نقد نظریه ضریب فزاینده پایه پولی و برخی دلالت‌های اقتصاد کلان نظریه خلق اعتبار بانکی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استاد گروه اقتصاد دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران

2 دانشجوی دکتری گروه اقتصاد دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران

چکیده

مناقشه بین حامیان دو نظریه «خلق اعتبار بانکی» و «ضریب فزاینده پایه پولی» در مورد نحوه خلق پول بانکی از دهه 1920 میلادی آغاز شد و تا قبل از بحران مالی 8-2007 با غالب شدن دیدگاه ضریب فزاینده به پایان رسید. اما پس از بحران مالی بسیاری از بانک‌های مرکزی، نهادهای مالی بین‌المللی و اقتصاددانان برجسته اذعان کردند که روایت نظریه ضریب فزاینده از ماهیت واسطه‌گری هر بانک و نحوه خلق پول سیستم بانکی نادرست است. بحران مالی دهه اخیر نشان داد نه تنها بحرانی در اقتصاد بلکه بحرانی در علم اقتصاد نیز وجود دارد که ناشی از فهم نادرست ماهیت بانک و فرایند خلق پول بانکی است. زیرا این واقعیت که هر بانک بصورت فردی دارای توانایی خلق پول (اعتبار) است و در هنگام خلق پول، سند بدهی خود را منتشر می‌کند (نظریه خلق اعتبار بانکی)، موجب معکوس شدن برخی از نظریه‌های اقتصاد کلان می‌شود و دلالت‌های عمیقی برای فهم بسیاری از پدیده‌ها و مفاهیم دیگر در اقتصاد دارد.  در مقاله حاضر ابتدا با روش تحلیلی-توصیفی، مطالعه اسناد کتابخانه‌ای و با استفاده از تحلیل حسابداری به بررسی خطاهای نظریه ضریب فزاینده پرداخته شده است و سپس برخی از دلالت‌های اقتصاد کلان نظریه خلق اعتبار بانکی از جمله برای نرخ بهره، پس‌انداز و سرمایه‌گذاری با روش تحلیلی-توصیفی و مطالعه اسناد کتابخانه‌ای مطرح می‌شود.

کلیدواژه‌ها


عنوان مقاله [English]

The Criticism of Money Base Multiplier Theory and Some Macroeconomic Implications of Credit Creation Theory of Banking

نویسندگان [English]

  • Farshad Momeni 1
  • Abbas Shakeri 1
  • Mohsen Moghiseh 2
1 Professor of Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran
2 Ph.D Candidate in Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran
چکیده [English]

The debate between supporters of the “Bank’s Credit Creation Theory” and the “Money Base Multiplier Theory” on banks money creation began in the 1920s and before the 2007-2008 financial crisis, which ended with the prevailing of the Money Base Multiplier Theory. But after the financial crisis, many central banks, international financial institutions, and prominent economists acknowledged that the story of the Money Base Multiplier Theory in the intermediary of each bank and the way banking system creates money is wrong. Because of misunderstanding of the banking nature and the process of banking money creation, the financial crisis of the last decade has shown that it was not only a crisis in the economy, but it was also a crisis for economics. The fact that each bank can and does create money (the Credit Creation Theory of Banking) reverses some macroeconomic theories. This paper uses the analytical-descriptive method and the accounting analysis to explain the incorrect reasons of the money base multiplier theory. Eventually, some main macroeconomic implications of credit creation theory of banking such as interest rate, saving and investment are expressed.

کلیدواژه‌ها [English]

  • Money
  • Bank Money creation
  • Money Multiplier
  • Bank Credit Creation
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