Convertibility and Credit-Dependency in Monetary System——An Interpretation about the Historical Debates of Financial Industry in Modern Sense
Monetary system in the commodities period,there have been three times of debates started in the relationship between money supply and price level,the debates revealed the "convertibility" criteria of maintaining monetary system stable operation.In the period of credit-monetary system,the intrinsic defects which implied in the system often were a prelude to the financial crisis.So to be aim at the latent defect in the system,it implements prudential supervision,limited competition and the principle of self-discipline to realize the "the credit-dependency" principle.