Analysis of Money Supply and Financial Risk under Credit Money System:Based on the Marxist Endogenous Money Perspective
The essence of Marx s monetary theory is to clarify the endogenous nature of money supply.From the perspective of endogenous money,under the credit money system,each economic entity can obtain corresponding credit money support from the banking sector on the basis of asset collateral,and there exists an interactive and symbiotic relationship between real material output and credit money.In addition,each economic entity carries out direct financing with the support of various financial institutions,generating a large amount of debt money through the expansion of borrowing and lending relationships.The credit money generated by the banking system and the debt money generated by social financing together constitute the total social financing.The scale of social financing is affected by factors such as the amount of base money,the money multiplier,and the money filtration rate,and there is an upper limit constraint.
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