Theories of Money and Credit Pre and After the Financial Crisis:An Overview
综述了金融危机前后主流货币与信贷理论，指出其未能解释和预测危机的原因，并建议将货币、信贷及金融机构纳入统一框架以解释过度负债如何导致金融部门崩溃并引发经济危机。
This paper surveys the mainstream theories of money and credit before the global financial crisis and investigates the reasons they cannot explain and predict the happening of financial crisis.This paper also surveys the new development of money and credit theories after the global financial crisis.In this process,we suggest that a qualified theory of financial crisis shall integrate money,credit as well as financial institutions which create credit,in particular,the banking sector,into a unified framework to explain under what conditions can over-indebtedness leads to the collapse of the financial sector.The collapse of financial sector interacts with the real economy which leads to the economic crisis.