融资对经济增长有一定的积极作用,但一旦失控则会带来通货膨胀、资产价格泡沫和金融危机等灾难性后果.跨期融资和泡沫融资的失控,除了与货币政策失当、以杠杆交易为特征的金融衍生产品发展等外生原因有关,也与金融合约设计存在的缺陷有关.对房地产首付比率实行动态化管理,可作为防止跨期融资过度膨胀的有效对策.
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| 关 键 词： | 跨期融资 泡沫融资 非中性 流动性过剩 |
Intertemporal Finance,Bubble Finance and Non-neutrality of Money:Looking into the Causes of Endogenous Excess Liquidity |
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| QIU Chong-ming.Intertemporal Finance,Bubble Finance and Non-neutrality of Money:Looking into the Causes of Endogenous Excess Liquidity[J].Journal of Xiamen University(A Quarterly for Studies in Arts & Social Sciences),2010(2). |
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| Authors: | QIU Chong-ming |
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| Institution: | QIU Chong-ming (Department of Finance,Xiamen University,Xiamen 361005,Fujian) |
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| Abstract: | The debate on whether money affects economy in a neutral or non-neutral way has long been going on and yet far from conclusive in the sphere of monetary economics. Depending on whether the amount of money put into circulation according to credit represents the value of existing merchandise, credit falls into three categories: authentic finance, intertemporal finance and bubble finance. Research has shown certain positive effect on economic growth generated by intertemporal finance and bubble finance as long... |
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| Keywords: | intertemporal finance bubble finance non-neutrality excess liquidity |
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