An Analysis Of Macro-financial Policy In The Network Economy Age

The revolution of information technology, whose kernel is computer network technology, brings about great changes of the whole social economy and meantime induces profound evolution of financial institution. Application and development of information network technology in finance promote financial technology innovation. Marx gave an incisive elaboration of the dialectical relationship between productive forces and productive relations by pointing out that productive forces provide the most dynamic force for the changes of social institutions. Being the typical representation of productive forces, the revolution of financial technology naturally becomes the motive force to induce the changes of financial institution. The school of neo-institution also points out that technology innovation is the major driving force for the changes of institution, because it can increase the potential profit and reduce the operation cost of institution changes. Just based on the idea that technology changes can induce institution changes, and with the cosideration that being a formal institution macro-financial policy inevitably reflects the future changes of monetary and financial institution, this dissertation focus on analyzing how the macro-financial policy will evolve under the changes of financial technology in the network economy age. Any successful practice can't do without the proper guidance of theory. Research on policy is just based on the basic theoretical research to consider about problems of policy and macroeconomic administration while combining the theory with the particular system difference and changes. Therefore, to apply proper policy for promoting the quick development of our country's network finance and maintaining the steady progress of macro-economy, we must have a clear and correct theory of money, monetary policy and financial supervision. Money is the basic factor of financial theoretical research and the start point of monetary policy research. It is evident that money changes will have great influence on future macro-financial policy. So, the analysis of money, the basic factor of monetary policy in the network economy age becomes the logic start point of this dissertation.One necessary condition to implement monetary policy is central bank's control over money supply. Therefore, this dissertation inquires into the problem of central bank's control over money issue and focus on analyzing the specific changes of the money demand and supply mechanism in the network economy age. And then, this dissertation makes a thorough research on monetary policy system and financial supervision policy in network economy age.This dissertation starts from the changes of monetary and financial environment and put forward the theory of macro-financial policy in the network economy age, the final motive of which is to guide practice with theory. So, in the last chapter this dissertation thoroughly researches on Chinese macro-financial policy in the network economy age and makes some specific proposals on policy.Except of the introduction, this dissertation consists of six chapters and the major content is as follows:Chap.1, 'Money in the Network Economy Age', begins from the evolution of money form, points out that the decreasing of transaction cost is the fundamental reason of money evolving from material money to electronic money and probes into electronic money from the aspects of meaning, type and character. With commentary on views of new monetary economics school, this dissertation points out that the view that the functions of money being the measure of value and medium of exchange can be separated is not suitable to analyze the nature of electronic money. On the function of electronic money, a view different from other domestic scholar is put forward, that is electronic money being credit money issued by private sector has the function of being measure of value while has no inner value.Chap.2,'Central Bank's Monopoly on Money Issue in the Network Economy Age', begins by introducing th...