Fictitious Economy Development And The Construction Of Credit System

Fictitious Economy is a kind of special economy which is based on the modern credit system, centered with fictitious capital and the symbol of value, independent with real economy and free of value.The Fictitious Economy grow rapidly and play an important role in the development of the real economy in our country since the Reform and Opening up, especially after2000. However, if the Fictitious Economy grows unnormally, the real economy also will suffer many adverse effects. The Asian financial crisis in1997had sounded the alarm bell to us. The subprime mortgage crisis in2007has still plaguing many countries, some countries’s real economy continue to decline. So, researching the generation mechanism and the operation role of the fictitious economy deeply, in order to promote the health of our economy and stable development, and try to eliminate and guard against the negative impact of the fictitious economy, has become the center of my thesis.This thesis discusses the fictitious economy from the view of the credit. Currency and the symbol of value is the original form of the fictitious economy, while the fictitious capital incarnates the credit relationship in essence. Fictitious capital moves in financial markets constitute the fictitious economy. So, in a sense, fictitious economy is the inevitable result of the modern credit system and market economy development. This thesis explains the reason why the fictitious economy appear:credit-currency virtualization, credit-fictitious capital, credit system-fictitious economy. First of all, the credit has led to currency virtualization. Currency, as a special commodity which will be widely accepted, must be sufficient value, otherwise people will not take the goods to exchange with them. However, the measurement of value gives the currency a new form which need not be sufficient value, even can have a virtual form. In addition, the currency as a means of exchange function, is not affected by the currency material. As long as the currency flows smoothly, the two functions will be able to play normally. Therefore, the development of the monetary forms will inevitably result in the detachment between the functions of money and currency material, make the currency spun off from the hard metal material, and play the general equivalent function aunthentically. The development of this currency form needs the backing up of nation’s force and the national credit. The money, insufficient or lack of value, is very difficult in circulation, meanwhile, the development of monetary forms will lead to the separation of monetary functions and monetary material. This contradiction will be resolved only by the intervention of the national credit. Therefore, due to the intervention of credit, money may become virtualization. Secondly, the development of credit led to the generation of fictitious capital. Fictitious capital refers to the capital which can generate income regularly, and exist in the form of securities. From its essence the fictitious capital, is a kind of right certificate which can acquire a part of the surplus value with capital ownership in the distribution field, is embodied in a debtor-creditor relationship, is a kind of capitalization credit form. When credit developed to the capitalism credit form, When credit developed to the capital has got a new form of development. It was no longer a simple monetary credit but evolved into a creditor’s rights. Similarly, currency borrowers were no longer only borrowed currency, but suddenly turned into the commodity solder’s of creditor’s rights. After a period of time, the buyers sold the commodity to the debtors with the higher price than ever before, then the capital completed its value-added mission and returned to creditors’ hands. This value-added is completed their own value-added in the production area, so it is known as the fictitious capital. Therefore, from the development of fictitious capital perspective, a certain development of credit form is the premise of the generation of fictitious capital. Finally, the modern credit system has spawned the fictitious economy. Fictitious stocks, corporate bonds and other fictitious capitals issue in the primary market and circulate in the secondary market, which all need the participation of financial institutions. In addition, bank creates money also need the developed social credit’s support. Therefore, the fictitious economy is based on the modern credit system.My research in this thesis will be divided into six parts:the first part is the introduction, giving an account of the full text of research background, main contents and the full text structure research methods; The second part is the definition of relevant concepts and theory literature review, this part is to redefine the credit lending content, the meaning of credit currency、Internet Economy、 Simbol economy, and reviews the history and present situation of the credit system and the fictitious economy; The third part introduces the credit system, and the fictitious based on the credit system, focusing on the relationship between fictitious economy and credit system:the fourth part focuses on the fictitious on the fictitious economy, including the definition of the fictitious economy、 characteristics、types, the relationship between the real economy and the fictitious economy, and its independent operating rules:The fifth part is the role of the fictitious economy in modern macroeconomics, mainly including the positive role of the fictitious economy on macroeconomics when credit deficiency. The sixth part analysis the fictitious economic situation in China based on the five parts theory before. In the analysis we found that at present our country’s bond market, the national debt and financial debt have a certain scale, but the amount of the issuance of corporate bonds circulations lower than standard. ABS issues lates the issuing size is small, the market is still far from perfect. The stock market have made great progress in recent years, but the phenomenon of speculation is very serious, and has lost the function of barometer of the real economy, when in—depth analysis of the aforementioned phenomenon under the guidance of the aforementioned theory, we find that the above problems are mainly due to:1、our nation’s financial development is still in financial repression state:2、the financial institution’s credit funds flows to fictitious economy field too much.