화폐내생성과유동성선호: 화폐적생산이론과의 조화
Money Endogeneity and Liquidity Preference: An Interpretation in the Monetary Theory of Production
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케인스의 화폐적 생산이론에서 유동성 선호는 미래의 불확실성에 대한대응으로서 화폐이자율을 결정한다. 그러나 이것이 포스트 케인지언 이론에서 논의되고 있는 화폐내생성과 대립되는 것은 아니다. 유동성 선호에 의해결정된 이자율은 투자의사 결정에 영향을 미치기는 하지만, 투자자금의 조달 변화로부터는 영향을 받지 않기 때문이다. 투자자금의 조달은 은행에 의해, 이미 유동성 선호에 의해 결정된 이자율 수준에서, 자기 청산될 수 있는플로우로서의순환자금으로 공급된다. 이와 같은 화폐내생성과 유동성 선호의 이해는 케인스가 말하는 화폐 · 기업가 경제에서의 불완전 고용과 불안정한 국민소득의 변화를 잘 설명할 수있게 해준다. 화폐는 불확실한 미래에 대한 대응수단이 되며, 유동성 선호에의해 결정된 이자율은 투자의 계획에 영향을 미친다. 은행도 그 자신의 판단하에 투자자금의 조달에 영향을 미친다. 이러한 경제에서 유동성 선호와 화폐공급내생성은 불완전 고용과 불안정한 국민소득을 낳게 한다.
Abstract
Liquidity preference, which means the demand for money as a means of the store of value to respond to uncertainty, is a necessary determinant of interest rates in the monetary theory of production. But this is not incompatible with the money endogeneity. Interest rates determined by liquidity preference affect investment decisions, but not is affected by the demand of investment finance. Finance of investment is supplied by the bank through revolving fund, which not be constrained by ex ante savings. This interpretation of the monetary endogeneity and the liquidity preferences can explain the general existence of underemployment and the instability of national income. If money serves as a response to the uncertain future and interest rates are determined by liquidity preferences, they would influence the decision of investment. Banks also could influence the funding of investment. In these economies, liquidity preference and money endogeneity are very important determinants of unemployment and unstable national income.
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