货币创造的逻辑形成和历史演进——对传统货币理论的批判
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摘要
本文从逻辑的原点出发,分析了信用货币制度下货币的创造过程,提出货币的核心功能不是交易媒介和价值储藏手段,而是组织生产。货币的本质不是一般等价物,而是作为无限跨期价值尺度的一般性债务。从货币创造的视角出发分析了货币的演进历史,质疑了传统理论描述的从实物货币到信用货币的演进过程,提出信用货币是历史上货币的主要表现形式,货币演进历史的主要脉络是:私人信用货币—政府信用货币—银行信用货币。最后本文分析了对银行货币创造的约束,并回顾和总结了中国央行约束与银行反约束在中国的实践。
I first posited the "loans create deposits(LCD)" theory in 1996 and then formalized it in 2001. This theory argues that banks create deposit money through asset expansion, explaining the mechanism and rule of money creation from the perspective of credit and balance sheet double-entry bookkeeping. The name comes from the idea that the main avenue for asset expansion is loans. "Loans" include not only what are traditionally thought of as loans, but also banks' purchases of customers' assets. This theory challenges the traditional theory of "Deposits Create Loans" and has gradually been recognized by academics. An in-depth analysis of the logic of money creation under the credit money system helps to clarify the relationship between money and economic operation and improves monetary policy.In this paper, I first analyze the process of money creation in the credit money system and point out that the essence of money creation is debt exchange. The key function of money is neither as a transaction medium nor value storage, but as the organizer of production. The essence of money is not its general equivalent, but that general debt is an infinite intertemporal value scale. The emergence of central banks solves the bank liquidity problem and provides the base money for inter-bank settlements. Then, a multi-tier credit money system forms with a base money tier created by the central bank and another money tier created by banks. In this system, banks create all money, while central banks use base money to control money creation by banks through settlement constraints, cash constraints and required reserve constraints on banks.I then analyze the historical evolution of money creation and argue against the traditional theory in which the evolution is from commodity money to credit money. I propose that credit money is the main form of money throughout history. The evolution process of money goes from private credit money to government credit money to bank credit money. The carrier of money changes during the development, from an instrument of recording debts to coins and banknotes to cash and deposits supported by central banks in the credit money system. Next, I discuss the constraints faced by banks in money creation. Although banks are not subject to budget constraints due to the self-balancing of assets and liabilities in money creation, they face the external constraints that arise from loan demand, liquidity and capital and the internal constraints from banks' internal risk management. Central banks affect loan demand by adjusting interest rates, control liquidity in banking system and set capital constraints. However, banks usually ignore their internal risk management constraints because of moral hazard and they can ease external constraints using shadow activities. Therefore, central banks need to constantly strengthen the external constraints to improve the effectiveness of monetary policy.Finally, I review China's monetary policy. The People's Bank of China has timely adjusted and constantly innovated its monetary policy tools in response to changes in economic conditions to strengthen external and internal constraints, guard against banks' moral hazards and establish an effective money creation control mechanism. Moreover, the relative importance of external constraints in money creation is also changing. Interest rate constraints are always emphasized by central banks, the importance of liquidity constraints is declining and the significance of capital constraints is increasing. In some respects, China is a leader in monetary policy.
I first posited the "loans create deposits(LCD)" theory in 1996 and then formalized it in 2001. This theory argues that banks create deposit money through asset expansion, explaining the mechanism and rule of money creation from the perspective of credit and balance sheet double-entry bookkeeping. The name comes from the idea that the main avenue for asset expansion is loans. "Loans" include not only what are traditionally thought of as loans, but also banks' purchases of customers' assets. This theory challenges the traditional theory of "Deposits Create Loans" and has gradually been recognized by academics. An in-depth analysis of the logic of money creation under the credit money system helps to clarify the relationship between money and economic operation and improves monetary policy.In this paper, I first analyze the process of money creation in the credit money system and point out that the essence of money creation is debt exchange. The key function of money is neither as a transaction medium nor value storage, but as the organizer of production. The essence of money is not its general equivalent, but that general debt is an infinite intertemporal value scale. The emergence of central banks solves the bank liquidity problem and provides the base money for inter-bank settlements. Then, a multi-tier credit money system forms with a base money tier created by the central bank and another money tier created by banks. In this system, banks create all money, while central banks use base money to control money creation by banks through settlement constraints, cash constraints and required reserve constraints on banks.I then analyze the historical evolution of money creation and argue against the traditional theory in which the evolution is from commodity money to credit money. I propose that credit money is the main form of money throughout history. The evolution process of money goes from private credit money to government credit money to bank credit money. The carrier of money changes during the development, from an instrument of recording debts to coins and banknotes to cash and deposits supported by central banks in the credit money system. Next, I discuss the constraints faced by banks in money creation. Although banks are not subject to budget constraints due to the self-balancing of assets and liabilities in money creation, they face the external constraints that arise from loan demand, liquidity and capital and the internal constraints from banks' internal risk management. Central banks affect loan demand by adjusting interest rates, control liquidity in banking system and set capital constraints. However, banks usually ignore their internal risk management constraints because of moral hazard and they can ease external constraints using shadow activities. Therefore, central banks need to constantly strengthen the external constraints to improve the effectiveness of monetary policy.Finally, I review China's monetary policy. The People's Bank of China has timely adjusted and constantly innovated its monetary policy tools in response to changes in economic conditions to strengthen external and internal constraints, guard against banks' moral hazards and establish an effective money creation control mechanism. Moreover, the relative importance of external constraints in money creation is also changing. Interest rate constraints are always emphasized by central banks, the importance of liquidity constraints is declining and the significance of capital constraints is increasing. In some respects, China is a leader in monetary policy.
引文
何平,2016:《中国历史上的钱荒》,《中国金融》第15期。
彭信威,2015:《中国货币史》,上海人民出版社。
瞿强、王磊,2012:《由金融危机反思货币信用理论》,《金融研究》第5期。
孙国峰,1996:《中国货币传导机制研究》,中国人民银行研究生部硕士论文。
孙国峰,1996:《中国货币传导机制研究》,《国际金融研究》第12期。
孙国峰,2000:《银行间债券市场发展与中央银行货币政策调控》,《金融研究》第9期。
孙国峰,2001:《信用货币制度下的货币创造和银行运行》,《经济研究》第2期。
孙国峰,2002:《关于当前银行“存差”问题的思考》,《财贸经济》第10期。
孙国峰,2003:《中国公开市场业务的实践与思考(上)》,《中国货币市场》第3期。
孙国峰,2003:《中国公开市场业务的实践与思考(下)》,《中国货币市场》第3期。
孙国峰,2012:《第一排——中国金融改革的近距离思考》,中国经济出版社。
孙国峰,2014a:《资本输出——人民币国际化的战略选择》,《比较》第6辑。
孙国峰,2014b:《中央银行的逆周期调节作用与资产管理公司在宏观审慎管理框架中的角色》,《新金融评论》第6期。
孙国峰,2017a:《货币政策工具的创新》,《中国金融》第4期。
孙国峰,2017b:《结构性流动性短缺的货币政策操作框架》,《比较》第4辑。
孙国峰,2017c:《信用货币视角下的人民币国际化》,《中国金融》第18期。
孙国峰,2017d:《解读MPA:不断完善的宏观审慎评估体系》,《中国银行业》第11期。
孙国峰,2019:《金钉子:中国金融科技变革新坐标》,中信出版集团。
孙国峰、蔡春春,2014:《货币市场利率、流动性供求与中央银行流动性管理——对货币市场利率波动的新分析框架》,《经济研究》第12期。
孙国峰、邓婕、尹航,2014:《电子货币对信用货币体系的影响——基于自由竞争市场》,《金融研究》第10期。
孙国峰、何晓贝,2017:《存款利率零下限与负利率传导机制》,《经济研究》第12期。
孙国峰、贾君怡,2015:《中国影子银行界定及其规模测算——基于信用货币创造的视角》,《中国社会科学》第11期。
张新泽,1997a:《存款货币创造的理解错误和教授方法改进(上)》,《金融研究》第1期。
张新泽,1997b:《存款货币创造的理解错误和教授方法改进(续)》,《金融研究》第2期。
Bindseil,U.,2004,“The Operational Target of Monetary Policy and the Rise and Fall of the Reserve Position Doctrine”,ECB Working Paper,No.372.
Carpenter,S.,and Demiralp,S.,2012,“Money,Reserves,and the Transmission of Monetary Policy:Does the Money Multiplier Exist?”,Journal of Macroeconomics,34(1),59—75.
Clanchy,M.T.,From Memory to Written Record:England,1066—1307,Cambridge,Mass:Havard University Press,1979.
Cross,G.,2018,“Banks,Private Money Creation,and Regulatory Reform”,Journal of Financial Regulation and Compliance,26(1),20—34.
Disyatat,P.,2008,“Monetary Policy Implementation:Misconceptions and Their Consequences”,BIS Working Paper,No.269.
Friedman,M.,1963,Inflation:Causes and Consequences,Asia Publishing House.
Goodhart,C.A.E.,2017,“The Determination of the Money Supply:Flexibility versus Control”,Manchester School,85 (S1),33—56.
Graeber,D.,2011,Debt:The First 5000 Years,Brooklyn,N.Y:Melville House.
Gurley,J.G.,and Shaw,E.S.,1960,Money in a Theory of Finance.,Brookings Institution.
Hancock,M.,2005,“Divisia Money”,Bank of England Quarterly Bulletin,Spring,39—46.
Harris,L.,1981.Monetary Theory,New York:McGraw-Hill.
Howells,P.,1995,“The Demand for Endogenous Money”,Journal of Post Keynesian Economics,18(1),89—106.
Humphrey,C.,1985,“Barter and Economic Disintegration”,Man,20(1),48—72.
Innes,A.Mitchell,1913,“What is Money?”,Banking Law Journal,5,377—408.
Innes,A.Mitchell,1914,“The Credit Theory of Money?”,Banking Law Journal,31(1),151—168.
Jakab,Z.,and Kumhof,M.,2015,“Banks Are Not Intermediaries of Loanable Funds-And Why This Matters”,Bank of England Working Paper 529,London.
Kindleberger,C.P.,1984,A Financial History of Western Europe,London:Allen & Unwin.
Kumhof,M.,Tsomocos,D.P.,and Wang,X.,2016,“Endogenous Liquidity and Financial Intermediation”,Available at SSRN:https://ssrn.com/abstract=2824601.
Kumhof,M.,Tsomocos,D.P.,and Wang,X.,2016,“Zero Lower Bound and Fiat Money Credibility-A Banking View of Endogenous Money Creation”,Working paper.
Li,B.,Xiong,W.,Chen,L.,and Wang,Y.,2017,“The Impact of the Liquidity Coverage Ratio on Money Creation:A Stock-Flow Based Dynamic Approach”,Economic Modelling,67,193—202.
Mazelis,F.,2014,“Monetary Policy Effects on Financial Intermediation via the Regulated and the Shadow Banking Systems”,No.2014—056.SFB 649 Discussion Paper.
McLeay,M.,Radia,A.,and Thomas,R.,2014a,“Money Creation in the Modern Economy”,Bank of England Quarterly Bulletin Q1,14—27.
McLeay,M.,Radia,A.,and Thomas,R.,2014b,“Money in the Modern Economy:An Introduction”,Bank of England Quarterly Bulletin Q1,4—13.
Moore,B.,1988,Horizontalists and Verticalists:the Macroeconomics of Credit Money,Cambridge University Press.
Orrell,D.,and Roman,C.,2016,The Evolution of Money,Columbia University Press.
Palley,T.,1996,Post Keynesian Economics:Debt,Distribution and the Macro Economy,Macmillan.
Ryan-Collins,J.,2011,Where Does Money Come From?A Guide to the UK Monetary and Banking System,London,New Economics Foundation.
Schularick,M.,and Taylor,A.M.,2012,“Credit Booms Gone Bust:Monetary Policy,Leverage Cycles,and Financial Crises,1870—2008”,American Economic Review,102(2),1029—1061.
Schumpeter,J.A.,1954,History of Economic Analysis,New York:Oxford University Press.
Sehgal,K.,2015,Coined:The Rich Life of Money and How Its History Has Shaped Us,Grand Central Publishing.
Silver,M.,1983,“Karl Polanyi and Markets in the Ancient near East:The Challenge of the Evidence”,Journal of Economic History,43(4),795—829.
Singh,M.,2013,“Collateral and Monetary Policy”,IMF Working Paper,No.13/186.
Sun,G.,2015a,“Reforms in China's Monetary Policy:A Frontbencher's Perspective”,Palgrave Macmillan US,August.
Sun,G.,2015b,“Financial Reforms in Modern China:A Frontbencher's Perspective”,Palgrave Macmillan US,August.
Thomas,R.,1997a,“The Demand for M4:a Sectoral Analysis,Part 1-the Personal Sector”,Bank of England Working Paper,No.61.
Turner,A.,2015,Between Debt and the Devil:Money,Credit,and Fixing Global Finance,Princeton University Press.
Werner,R.,2014a,“Can Banks Individually Create Money Out of Nothing?The Theories and the Empirical Evidence”,International Review of Financial Analysis,36,1—19.
Werner,R.,2014b,“How Do Banks Create Money,and Why Can Other Firms Not Do the Same?An Explanation for the Coexistence of Lending and Deposit-Taking”,International Review of Financial Analysis,36,71—77.
(1)本文中的银行指存款类金融机构。
(2)现金也是基础货币的组成部分,但银行得到现金也必须从其在中央银行的存款中提取,因此从中央银行控制货币创造的角度来说,关键是控制银行在中央银行的存款,此处为表述简便起见,基础货币即指银行在中央银行的存款。
彭信威,2015:《中国货币史》,上海人民出版社。
瞿强、王磊,2012:《由金融危机反思货币信用理论》,《金融研究》第5期。
孙国峰,1996:《中国货币传导机制研究》,中国人民银行研究生部硕士论文。
孙国峰,1996:《中国货币传导机制研究》,《国际金融研究》第12期。
孙国峰,2000:《银行间债券市场发展与中央银行货币政策调控》,《金融研究》第9期。
孙国峰,2001:《信用货币制度下的货币创造和银行运行》,《经济研究》第2期。
孙国峰,2002:《关于当前银行“存差”问题的思考》,《财贸经济》第10期。
孙国峰,2003:《中国公开市场业务的实践与思考(上)》,《中国货币市场》第3期。
孙国峰,2003:《中国公开市场业务的实践与思考(下)》,《中国货币市场》第3期。
孙国峰,2012:《第一排——中国金融改革的近距离思考》,中国经济出版社。
孙国峰,2014a:《资本输出——人民币国际化的战略选择》,《比较》第6辑。
孙国峰,2014b:《中央银行的逆周期调节作用与资产管理公司在宏观审慎管理框架中的角色》,《新金融评论》第6期。
孙国峰,2017a:《货币政策工具的创新》,《中国金融》第4期。
孙国峰,2017b:《结构性流动性短缺的货币政策操作框架》,《比较》第4辑。
孙国峰,2017c:《信用货币视角下的人民币国际化》,《中国金融》第18期。
孙国峰,2017d:《解读MPA:不断完善的宏观审慎评估体系》,《中国银行业》第11期。
孙国峰,2019:《金钉子:中国金融科技变革新坐标》,中信出版集团。
孙国峰、蔡春春,2014:《货币市场利率、流动性供求与中央银行流动性管理——对货币市场利率波动的新分析框架》,《经济研究》第12期。
孙国峰、邓婕、尹航,2014:《电子货币对信用货币体系的影响——基于自由竞争市场》,《金融研究》第10期。
孙国峰、何晓贝,2017:《存款利率零下限与负利率传导机制》,《经济研究》第12期。
孙国峰、贾君怡,2015:《中国影子银行界定及其规模测算——基于信用货币创造的视角》,《中国社会科学》第11期。
张新泽,1997a:《存款货币创造的理解错误和教授方法改进(上)》,《金融研究》第1期。
张新泽,1997b:《存款货币创造的理解错误和教授方法改进(续)》,《金融研究》第2期。
Bindseil,U.,2004,“The Operational Target of Monetary Policy and the Rise and Fall of the Reserve Position Doctrine”,ECB Working Paper,No.372.
Carpenter,S.,and Demiralp,S.,2012,“Money,Reserves,and the Transmission of Monetary Policy:Does the Money Multiplier Exist?”,Journal of Macroeconomics,34(1),59—75.
Clanchy,M.T.,From Memory to Written Record:England,1066—1307,Cambridge,Mass:Havard University Press,1979.
Cross,G.,2018,“Banks,Private Money Creation,and Regulatory Reform”,Journal of Financial Regulation and Compliance,26(1),20—34.
Disyatat,P.,2008,“Monetary Policy Implementation:Misconceptions and Their Consequences”,BIS Working Paper,No.269.
Friedman,M.,1963,Inflation:Causes and Consequences,Asia Publishing House.
Goodhart,C.A.E.,2017,“The Determination of the Money Supply:Flexibility versus Control”,Manchester School,85 (S1),33—56.
Graeber,D.,2011,Debt:The First 5000 Years,Brooklyn,N.Y:Melville House.
Gurley,J.G.,and Shaw,E.S.,1960,Money in a Theory of Finance.,Brookings Institution.
Hancock,M.,2005,“Divisia Money”,Bank of England Quarterly Bulletin,Spring,39—46.
Harris,L.,1981.Monetary Theory,New York:McGraw-Hill.
Howells,P.,1995,“The Demand for Endogenous Money”,Journal of Post Keynesian Economics,18(1),89—106.
Humphrey,C.,1985,“Barter and Economic Disintegration”,Man,20(1),48—72.
Innes,A.Mitchell,1913,“What is Money?”,Banking Law Journal,5,377—408.
Innes,A.Mitchell,1914,“The Credit Theory of Money?”,Banking Law Journal,31(1),151—168.
Jakab,Z.,and Kumhof,M.,2015,“Banks Are Not Intermediaries of Loanable Funds-And Why This Matters”,Bank of England Working Paper 529,London.
Kindleberger,C.P.,1984,A Financial History of Western Europe,London:Allen & Unwin.
Kumhof,M.,Tsomocos,D.P.,and Wang,X.,2016,“Endogenous Liquidity and Financial Intermediation”,Available at SSRN:https://ssrn.com/abstract=2824601.
Kumhof,M.,Tsomocos,D.P.,and Wang,X.,2016,“Zero Lower Bound and Fiat Money Credibility-A Banking View of Endogenous Money Creation”,Working paper.
Li,B.,Xiong,W.,Chen,L.,and Wang,Y.,2017,“The Impact of the Liquidity Coverage Ratio on Money Creation:A Stock-Flow Based Dynamic Approach”,Economic Modelling,67,193—202.
Mazelis,F.,2014,“Monetary Policy Effects on Financial Intermediation via the Regulated and the Shadow Banking Systems”,No.2014—056.SFB 649 Discussion Paper.
McLeay,M.,Radia,A.,and Thomas,R.,2014a,“Money Creation in the Modern Economy”,Bank of England Quarterly Bulletin Q1,14—27.
McLeay,M.,Radia,A.,and Thomas,R.,2014b,“Money in the Modern Economy:An Introduction”,Bank of England Quarterly Bulletin Q1,4—13.
Moore,B.,1988,Horizontalists and Verticalists:the Macroeconomics of Credit Money,Cambridge University Press.
Orrell,D.,and Roman,C.,2016,The Evolution of Money,Columbia University Press.
Palley,T.,1996,Post Keynesian Economics:Debt,Distribution and the Macro Economy,Macmillan.
Ryan-Collins,J.,2011,Where Does Money Come From?A Guide to the UK Monetary and Banking System,London,New Economics Foundation.
Schularick,M.,and Taylor,A.M.,2012,“Credit Booms Gone Bust:Monetary Policy,Leverage Cycles,and Financial Crises,1870—2008”,American Economic Review,102(2),1029—1061.
Schumpeter,J.A.,1954,History of Economic Analysis,New York:Oxford University Press.
Sehgal,K.,2015,Coined:The Rich Life of Money and How Its History Has Shaped Us,Grand Central Publishing.
Silver,M.,1983,“Karl Polanyi and Markets in the Ancient near East:The Challenge of the Evidence”,Journal of Economic History,43(4),795—829.
Singh,M.,2013,“Collateral and Monetary Policy”,IMF Working Paper,No.13/186.
Sun,G.,2015a,“Reforms in China's Monetary Policy:A Frontbencher's Perspective”,Palgrave Macmillan US,August.
Sun,G.,2015b,“Financial Reforms in Modern China:A Frontbencher's Perspective”,Palgrave Macmillan US,August.
Thomas,R.,1997a,“The Demand for M4:a Sectoral Analysis,Part 1-the Personal Sector”,Bank of England Working Paper,No.61.
Turner,A.,2015,Between Debt and the Devil:Money,Credit,and Fixing Global Finance,Princeton University Press.
Werner,R.,2014a,“Can Banks Individually Create Money Out of Nothing?The Theories and the Empirical Evidence”,International Review of Financial Analysis,36,1—19.
Werner,R.,2014b,“How Do Banks Create Money,and Why Can Other Firms Not Do the Same?An Explanation for the Coexistence of Lending and Deposit-Taking”,International Review of Financial Analysis,36,71—77.
(1)本文中的银行指存款类金融机构。
(2)现金也是基础货币的组成部分,但银行得到现金也必须从其在中央银行的存款中提取,因此从中央银行控制货币创造的角度来说,关键是控制银行在中央银行的存款,此处为表述简便起见,基础货币即指银行在中央银行的存款。