「金融革新」の論理 : 貨幣資本蓄積の現代的形態(産業,産業社会の変革と企業経営の諸問題)

概要

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"Financial innovation" as an economic phenomenon is capital transfer between the money market and securities market, through disintermediation-reintermediation, by the appearance of new financial products. As a financial system, it can be regarded as deregulation from regulated interest rates to free interest rates. However, it has foundationally a growing economy and a problem is the relationship between the reproduction structure and credit. The core of "financial innovation": the accumulation of financial assets and money capital, exists under such conditions and the enlargement of financial circulation occurs as money capital circulate. This structural change is indeed "financial innovation" and at the same time causes financial instability. Therefore reform and reconstruction of the financial system becomes the main theme in the stabilization of it. In this article, emphasis is placed on how the reproduction structure changes and the financial system reforms. Then we explain the logic of "financial innovation" in each of the following stages: free competition stage, monopoly capital stage, and state monopoly capital stage. In the end, "Financial innovation" has its significance in maintaining and strengthening the modern capitalist system that involves the government bond in it.
日本大学の論文
1985-03-01