以存款和信用兩類金融工具,建立自2007年以來七個部門的部門—部門季度資金存量表,探究近些年來我國貨幣和信用創造的機制。我國以間接金融主導、銀行主導和相對封閉為典型特征的金融體系,自2009年后發生了重大的結構性變化,突出表現為非金融企業負債和凈融入規模的快速上升,以及非銀行金融機構資產和凈融出規模的快速上升。利用矩陣方法對部門間交易關系的分析表明,所有部門間都直接和間接地存在金融交易關系,并以此參與貨幣和信用的創造,其推動金融活動總量擴張或收縮的金融乘數,與名義GDP有顯著的共周期現象。銀行仍是系統的核心,而銀行和企業之間的相互增強機制最為關鍵。

We use two types of financial instruments,deposits and credits,to set up the sectoral quarterly capital stock tables of seven sectors since 2007,with a view to exploring the mechanisms underlying money and credit creation in China in recent years.The Chinese financial system,formerly a relatively closed system dominated by banking and indirect finance,has undergone a major structural change since 2009.This change is strikingly evident in the rapid increase in the scale of debt and net borrowing on the part of non-financial enterprises and the rapid increase in the scale of assets and net lending of non-banking financial bodies.Using the matrix method,our analysis of inter-sectoral transactional relationships shows that all sectors have direct and indirect financial transaction relationships and thus participate in the creation of money and credit.It is noteworthy that the financial multipliers promoting the expansion or contraction of total financial activity are significantly procyclical with nominal GDP. Banks remain at the heart of the system, with the mutual reinforcement of banks and enterprises being the most critical element.