作　　者： ;

机构地区： 中国人民银行

出　　处： 《国际金融研究》 2019年第11期3-11,共9页

摘　　要： 贷款创造存款理论认为,银行通过贷款等资产扩张创造存款货币,从信用和复式记账法的角度来分析货币创造机制。这一理论批判了传统货币理论,具有理论与实践意义,近年来已逐渐成为学术界和实务界的共识。首先,本文介绍贷款创造存款理论的逻辑内涵;其次,在该理论的基础上,分析货币政策传导机制与贷款创造存款的约束,并进一步探讨结构性货币政策、量化宽松政策、负利率政策、逆周期调节等相关问题;最后,梳理该理论的共识、推进以及未来研究方向。 The Loan Creates Deposit(LCD)theory points out that loan and other asset expansion of banks create deposit which is money.In recent years,with the deepening of research,the LCD theory has been developed continuously and has gradually become a consensus.This paper introduces the logical connotation of LCD theory,then analyses the transmission mechanism of monetary policy and the restrictions faced by banks to create deposit by asset expansion.Further,the paper explores related issues on structural monetary policy,quantitative easing policy,negative interest rate policy and countercyclical adjustment.Finally,the paper summarizes the consensus,advancements and future research directions on this theory.LCD theory interprets the mechanism of money creation based on credit and double-entry accounting,criticizes the traditional money theory,and has a certain theoretical and practical significance.

关 键 词： 贷款创造存款 信用货币 货币创造 货币政策

领　　域： []