现代增长与信用货币—一个“双螺旋”增长假说
Modern Growth and Credit Money
-
摘要: 在宏观经济理论中,货币理论和增长理论是两个独立的分支。本文在两阶段增长模型框架内,进一步构建一个包含资本和现金流的动态“双螺旋”现代增长模型,将货币与增长问题整合到一个互洽的框架中。在这一框架下,经济被视为一系列商业模式的集合,所有商业模式都可以分为资本型增长和运营型增长两个阶段。现代增长通过信用将两个阶段连接起来,构成“双螺旋”式的增长循环。通过将未来收益贴现获得资本是现代增长区别于传统增长最重要的特征。基于信用生成的货币在现代增长中扮演着核心的作用。Abstract: In neoclassical macroeconomic theory, monetary theory and growth theory are two independent branches. Within the framework of the two-stage growth model, this paper further constructs a dynamic “double helix” modern growth model, which integrates the issues of money and growth into a consistent framework. Under this framework, the economy is regarded as a set of business models. All business models can be divided into two stages: capital growth and operational growth. Modern growth connects the two stages through credit, forming a “double helix” growth cycle. Obtaining capital by discounting future income is the most important feature of modern growth which is different from traditional growth. Money based on credit plays a central role in modern growth.
-
Key words:
- modern growth /
- macroeconomy /
- credit money
-
图 5 信用货币金字塔(73)
-