摘要
当前我国通货紧缩仍在持续 ,表现为价格持续下跌 ,失业率上升及经济增速放慢 (低于潜在产出水平 )。通货紧缩为何长期持续 ,目前尚缺乏深入的理论研究。应用信息经济学理论 ,通过分析劳动、商品和资本市场微观行为 ,认为 :通货紧缩时期在劳动、商品和资本市场上 ,因信息不对称和信息不完全会导致市场机制失灵 ,从而加剧了宏观经济波动的深度。劳动力市场上效率工资的存在造成失业增加 ,工资成本反而下降 ;高等教育普及使原有文凭结构的信号传送功能弱化 ,迫使人们追求更高学历层次 ,并为之增加储蓄 ,减少了即期需求 ;商品市场上厂商之间博弈会形成折弯的需求曲线和价格粘性 ;信贷市场由于银行风险厌恶程度增加 ,信贷配给更加严重 ;债券市场因代理人问题出现萎缩 ;中小企业融资也因各层级资本市场的信息披露程度差异 ,形成低层级融资均衡 ,所有这些都会导致投融资不足。
At present China's currency deflation is still in its duration, showing prices sinking sustainable, rate of unemployment rising, growing speed in economy slowing down, etc. Now there are not deep theoretical researches on why the currency deflation is in its long-term duration. This paper tries to use the theory of information economics to analyze the labor, commodities and capital markets, and takes for that, because unsymmetrical information and incomplete information would cause the market mechanism out of work, the undulate depth in macro-economy is intensified on labor, commodities and capital markets in the period of currency deflation. The efficient payments in labor market have caused the increase in unemployment whereas the payment costs have been in decrease; the spread of higher education has made the function of original degree structure weaker so as to compel people to seek more high degrees, and increase its deposits and decrease its immediate demands; the game among manufacturers in the commodity markets will form the demand curve and sticky price; more bank venture disgusting have made the credit distribution in the credit market more serious; the problems of agents have made the bond market shrink; the financing in small-medium enterprises has formed the lower financing equilibrium because of the different exposures of information in various levels of capital markets. All of these would lead to the shortage of input financing.
出处
《云南财贸学院学报》
2003年第2期50-55,共6页
Journal of Yunnan Finance and Trade Institute
