The concept of "big finance" was first put forward by Huang Da, a famous economist in China, at the beginning of this century, and it was promoted and perfected by China's financial theory and practice in the following ten years. 20 13 president Chen, president of Renmin university and member of the monetary Committee of the central bank, and Dr. Ma Yong jointly wrote the outline of great finance, formally proposing the global proposition of "great finance".
The concept of "Big Finance", a global financial framework, will also be formally put forward at the G20 International Summit in 20 13, which will help to achieve the "global economic goal" of strong, sustainable and balanced economic growth announced by the meeting.
The four basic connotations surrounding the proposition of "big finance" are: the systematic integration of macro and micro financial theories; Harmonious unity of finance and real economy; The organic combination of the general law of financial development and "state-owned assets"; Global thinking mode and cross-border consciousness of internal and external financial harmony. The concept of overall situation and overall thinking have become the core of big financial theory.
Big finance and its theoretical differences from traditional economics;
For a long time, the mainstream macroeconomic theory has not formally brought the financial system into the analytical framework, which not only underestimates the actual impact of the financial system on macroeconomic operation for a long time, but also theoretically separates the correlation and mechanism between the two. Generally speaking, neither the macroeconomic theory under the mainstream paradigm nor the macroeconomic theory under the non-mainstream paradigm can provide an overall analytical framework with consistent logic and perfect theoretical basis for financial factors in economic operation. Up to now, most studies on the relationship between finance and macroeconomics have not been clearly integrated into a complete financial system, and the impact of financial system on macroeconomics is only achieved by implanting specific financial friction factors into neoclassical or neo-Keynesian models. This round of financial crisis once again shows that the impact of finance on the real economy is very important. It is difficult to make a breakthrough in macroeconomic theory until the internal operation law of the financial system and the endogenous mechanism of finance and real economy are well and fully understood.
In a word, the current theory and reality have reached a new crossroads, and it is necessary to construct a new financial theoretical framework with a more comprehensive, systematic and realistic methodology, which is a problem that all theoretical workers and practitioners must face and need to think deeply. "Big Finance" is put forward under the dual background that the existing macro-economic and financial theories are facing great defects and the realistic economic and financial development urgently needs new methodological guidance. The core foundation of the theory of "Big Finance" is to organically combine micro-individuals with macro-whole, build a modern financial system with high efficiency, stability and response to the crisis, and fully serve the real economy, thus promoting China to become the core country in the sixth long cycle of the world.
Committed to big finance:
Outline of big finance
Authors: Chen, Ma Yong.
Press: Renmin University of China Press
About the author:
Chen: Professor and Doctoral Supervisor of Renmin University of China, Senior Visiting Scholar of Eisenhower Foundation, Fulbright Senior Visiting Scholar of Columbia University, and Member of Monetary Policy Committee of Bank of China. He was selected as a national candidate for the "100 million talents project in the new century" by the Ministry of Personnel, and won the first national young college teacher award and the national excellent doctoral dissertation instructor award by the Ministry of Education. Academic and teaching research achievements have won many national awards.
Ma Yong: Doctor of Economics, Research Fellow, Institute of International Monetary Studies, Renmin University of China. Research fields mainly include modern financial system, macroeconomics and financial policy. Since 2008, more than 30 papers have been published in core journals such as Economic Research, Financial Research, Finance and Trade Economy, Economic Theory and Economic Management, and many papers have been reproduced in full by Xinhua Digest and NPC Copying Newspapers and Materials. 20 10 won the second prize of the 11th outstanding achievement award of philosophy and social sciences in Beijing, and 20 12 won the first prize of the 12th outstanding achievement award of philosophy and social sciences in Beijing.