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《Financial Market Research》 2017-11
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From Currency and Monetary Policy Theory to Credit and Financial Market Theory

Innovation and market development have brought challenges to the central bank in the formulation of monetary policy, and have led to new complications to the application of financial and monetary policy theories. This paper reviews the path of financial development and assesses the evolution of two core financial functions--payments and credit creation. The paper also discusses theories of monetary policy and points out the shortcomings of such theories in explaining current financial market conditions. It suggests that financial research should shift from its focus on monetary concepts to credit concepts and from theories on monetary policy to those on financial market microstructure, which is more concerned with credit creation.
【CateGory Index】: F822.0;F830
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