【作者】 赵严冬；

【导师】 杨惠昶；

【作者基本信息】 吉林大学 ， 金融学， 2013， 博士

【摘要】 本文以马克思关于实体货币与计算货币关系的理论为指导，深入地研究了在信用经济高度发展的当代，数字货币如何突破实体货币的限制迅速扩张，满足贸易和资本运营的需要，推动贸易和生产的发展，推动整体经济的发展；与此同时，本文又研究了数字货币的扩张必然受到实体货币和实体经济的限制，一旦数字货币扩张过度，就会发生货币危机。基于这一基本理论，本文首先研究数字货币的概念，指出货币数字化是货币职能的要求，实体货币在执行货币的五种职能时转化为数字货币，在执行货币的资本职能时转化为未来的数字货币；进而从数字货币视角对传统的货币数量说进行分析，指出真正有意义的货币供给是流通中的数字货币而不是银行创造的货币，银行只能根据交易状况管理货币供给，并据此对中国的货币数量规律进行了实证分析，以期为我国央行制定宏观货币政策提供理论参考；本文依据马克思的货币危机理论对美国次贷危机的研究独辟蹊径，通过研究美国货币数字化膨胀过程指出，MBS、CDO、CDS等有价证券所代表的未来数字货币与现实货币的矛盾激化，导致以房屋表现的商品与货币的矛盾爆发是次贷危机的根源。最后依据马克思的货币数量思想对美联储量化宽松货币政策进行了理论与实证分析。指出美国实体经济不振，美国公众对美国经济信心不足，导致美联储发行的货币无法转变为流通中的真实购买力，不能刺激生产，特别不能刺激制造业的生产，增加的货币只能在金融市场中发挥作用。这是美联储量化宽松货币政策未达预期的根本原因。更多还原

【Abstract】 Guided by Marx’s theory about relationship between the entity money and themoney of accout, this thesis has made a deep study of how the digital money breaksthrough the restrictions of the entity money and expands rapidly, how the digitalmoney meets the needs of trade and capital operation，how the digital moneypromotes the development of trade and production and the overall economic in thecontemporary when credit economy has highly developed. At the same time thisthesis has made a study about the fact that the expansion of the digital money iscertain to be restricted by the entity economy and the entity money. Once the digitalmoney expands too excessive, there will be a monetary crisis.Based on above Thisthesis has first studied the concept of digital money and then pointed out thatcurrency digitalization is the requirements of the monetary functions.Entity currencyis transformed into digital money when implementing the five functions ofcurrency，it’s transformed into future digital money when implementing the capitalfunction of curreny. Then，we’ve analysed the traditional theory of money quantityfrom the perspective of digital money，and pointed out that the truly meaningfulmoney supply is not the money created by the bank but the digital money incirculation. Banks can only manage the money supply under the trading position.According to this we made empirical analysis on Chinese quantity of money in orderto provide theoretical references for Chinese central bank to develop themacro-monetary policy. This paper made a special research on subprime lendingcrisis based on Marx’s theory of monetary crisis.By studying the expansion of theU.S. digital money，we pointed out that the conflict between the future digital moneyrepresented by the MBS，CDO，CDS securities and the the reality money has leadedto the breaking out of the conflict between the commodity represented by housing and the currency.That is the root causes of the subprime lending crisis. Finally，wemake a theory and empirical analysis on the Fed QE policy based on Marx’sthinking of money quantity，pointing out that the American public is lack ofconfidence in the U.S. economy because of the weakness of the American entityeconomy.So base money issued by the FD can’t be transformed into the realpurchasing power in circulation, it cann’t stimulate production especially the themanufacturing. It can only play a role in the financial markets. This is the root causeof the fact that the QE policy can’t achieve the desired intent.更多还原