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首页> 外文期刊>JPKE: Journal of Post Keynesian Economics >Financialization and the transformation of commercial banking: understanding the recent Canadian experience before and during the international financial crisis
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Financialization and the transformation of commercial banking: understanding the recent Canadian experience before and during the international financial crisis

机译：金融化与商业银行业务转型：了解国际金融危机之前和期间加拿大的最新经验

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摘要

As creators of credit money, commercial banks prevent the nonfinancial private sector from being constrained by its prior savings in accordance with the theory of the monetary circuit. Commercial banking provides the means for a private economy to break away from its financial constraint. Commercial banks are a blend of private/public institutions at the foundation of an economy's payment system, with the accompanying critical externalities. As the economy has moved historically from the prefinancialization era toward a hyperfinancialized economy, there has been a shift away from its traditional role of financing production. The activity of commercial banking has evolved, especially as a result of securitization. Commercial banks are now found at the center of one large profit-making transactions machine that largely denies their original role in the productive sphere. It is their new activities, together with all the associated perverse incentives that this transformation has created, that brought about the financial crisis. The article analyzes this evolution by studying more carefully the Canadian experience prior to and following the financial crisis.
机译：作为信贷货币的创造者，商业银行根据货币巡回理论防止非金融私营部门受到其先前储蓄的约束。商业银行业务为私营经济摆脱金融约束提供了手段。商业银行是经济支付系统基础上的私人/公共机构的混合体，并伴有严重的外部性。随着经济从历史上从前金融化时代向超金融化经济转变，人们已经从其传统的生产融资角色转变。商业银行业务的发展，尤其是证券化的结果。现在，商业银行位于一台大型获利交易机器的中心，在很大程度上否认了它们在生产领域的原始作用。正是他们的新活动，以及这种转变所创造的所有相关的有害激励措施，才导致了金融危机。本文通过更仔细地研究金融危机前后的加拿大经验来分析这种演变。

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