新货币经济学的理论构想及可行性（Theoretical conception and feasibility of new monetary economics）.docVIP

新货币经济学的理论构想及可行性（Theoretical conception and feasibility of new monetary economics） Theoretical conception and feasibility of new monetary economics 2008-7-17, 17:3, Yin Heng Beginning with Black (Black, 1970), some contemporary scholars began to explore the possibility of separation of accounting units (value scales) and exchange media (means of circulation). They assume that the unit of account is purely abstract, and the exercise of portfolio assets or asset exchange functions of the media completely separated; medium of exchange all is endogenous, there is no central bank and currency (monetary base), people can use any form of assets to pay its debts. This theory is called the new Economics Monetary (New). In fact, in the history of finance there has been a monetary system similar to the theoretical conception of the new monetary economy, the accounting unit and the medium of exchange. Classical economists have extensively referred to the payment arrangements of Mandy, an African primitive nation, who adopted an abstract accounting unit called Macute. Sismondi, in the new principles of political economy, said, the horse has nothing to do with anything. Its just a noun that people imagine to compare the prices of goods.. People say the cow is worth 10 horses. The slave is worth 15 horses, and the glass necklace is worth 2 horses...... In fact, these items are exchanged directly with one another. The monetary system of the continent also long ago showed the separation of the unit of account and the medium of exchange. The calculation of the bookkeeping currency does not require real coins, just as people dont need to use a ruler to calculate the distance, Kindleberger said. Long ago, pounds and shillings were used to price commodities. Coins were only silver pence. When comparing the value of different coins, it is very important for the currency to be the unit of account as the currency of the currency. In Milan in eighteenth Century, there were as many as 50 coin