Virtual economy and electronic currency
Publish: 2021-04-21 10:40:35
1. The formation of virtual economy has experienced five main stages of development. The first stage is the capitalization of idle money, that is, people's idle money becomes interest bearing capital. The earliest origin can be traced back to the business lending behavior between indivials. For example, Party A borrows money from Party B who has spare money to engage in proction and business activities, and it is agreed that Party A will repay the principal and interest to Party B when e. IOU is the rudiment of virtual capital, which gains value through circulation of borrowing and returning. At this time, B did not engage in actual economic activities, just through a virtual economic activities to make money. The second stage is the socialization of interest bearing capital, that is, from indivial lending to banks and securities. With the development of society, as an intermediary, banks have emerged. People deposit the idle money in the bank, and then the bank lends it to earn interest. People can also use the idle money to buy various securities to earn interest. At this time, the securities in people's hands are virtual capital. The third stage is the marketization of securities, that is, the formation of a virtual capital exchange financial market, and then the financial market graally developed from stocks and bonds to futures trading. The biggest problem of the early virtual capital was the lack of liquidity, which hindered the transformation of idle money into interest bearing capital. After the marketability of securities, they can be bought and sold freely according to their expected returns, thus creating a financial market for virtual capital transactions. The fourth stage is the internationalization of financial market, that is, virtual capital can conct cross-border transactions, which has experienced a tortuous process. In the middle of the 19th century, the United States and other debtor governments and railway companies issued bonds with fixed interest rates in the financial markets of Britain, France and Germany. However, it was not until the early 20th century that large-scale transnational securities investment appeared. Since the 1960s, futures trading has appeared in the trading of stocks, bonds, foreign exchange and other financial commodities, and options trading also appeared in 1973. The fifth stage is the integration of international finance. Since the 1980s, with the advancement of economic globalization, the degree of economic dependence among countries has greatly increased, and the degree of financial liberalization has graally increased; Second, with the formation of floating exchange rate system and the enhancement of financial innovation, the scale of virtual economy is increasing; Third, with the progress of information technology, the flow of virtual capital in the financial market is faster and faster, and the flow is also larger and larger. The above three factors promote the closer connection between the domestic financial markets and the international financial markets, and the mutual influence is also increasing. It can be said that the whole body is affected by one thing. The characteristics of virtual economy virtual economy system has several characteristics. One is complexity. Virtual economy is a complex system, which is mainly composed of natural person and legal person. They carry out virtual economic activities in the financial market according to certain rules. Everyone has the freedom of independent decision-making, but can not be affected by other people's decision-making and the environment. Taking the stock market as an example, when an investor buys and sells stocks is his own decision-making, but this decision-making can not be influenced by other people, or by environmental factors such as policies. Although the system is easy to proce turbidity e to the nonlinear interaction between components, it can show a certain order and stability e to the self-organization of the system. Second, metastability. Virtual economic system is a kind of metastable system, which is far away from equilibrium, but can keep relatively stable. With dissipative structure, it is necessary to exchange funds with the outside world to maintain relative stability. For example, in the stock market, there must be buying and selling, and new capital must be continuously injected in order for the stock market to survive. The metastability of virtual economy comes from three aspects: first, the inherent instability of virtual capital. The second is the virtualization of money. After the decoupling of currency from gold standard and gold exchange standard, it no longer has a real value that can be measured by some kind of material object. The government can adjust the money supply by printing money, without the previous money withdrawal mechanism. At this time, the value of money can only be measured by its purchasing power, and it is affected by the circulation of money, interest rate, exchange rate, people's consumption behavior and other factors, so the virtualization of money will enhance the instability of the virtual economy. Third, it comes from positive feedback. Theoretically speaking, the rise of stock price will rece the demand for stocks. As fewer people buy stocks, the supply and demand of stock market will be automatically balanced; However, e to the positive feedback effect in the stock market, many investors are optimistic about the future of the stock market after the stock price rises, and more funds will enter the stock market to speculate. Due to the increasing demand, the stock price will rise further. This kind of positive feedback will cause amplification effect and make the price of virtual capital fluctuate greatly. Thus, the instability of the virtual economic system is aggravated. Third, high risk. It can be divided into objective risk and subjective risk. In recent years, e to the development of information technology, a lot of progress has been made in predicting the future from the past data, but it is still impossible to predict the future completely and accurately, so there are objective risks. Subjective risk comes from people's subjective estimation error of expected return. The development of stock market is supported by people's optimistic psychological expectation. If there is no speculation, bubble and risk in stock market, it is not the stock market. Speculators do not look at the discount of future earnings, but at the price difference between buying and selling. If there is speculation, there must be bubbles. If there are bubbles, there must be risks. This is the subjective risk. This kind of risk has a positive feedback effect and is easy to be amplified, causing panic. In addition, the existence of illegal activities, such as internal transactions, manipulation by dealers and untrue information disclosure, will also cause high risks of virtual economy. Fourth, parasitism. The virtual economic system is proced by the real economic system and attached to the real economic system. Its parasitic performance is that its operation cycle depends on the operation cycle of the real economy, but the short-term deviation may occur. Due to the close relationship between virtual and real economic systems, the risks in real economy, such as overstocking of procts, bankruptcy of enterprises, will be transferred to the virtual economic system, leading to its instability. The risks in the virtual economy system, such as the sharp fall of the stock index, the sharp fall of the real estate price, the sharp increase of bad bank loans, and the sharp depreciation of the currency, will also have a serious impact on the real economy. In the market economy, it is impossible for the real economy to run away from the virtual economic system. Fifth, periodicity. On the whole, the evolution of virtual economy is cyclical. In general, the real economy has accelerated growth, the economic bubble has begun to take shape, currency and credit have graally expanded, asset prices have generally risen, stock and real estate prices have been rising, external disturbances have caused the economic bubble to burst, all kinds of financial indicators have dropped sharply, people have been throwing real assets and financial assets, and the real economy has slowed down or negative growth. This periodicity is not a simple cycle, but a spiral forward. The virtual economy is always in a cycle of expansion, bubble formation, bubble burst, contraction or collapse. The real economy is hardware, and the virtual economy is software. First of all, we should make clear what the real economy is. Marx discusses the process of capital circulation, that is, first employing workers, purchasing raw materials, machines and building factories with monetary capital through exchange, and then turning procts into procts through proction, procts into commodities through circulation, and commodities into money through exchange. I think this process is the real economy. Virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. This is that monetary capital can make profits without going through the real economic cycle. In short, the virtual economy is the activity of directly making money from money. At present, the scale of virtual economy is much larger than that of real economy. Since the 1980s, the world's average annual economic growth rate has been about 3%, the annual growth rate of international trade is about 5%, the annual growth rate of international capital flow is about 25%, and the total price of global stocks has increased by 2.5 times. According to the data of the International Monetary Fund and the world bank, the world's total virtual economy was 140 trillion US dollars at the end of 1997 and 160 trillion US dollars at the end of 2000, which is roughly five times of the world's GDP. The daily flow of virtual capital in the world is about 2 trillion US dollars, which is about 50 times of the world's daily average trade volume. It can be predicted that with the development of e-commerce and e-money, the scale of virtual economy will continue to expand. The real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent. The study of virtual economy is not only of theoretical significance, but also of practical significance. On the one hand, it is because the scale of virtual economy is expanding rapidly, and there is still a big gap between China and foreign countries in the development of virtual economy. Compared with the real economy, the scale of China's virtual economy is still relatively small. When the market value of the stock market was the highest, it was only 55% of GDP, and only about one third of it was circulating shares. The bond market and money market were relatively small, and financial derivatives had not yet developed. China did not have such large-scale financial centers as Wall Street in New York and Lombard Street in Britain. On the other hand, e to our lack of experience in how to control the virtual economy, China is facing severe challenges in the virtual economy after China's accession to the WTO. For example, in the use of funds, we still have some experience on how to make use of interest rate difference and time difference, but we don't know much about how to make use of liquidity difference, portfolio difference and risk difference to achieve the optimal balance among profitability, security and liquidity. In addition, we also lack experience on how to recognize and deal with the risks in the virtual economy system. We should seriously study the movement and development law of virtual economy, especially the interaction and influence between virtual economy and real economy, so as to give full play to the role of virtual economy in promoting China's economic development and try our best to prevent and eliminate its negative effects.
2.
Compared with the real economy, virtual economy is the inevitable proct of economic virtualization. The essence of economy is a set of value system, including material price system and asset price system. Different from the material price system which is supported by cost and technology, the asset price system is a set of specific price system based on capitalization pricing, which is also called virtual economy
compared with the real economy, the virtual economy has a strong instability, which is determined by the virtual economy itself. The virtual nature of the virtual economy itself makes the price decision of all kinds of virtual capital in the process of market trading not follow the law of value as the price decision process of the real economy
However, it depends more on the subjective expectations of the virtual capital holders and participants on the rights and interests represented by the future virtual capital, which in turn depends on many non economic factors such as macroeconomic environment, instry prospects, politics and surrounding environment, which increases the instability of the virtual economy 
extended data:
the harm of virtual economy
virtual economy is a "double-edged sword", which is proced to meet the needs of the real economy and can promote the development of the real economy; It may also bring great negative impact, even destructive damage to the real economy, which is mainly manifested as follows:
virtual economy is independent of physical capital, has great liquidity, and is a paradise for speculators. With the development of derivative financial instruments, the virtual capital can be separated from the physical capital further, and the liquidity is stronger. It can be used for the holders to operate in a large amount and in a long distance, which will have an impact on a country, a region and even the global economy
from "crazy tulip", "Mississippi hoax" to "bubble on the South China Sea", from "black Monday" and "October Massacre" to "really different this time", every financial crisis has caused serious dislocation of some countries' inverted Pyramid structure, and has interrupted the effective growth of important regional economies, resulting in a severe recession of the world economy. p>
the excessive issuance of virtual currency and the sharp increase of bad bank loans will shake the order and credit basis of the normal operation of the real economy. Since the emergence of paper money, especially the later book money and electronic money, human beings have entered the era of virtual money. Although the emergence of virtual money makes the money supply flexible enough to adapt to the development of real economy, it also makes it possible for excessive issuance and inflation of money
especially when the modern commercial banks with credit creation function are divorced from the actual needs of the real economy and provide credit by creating deposits, the whole real economy will inevitably suffer from inflation
bank is difficult to recover and form a large number of bad debts, it will not only cause the financial assets of banks to generate financial bubbles e to the fact that the real value is much lower than the book value, but also destroy the normal credit relations and shake the credit basis of the stable operation of the real economy. p>
virtual economy distorts the way of resource allocation, reces the efficiency of resource allocation, and hinders the development of physical economy such as agriculture and instry. In the rising stage of the bubble economy, investing in stock market, currencies and real estate can get a high rate of return which is far from the real economy. p> High rate of return makes a large amount of capital flow into stock market, foreign exchange market or real estate from the real economy sector, and the imbalance of capital will lead to a sharp rise in interest rate, which will cause the development of the real economy sector to shrink or even stagnate e to the high financing cost
, at the same time, the high returns of stock market, currencies and real estate make large numbers of talents flow into the bubble economy, and make labor costs rise rapidly e to the shortage of human capital. The excessive expansion of proction costs will rece the international competitiveness of the physical sector. p>
virtual economy destroys the operation of the financial system, reces the anti risk ability of banks, and causes financial crisis. In the bubble economy, speculative activities prevailed and demand for funds increased sharply, which led banks to raise interest rates for a higher profit. p>
high interest rates encourage banks to expand credit, relax the review of credit quality and feasibility study, so that a large number of funds from banks and other financial institutions flow into the stock market, foreign exchange market, real estate and other excessive speculative markets. The physical economy can not bear the high bank interest rates, which greatly inhibits its normal funds. As a vested interest group, banks and other financial institutions have great influence on the stock market, foreign exchange market and real estate market Foreign exchange market and real estate speculation played a negative role
bubble economy distorts consumer behavior, which is an important source of over consumption, and excessive consumption can easily lead to a large increase in imports. At the same time, e to high borrowing costs and labor costs, enterprises will rece export competitiveness
The rapid increase of imports and the sharp decline of exports have damaged the trade balance of current account, resulted in a huge current account deficit and a sharp decrease in foreign exchange savings, which worsened the balance of payments. In addition, the bubble economy can redistribute national income, aggravate polarization between the rich and the poor, and seriously lead to a series of social problems, which pose a threat to social stability. p>3.
Virtual economy is relative to the real economy, and is the inevitable proct of economic Virtualization (called "financial deepening" in the West). The essence of economy is a set of value system, including material price system and asset price system
e to capitalization pricing, people's psychological factors will have an important impact on the virtual economy; That is to say, virtual economy has inherent volatility in operation. Broadly speaking, the virtual economy will not only focus on the financial instry and real estate instry, but also include sports economy, gambling instry and collection instry. p> Different from the material price system supported by cost and technology, asset price system is a set of specific price system based on capitalization pricing, which is also called virtual economy
extended data:
virtual economy is the holding and trading activity of virtual capital stock, which is just the transfer of value symbol. Compared with the real economy, its liquidity is very high. With the development of information technology, stocks, securities and other virtual capital stock are paperless and electronic, and the transaction process is completed in an instant, which highlights the liquidity characteristics of virtual economy
the liquidity of the virtual economy is stronger than that of the real economy, and the adjustment speed of the virtual economy is bound to be faster. This characteristic of virtual economy makes it respond quickly to external shocks; However, if the day deviates from the equilibrium state, it will return to the equilibrium quickly, and in the process of recovery, it has the characteristics of crossing the equilibrium level and returning
This nature of virtual economy has been applied to economic analysis, such as the overcorrection model of J foreign exchange proposed by enbush, which makes use of the different characteristics of liquidity between virtual economy and real economy, and Franco has also made the overcorrection model of basic goods in view of the different liquidity between basic goods and manufactured goods4. "Virtual economy" is a new word that has just appeared in recent years. At present, the domestic research on virtual economy is in the ascendant, and it is still in the stage of contention. Now, the formulation of "virtual economy" is rather confusing. "Generally speaking, it can be summarized into four kinds of statements
the first understanding: Cheng Siwei's definition
Cheng Siwei's definition is: "virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system, which is simply the activities of directly making money from money."
on the "circular movement", Cheng Siwei said: at present, the circulation of virtual economy is in the financial market, first through the exchange, the money is exchanged for IOU, stocks and bonds; Then, at an appropriate time, the IOU, stocks and bonds can be exchanged to change back into money and directly generate money from money
there are three main points in this statement: first, using "virtual capital" as the definition item; Second, the activity of "directly" making money from money; Third, "in the financial market"
this statement has the greatest impact. This is not because Cheng Siwei is vice chairman of the National People's Congress, nor because he is a famous economist, but because he is an authoritative expert and leader in the study of virtual economy in China. He is also the honorary director of the virtual economy and management research center of Nankai University. The center is the first professional research institution named "virtual economy" in China< In addition to Professor Liu Junmin, director of the "virtual economy and management research center" of Nankai University, there are economist Li Xiaoxi, Professor Pan Yingli of East China Normal University, Professor Li Yuzhong of Beijing Normal University, Jiang Xiuqian of the Department of national economy and management of Renmin University of China, and Tao Wenqing of Nanjing University of economics< According to Wang guogang, financial research center of Chinese Academy of Social Sciences, "virtual economy" is a concept used to describe the economic activities formed by holding and trading interests in the form of bills in economic operation. In modern economy, it mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry
Li Jiange, an economic expert, expressed "virtual economy" with "economic symbol" and "symbolic economy", which is actually the same view
Cheng Siwei believes that the content of virtual economy is wider than that of finance, and some contents of finance do not belong to virtual economy. The essence of venture capital is the combination of intellectual capital and financial capital (equity capital). Intellectual capital is a kind of virtual capital, but it is obviously not included in the scope of finance< The fundamental difference between this understanding and the first one is that it focuses on capital and avoids "virtual capital"< According to Chen Huai, deputy director of the Institute of market economy of the development research center of the State Council, virtual economy is an economy of capital independence movement. Capital moves independently in the form of value separated from physical economy, which is the fundamental embodiment of the virtual nature of virtual economy. The foundation of the existence and development of virtual economy is property right transaction. The symbol of the high development of market economy is that property right itself has become the object of market transaction
Song Fengming, Professor of Tsinghua University, believes that finance is an important part of the virtual economy, and the capital market is the core part of the virtual economy
"Final Fantasy X" stressed in a post published on the Internet on March 28, 2003: To study the virtual economy, we must first study the value of capital“ Capital can also create value
the fourth understanding: new economy is "virtual economy"
the reason for this view is that the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society< According to Jiang Qiping, restructuring the virtual economy in the sense of information space is the virtual economy in the sense of new economy. The framework system of information space is applied to the national economy to form the generalized virtual economy (or information economy). Information space includes "virtual space", "mobile space" and "network society" of "information age Trilogy" as described by Manuel Castel
the basic relationship between the real economy and the virtual economy
in economic operation, & quot; Real economy & quot; It is used to describe the concept of economic activities formed by the proction and sale of material materials and the direct provision of labor services. It mainly includes agriculture, instry, transportation, commerce, construction, posts and telecommunications and other instrial sectors< br />
" Virtual Economy & quot; It is used to describe the concept of economic activities formed by holding and trading interests in the form of bills. In modern economy, it mainly refers to the financial instry& quot; Virtual Economy & quot; At present, it has not become a common concept in academic circles, and people use it more; Virtual capital & quot In Marx's theory, virtual capital refers to the capital held by the owner in the form of equity (or stock) on the basis of the separation of ownership and management of capital. In the new Palgrave Dictionary of economics, & quot; Fictitious capital refers to financing proctive activities by means of credit Second coupon, P. 340). From this point of view, the virtual economy includes not only the securities instry, capital market, but also not only the money market, but also the banking instry and foreign exchange market, which is a concept covering the financial instry. In the historical process, the virtual economy is proced from the inherent needs of the development of the real economy, and its basic purpose is to promote the development of the real economy. In this respect, the main functions of virtual economy are as follows:
first, through issuing and trading relevant bills, transparent financial information and other relevant information of enterprises, guide capital flow, promote and adjust the allocation of economic resources among various real economic departments and enterprises, and improve economic efficiency< Second, promote the improvement of enterprise organizational system (for example, if there is no decentralization of equity and stock trading, there will be no modern joint-stock company and its internal governance structure). At the same time, through the provision of various financial instruments, promote the dispersion of operational risks in the real economy sector
in modern economy, money is no longer a precious metal such as gold. As credit currency, paper money and electronic money are & quot; Virtual & quot; Of; Compared with the real economy, the process of money management and money creation by banks and other financial institutions also belongs to & quot; Virtual & quot; Category. Money, capital and other financial instruments, like blood, have penetrated into all aspects of the national economy. The normal operation of the real economy is inseparable from the virtual economy. A typical example is that as soon as money is tightened, the real economy sector will immediately respond. Throughout the world, it can be said that without virtual economy, there would be no modern economy
in the past 50 years, especially since the 1980s, a remarkable phenomenon in virtual economy is the rapid development of financial derivatives in financial innovation. The main function of financial derivatives is to disperse and prevent financial risks, and promote the effective allocation of economic resources by promoting capital flow (including international flow). In the mid-1980s, with & quot; Plaza Agreement & quot; Since the signing of the agreement, the yen has appreciated greatly (the ratio of yen to the US dollar has risen rapidly from 240:1 to 140:1), which has led to a serious loss in the value of China's yen foreign debt; Turn over, If we can use some operation means (such as hedging) in foreign exchange futures in time in borrowing foreign debts, such losses will not occur. In the international community, there are numerous examples of using financial derivatives to prevent financial risks. There is no doubt that, like other things in the world, financial derivatives also have their negative effects, but these negative effects can be controlled and prevented through strict financial rule of law and strengthening financial supervision.
the first understanding: Cheng Siwei's definition
Cheng Siwei's definition is: "virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system, which is simply the activities of directly making money from money."
on the "circular movement", Cheng Siwei said: at present, the circulation of virtual economy is in the financial market, first through the exchange, the money is exchanged for IOU, stocks and bonds; Then, at an appropriate time, the IOU, stocks and bonds can be exchanged to change back into money and directly generate money from money
there are three main points in this statement: first, using "virtual capital" as the definition item; Second, the activity of "directly" making money from money; Third, "in the financial market"
this statement has the greatest impact. This is not because Cheng Siwei is vice chairman of the National People's Congress, nor because he is a famous economist, but because he is an authoritative expert and leader in the study of virtual economy in China. He is also the honorary director of the virtual economy and management research center of Nankai University. The center is the first professional research institution named "virtual economy" in China< In addition to Professor Liu Junmin, director of the "virtual economy and management research center" of Nankai University, there are economist Li Xiaoxi, Professor Pan Yingli of East China Normal University, Professor Li Yuzhong of Beijing Normal University, Jiang Xiuqian of the Department of national economy and management of Renmin University of China, and Tao Wenqing of Nanjing University of economics< According to Wang guogang, financial research center of Chinese Academy of Social Sciences, "virtual economy" is a concept used to describe the economic activities formed by holding and trading interests in the form of bills in economic operation. In modern economy, it mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry
Li Jiange, an economic expert, expressed "virtual economy" with "economic symbol" and "symbolic economy", which is actually the same view
Cheng Siwei believes that the content of virtual economy is wider than that of finance, and some contents of finance do not belong to virtual economy. The essence of venture capital is the combination of intellectual capital and financial capital (equity capital). Intellectual capital is a kind of virtual capital, but it is obviously not included in the scope of finance< The fundamental difference between this understanding and the first one is that it focuses on capital and avoids "virtual capital"< According to Chen Huai, deputy director of the Institute of market economy of the development research center of the State Council, virtual economy is an economy of capital independence movement. Capital moves independently in the form of value separated from physical economy, which is the fundamental embodiment of the virtual nature of virtual economy. The foundation of the existence and development of virtual economy is property right transaction. The symbol of the high development of market economy is that property right itself has become the object of market transaction
Song Fengming, Professor of Tsinghua University, believes that finance is an important part of the virtual economy, and the capital market is the core part of the virtual economy
"Final Fantasy X" stressed in a post published on the Internet on March 28, 2003: To study the virtual economy, we must first study the value of capital“ Capital can also create value
the fourth understanding: new economy is "virtual economy"
the reason for this view is that the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society< According to Jiang Qiping, restructuring the virtual economy in the sense of information space is the virtual economy in the sense of new economy. The framework system of information space is applied to the national economy to form the generalized virtual economy (or information economy). Information space includes "virtual space", "mobile space" and "network society" of "information age Trilogy" as described by Manuel Castel
the basic relationship between the real economy and the virtual economy
in economic operation, & quot; Real economy & quot; It is used to describe the concept of economic activities formed by the proction and sale of material materials and the direct provision of labor services. It mainly includes agriculture, instry, transportation, commerce, construction, posts and telecommunications and other instrial sectors< br />
" Virtual Economy & quot; It is used to describe the concept of economic activities formed by holding and trading interests in the form of bills. In modern economy, it mainly refers to the financial instry& quot; Virtual Economy & quot; At present, it has not become a common concept in academic circles, and people use it more; Virtual capital & quot In Marx's theory, virtual capital refers to the capital held by the owner in the form of equity (or stock) on the basis of the separation of ownership and management of capital. In the new Palgrave Dictionary of economics, & quot; Fictitious capital refers to financing proctive activities by means of credit Second coupon, P. 340). From this point of view, the virtual economy includes not only the securities instry, capital market, but also not only the money market, but also the banking instry and foreign exchange market, which is a concept covering the financial instry. In the historical process, the virtual economy is proced from the inherent needs of the development of the real economy, and its basic purpose is to promote the development of the real economy. In this respect, the main functions of virtual economy are as follows:
first, through issuing and trading relevant bills, transparent financial information and other relevant information of enterprises, guide capital flow, promote and adjust the allocation of economic resources among various real economic departments and enterprises, and improve economic efficiency< Second, promote the improvement of enterprise organizational system (for example, if there is no decentralization of equity and stock trading, there will be no modern joint-stock company and its internal governance structure). At the same time, through the provision of various financial instruments, promote the dispersion of operational risks in the real economy sector
in modern economy, money is no longer a precious metal such as gold. As credit currency, paper money and electronic money are & quot; Virtual & quot; Of; Compared with the real economy, the process of money management and money creation by banks and other financial institutions also belongs to & quot; Virtual & quot; Category. Money, capital and other financial instruments, like blood, have penetrated into all aspects of the national economy. The normal operation of the real economy is inseparable from the virtual economy. A typical example is that as soon as money is tightened, the real economy sector will immediately respond. Throughout the world, it can be said that without virtual economy, there would be no modern economy
in the past 50 years, especially since the 1980s, a remarkable phenomenon in virtual economy is the rapid development of financial derivatives in financial innovation. The main function of financial derivatives is to disperse and prevent financial risks, and promote the effective allocation of economic resources by promoting capital flow (including international flow). In the mid-1980s, with & quot; Plaza Agreement & quot; Since the signing of the agreement, the yen has appreciated greatly (the ratio of yen to the US dollar has risen rapidly from 240:1 to 140:1), which has led to a serious loss in the value of China's yen foreign debt; Turn over, If we can use some operation means (such as hedging) in foreign exchange futures in time in borrowing foreign debts, such losses will not occur. In the international community, there are numerous examples of using financial derivatives to prevent financial risks. There is no doubt that, like other things in the world, financial derivatives also have their negative effects, but these negative effects can be controlled and prevented through strict financial rule of law and strengthening financial supervision.
5. The formation of virtual economy has gone through five main stages. The first stage is the capitalization of idle money, that is, people's idle money becomes interest bearing capital. The earliest origin can be traced back to the business lending behavior between indivials. For example, Party A borrows money from Party B who has spare money to engage in proction and business activities, and it is agreed that Party A will repay the principal and interest to Party B when e. IOU is the rudiment of virtual capital, which gains value through circulation of borrowing and returning. At this time, B did not engage in actual economic activities, just through a virtual economic activities to make money
the second stage is the socialization of interest bearing capital, that is, from indivial lending to banks and securities. With the development of society, as an intermediary, banks have emerged. People deposit the idle money in the bank, and then the bank lends it to earn interest. People can also use the idle money to buy various securities to earn interest. At this time, the securities in people's hands are virtual capital
the third stage is the marketization of securities, that is, the formation of a virtual capital exchange financial market, and then the financial market graally develops from stocks and bonds to futures trading. The biggest problem of the early virtual capital was the lack of liquidity, which hindered the transformation of idle money into interest bearing capital. After the marketability of securities, they can be bought and sold freely according to their expected returns, thus creating a financial market for virtual capital transactions
the fourth stage is the internationalization of financial market, that is, virtual capital can conct cross-border transactions, which has gone through a tortuous process. In the middle of the 19th century, the United States and other debtor governments and railway companies issued bonds with fixed interest rates in the financial markets of Britain, France and Germany. However, it was not until the early 20th century that large-scale transnational securities investment appeared. Since the 1960s, futures trading has appeared in the trading of stocks, bonds, foreign exchange and other financial commodities, and options trading also appeared in 1973< The fifth stage is the integration of international finance. Since the 1980s, with the advancement of economic globalization, the degree of economic dependence among countries has greatly increased, and the degree of financial liberalization has graally increased; Second, with the formation of floating exchange rate system and the enhancement of financial innovation, the scale of virtual economy is increasing; Third, with the progress of information technology, the flow of virtual capital in the financial market is faster and faster, and the flow is also larger and larger. The above three factors promote the closer connection between the domestic financial markets and the international financial markets, and the mutual influence is also increasing. It can be said that the whole body is affected by one thing
the characteristics of virtual economy
there are several characteristics of virtual economy system. One is complexity. Virtual economy is a complex system, which is mainly composed of natural person and legal person. They carry out virtual economic activities in the financial market according to certain rules. Everyone has the freedom of independent decision-making, but can not be affected by other people's decision-making and the environment. Taking the stock market as an example, when an investor buys and sells stocks is his own decision-making, but this decision-making can not be influenced by other people, or by environmental factors such as policies. Although the system is easy to proce turbidity e to the nonlinear interaction between components, it can show a certain order and stability e to the self-organization of the system< The second is metastable. Virtual economic system is a kind of metastable system, which is far away from equilibrium, but can keep relatively stable. With dissipative structure, it is necessary to exchange funds with the outside world to maintain relative stability. For example, in the stock market, there must be buying and selling, and new capital must be continuously injected in order for the stock market to survive. The metastability of virtual economy comes from three aspects: first, the inherent instability of virtual capital. The second is the virtualization of money. After the decoupling of currency from gold standard and gold exchange standard, it no longer has a real value that can be measured by some kind of material object. The government can adjust the money supply by printing money, without the previous money withdrawal mechanism. At this time, the value of money can only be measured by its purchasing power, and it is affected by the circulation of money, interest rate, exchange rate, people's consumption behavior and other factors, so the virtualization of money will enhance the instability of the virtual economy. Third, it comes from positive feedback. Theoretically speaking, the rise of stock price will rece the demand for stocks. As fewer people buy stocks, the supply and demand of stock market will be automatically balanced; However, e to the positive feedback effect in the stock market, many investors are optimistic about the future of the stock market after the stock price rises, and more funds will enter the stock market to speculate. Due to the increasing demand, the stock price will rise further. This kind of positive feedback will cause amplification effect and make the price of virtual capital fluctuate greatly. Thus, the instability of the virtual economic system is aggravated< The third is high risk. It can be divided into objective risk and subjective risk. In recent years, e to the development of information technology, a lot of progress has been made in predicting the future from the past data, but it is still impossible to predict the future completely and accurately, so there are objective risks. Subjective risk comes from people's subjective estimation error of expected return. The development of stock market is supported by people's optimistic psychological expectation. If there is no speculation, bubble and risk in stock market, it is not the stock market. Speculators do not look at the discount of future earnings, but at the price difference between buying and selling. If there is speculation, there must be bubbles. If there are bubbles, there must be risks. This is the subjective risk. This kind of risk has a positive feedback effect and is easy to be amplified, causing panic. In addition, the existence of illegal activities, such as internal transactions, manipulation by dealers and untrue information disclosure, will also cause high risks of virtual economy< The fourth is parasitism. The virtual economic system is proced by the real economic system and attached to the real economic system. Its parasitic performance is that its operation cycle depends on the operation cycle of the real economy, but the short-term deviation may occur. Due to the close relationship between virtual and real economic systems, the risks in real economy, such as overstocking of procts, bankruptcy of enterprises, will be transferred to the virtual economic system, leading to its instability. The risks in the virtual economy system, such as the sharp fall of the stock index, the sharp fall of the real estate price, the sharp increase of bad bank loans, and the sharp depreciation of the currency, will also have a serious impact on the real economy. In the market economy, it is impossible for the real economy to run away from the virtual economic system< The fifth is periodicity. On the whole, the evolution of virtual economy is cyclical. In general, the real economy has accelerated growth, the economic bubble has begun to take shape, currency and credit have graally expanded, asset prices have generally risen, stock and real estate prices have been rising, external disturbances have caused the economic bubble to burst, all kinds of financial indicators have dropped sharply, people have been throwing real assets and financial assets, and the real economy has slowed down or negative growth. This periodicity is not a simple cycle, but a spiral forward. The virtual economy is always in a cycle of expansion, bubble formation, bubble burst, contraction or collapse.
the real economy is hardware and the virtual economy is software. Marx discusses the process of capital circulation, that is, first employing workers, purchasing raw materials, machines and building factories with monetary capital through exchange, and then turning procts into procts through proction, procts into commodities through circulation, and commodities into money through exchange. I think this process is the real economy. Virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. This is that monetary capital can make profits without going through the real economic cycle. In short, the virtual economy is the activity of directly making money from money< At present, the scale of virtual economy is much larger than that of real economy. Since the 1980s, the world's average annual economic growth rate has been about 3%, the annual growth rate of international trade is about 5%, the annual growth rate of international capital flow is about 25%, and the total price of global stocks has increased by 2.5 times. According to the data of the International Monetary Fund and the world bank, the world's total virtual economy was 140 trillion US dollars at the end of 1997 and 160 trillion US dollars at the end of 2000, which is roughly five times of the world's GDP. The daily flow of virtual capital in the world is about 2 trillion US dollars, which is about 50 times of the world's daily average trade volume. It can be predicted that with the development of e-commerce and e-money, the scale of virtual economy will continue to expand
the real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent<
the significance of studying virtual economy
studying virtual economy has not only theoretical significance, but also important practical significance. On the one hand, it is because the scale of virtual economy is expanding rapidly, and there is still a big gap between China and foreign countries in the development of virtual economy. Compared with the real economy, the scale of China's virtual economy is still relatively small. When the market value of the stock market was the highest, it was only 55% of GDP, and only about one third of it was circulating shares. The bond market and money market were relatively small, and financial derivatives had not yet developed. China did not have such large-scale financial centers as Wall Street in New York and Lombard Street in Britain. On the other hand, e to our lack of experience in how to control the virtual economy, China is facing severe challenges in the virtual economy after China's accession to the WTO. For example, in the use of funds, we still have some experience on how to make use of interest rate difference and time difference, but we don't know much about how to make use of liquidity difference, portfolio difference and risk difference to achieve the optimal balance among profitability, security and liquidity. In addition, we also lack experience on how to recognize and deal with the risks in the virtual economy system. We should seriously study the movement and development law of the virtual economy, especially the interaction and influence between the virtual economy and the real economy, so as to give full play to the role of the virtual economy in promoting China's economic development, and try our best to prevent and eliminate its negative effects
the second stage is the socialization of interest bearing capital, that is, from indivial lending to banks and securities. With the development of society, as an intermediary, banks have emerged. People deposit the idle money in the bank, and then the bank lends it to earn interest. People can also use the idle money to buy various securities to earn interest. At this time, the securities in people's hands are virtual capital
the third stage is the marketization of securities, that is, the formation of a virtual capital exchange financial market, and then the financial market graally develops from stocks and bonds to futures trading. The biggest problem of the early virtual capital was the lack of liquidity, which hindered the transformation of idle money into interest bearing capital. After the marketability of securities, they can be bought and sold freely according to their expected returns, thus creating a financial market for virtual capital transactions
the fourth stage is the internationalization of financial market, that is, virtual capital can conct cross-border transactions, which has gone through a tortuous process. In the middle of the 19th century, the United States and other debtor governments and railway companies issued bonds with fixed interest rates in the financial markets of Britain, France and Germany. However, it was not until the early 20th century that large-scale transnational securities investment appeared. Since the 1960s, futures trading has appeared in the trading of stocks, bonds, foreign exchange and other financial commodities, and options trading also appeared in 1973< The fifth stage is the integration of international finance. Since the 1980s, with the advancement of economic globalization, the degree of economic dependence among countries has greatly increased, and the degree of financial liberalization has graally increased; Second, with the formation of floating exchange rate system and the enhancement of financial innovation, the scale of virtual economy is increasing; Third, with the progress of information technology, the flow of virtual capital in the financial market is faster and faster, and the flow is also larger and larger. The above three factors promote the closer connection between the domestic financial markets and the international financial markets, and the mutual influence is also increasing. It can be said that the whole body is affected by one thing
the characteristics of virtual economy
there are several characteristics of virtual economy system. One is complexity. Virtual economy is a complex system, which is mainly composed of natural person and legal person. They carry out virtual economic activities in the financial market according to certain rules. Everyone has the freedom of independent decision-making, but can not be affected by other people's decision-making and the environment. Taking the stock market as an example, when an investor buys and sells stocks is his own decision-making, but this decision-making can not be influenced by other people, or by environmental factors such as policies. Although the system is easy to proce turbidity e to the nonlinear interaction between components, it can show a certain order and stability e to the self-organization of the system< The second is metastable. Virtual economic system is a kind of metastable system, which is far away from equilibrium, but can keep relatively stable. With dissipative structure, it is necessary to exchange funds with the outside world to maintain relative stability. For example, in the stock market, there must be buying and selling, and new capital must be continuously injected in order for the stock market to survive. The metastability of virtual economy comes from three aspects: first, the inherent instability of virtual capital. The second is the virtualization of money. After the decoupling of currency from gold standard and gold exchange standard, it no longer has a real value that can be measured by some kind of material object. The government can adjust the money supply by printing money, without the previous money withdrawal mechanism. At this time, the value of money can only be measured by its purchasing power, and it is affected by the circulation of money, interest rate, exchange rate, people's consumption behavior and other factors, so the virtualization of money will enhance the instability of the virtual economy. Third, it comes from positive feedback. Theoretically speaking, the rise of stock price will rece the demand for stocks. As fewer people buy stocks, the supply and demand of stock market will be automatically balanced; However, e to the positive feedback effect in the stock market, many investors are optimistic about the future of the stock market after the stock price rises, and more funds will enter the stock market to speculate. Due to the increasing demand, the stock price will rise further. This kind of positive feedback will cause amplification effect and make the price of virtual capital fluctuate greatly. Thus, the instability of the virtual economic system is aggravated< The third is high risk. It can be divided into objective risk and subjective risk. In recent years, e to the development of information technology, a lot of progress has been made in predicting the future from the past data, but it is still impossible to predict the future completely and accurately, so there are objective risks. Subjective risk comes from people's subjective estimation error of expected return. The development of stock market is supported by people's optimistic psychological expectation. If there is no speculation, bubble and risk in stock market, it is not the stock market. Speculators do not look at the discount of future earnings, but at the price difference between buying and selling. If there is speculation, there must be bubbles. If there are bubbles, there must be risks. This is the subjective risk. This kind of risk has a positive feedback effect and is easy to be amplified, causing panic. In addition, the existence of illegal activities, such as internal transactions, manipulation by dealers and untrue information disclosure, will also cause high risks of virtual economy< The fourth is parasitism. The virtual economic system is proced by the real economic system and attached to the real economic system. Its parasitic performance is that its operation cycle depends on the operation cycle of the real economy, but the short-term deviation may occur. Due to the close relationship between virtual and real economic systems, the risks in real economy, such as overstocking of procts, bankruptcy of enterprises, will be transferred to the virtual economic system, leading to its instability. The risks in the virtual economy system, such as the sharp fall of the stock index, the sharp fall of the real estate price, the sharp increase of bad bank loans, and the sharp depreciation of the currency, will also have a serious impact on the real economy. In the market economy, it is impossible for the real economy to run away from the virtual economic system< The fifth is periodicity. On the whole, the evolution of virtual economy is cyclical. In general, the real economy has accelerated growth, the economic bubble has begun to take shape, currency and credit have graally expanded, asset prices have generally risen, stock and real estate prices have been rising, external disturbances have caused the economic bubble to burst, all kinds of financial indicators have dropped sharply, people have been throwing real assets and financial assets, and the real economy has slowed down or negative growth. This periodicity is not a simple cycle, but a spiral forward. The virtual economy is always in a cycle of expansion, bubble formation, bubble burst, contraction or collapse.
the real economy is hardware and the virtual economy is software. Marx discusses the process of capital circulation, that is, first employing workers, purchasing raw materials, machines and building factories with monetary capital through exchange, and then turning procts into procts through proction, procts into commodities through circulation, and commodities into money through exchange. I think this process is the real economy. Virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. This is that monetary capital can make profits without going through the real economic cycle. In short, the virtual economy is the activity of directly making money from money< At present, the scale of virtual economy is much larger than that of real economy. Since the 1980s, the world's average annual economic growth rate has been about 3%, the annual growth rate of international trade is about 5%, the annual growth rate of international capital flow is about 25%, and the total price of global stocks has increased by 2.5 times. According to the data of the International Monetary Fund and the world bank, the world's total virtual economy was 140 trillion US dollars at the end of 1997 and 160 trillion US dollars at the end of 2000, which is roughly five times of the world's GDP. The daily flow of virtual capital in the world is about 2 trillion US dollars, which is about 50 times of the world's daily average trade volume. It can be predicted that with the development of e-commerce and e-money, the scale of virtual economy will continue to expand
the real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent<
the significance of studying virtual economy
studying virtual economy has not only theoretical significance, but also important practical significance. On the one hand, it is because the scale of virtual economy is expanding rapidly, and there is still a big gap between China and foreign countries in the development of virtual economy. Compared with the real economy, the scale of China's virtual economy is still relatively small. When the market value of the stock market was the highest, it was only 55% of GDP, and only about one third of it was circulating shares. The bond market and money market were relatively small, and financial derivatives had not yet developed. China did not have such large-scale financial centers as Wall Street in New York and Lombard Street in Britain. On the other hand, e to our lack of experience in how to control the virtual economy, China is facing severe challenges in the virtual economy after China's accession to the WTO. For example, in the use of funds, we still have some experience on how to make use of interest rate difference and time difference, but we don't know much about how to make use of liquidity difference, portfolio difference and risk difference to achieve the optimal balance among profitability, security and liquidity. In addition, we also lack experience on how to recognize and deal with the risks in the virtual economy system. We should seriously study the movement and development law of the virtual economy, especially the interaction and influence between the virtual economy and the real economy, so as to give full play to the role of the virtual economy in promoting China's economic development, and try our best to prevent and eliminate its negative effects
6. Virtual economy is a new word in recent years. At present, the domestic research on virtual economy is in the ascendant, and it is still in the stage of contention. Now, the formulation of "virtual economy" is rather confusing. "Generally speaking, it can be summarized into four kinds of statements
virtual economy is the proct of highly developed market economy, and its ultimate goal is to serve the real economy. With the rapid development of virtual economy, its scale has exceeded that of real economy and become a relatively independent economic category. Compared with the real economy, virtual economy has obviously different characteristics, which can be summarized as high liquidity, instability, high risk and high speculation
first, high liquidity
the realization of real economic activities needs a certain amount of time and space, even in today's highly developed information technology, it takes a certain amount of time from proction to demand. However, virtual economy is the holding and trading of virtual capital, just the transfer of value symbols. Compared with the real economy, its liquidity is very high; With the rapid development of information technology, stocks, securities and other virtual capital paperless, electronic, the transaction process is completed in an instant. It is the high mobility of virtual economy that improves the efficiency of social resource allocation and redistribution and makes it an indispensable part of modern market economy
Second, instability
compared with the real economy, the virtual economy has a strong instability. This is determined by the virtual economy itself. The virtual nature of the virtual economy itself makes the price decision of various kinds of virtual capital in the process of market trading not follow the law of value like the price decision process of the real economy, but more depend on the subjective expectations of the virtual capital holders and participants on the rights and interests represented by the future virtual capital, This subjective expectation depends on many non economic factors such as macroeconomic environment, instry prospect, politics and surrounding environment, which increases the instability of virtual economy< Third, high risk
e to many factors that affect the price of virtual capital, these factors themselves change frequently and impermanently, and do not follow the set rules. With the rapid development of virtual economy, the scale and variety of transactions are constantly expanding, which makes the existence and development of virtual economy more complex and difficult to control Due to the limitation of information analysis ability, capital, time and energy, virtual capital investment has become a high-risk investment field, especially with the intervention of a large number of speculative funds such as various venture capital funds and hedge funds, which intensifies the high-risk of virtual economy< Fourth, highly speculative
although the trading of virtual capital such as securities, futures and options can be used as investment purposes, it is also inseparable from speculative behavior, which is determined by the needs of market liquidity. With the rapid development of electronic technology and network technology, huge amount of capital transfer, liquidation and virtual capital transaction can be completed in an instant, which creates technical conditions and provides technical support for high speculation of virtual capital. The more immature and imperfect the emerging and developing market, the worse the ability of market supervision, and the worse the measures and efforts to prevent and deal with highly speculative behavior, the more speculative the virtual economy is, and the easier the speculative hot money is to patronize such a market, so as to achieve the purpose of profiteering through short-term speculation.
virtual economy is the proct of highly developed market economy, and its ultimate goal is to serve the real economy. With the rapid development of virtual economy, its scale has exceeded that of real economy and become a relatively independent economic category. Compared with the real economy, virtual economy has obviously different characteristics, which can be summarized as high liquidity, instability, high risk and high speculation
first, high liquidity
the realization of real economic activities needs a certain amount of time and space, even in today's highly developed information technology, it takes a certain amount of time from proction to demand. However, virtual economy is the holding and trading of virtual capital, just the transfer of value symbols. Compared with the real economy, its liquidity is very high; With the rapid development of information technology, stocks, securities and other virtual capital paperless, electronic, the transaction process is completed in an instant. It is the high mobility of virtual economy that improves the efficiency of social resource allocation and redistribution and makes it an indispensable part of modern market economy
Second, instability
compared with the real economy, the virtual economy has a strong instability. This is determined by the virtual economy itself. The virtual nature of the virtual economy itself makes the price decision of various kinds of virtual capital in the process of market trading not follow the law of value like the price decision process of the real economy, but more depend on the subjective expectations of the virtual capital holders and participants on the rights and interests represented by the future virtual capital, This subjective expectation depends on many non economic factors such as macroeconomic environment, instry prospect, politics and surrounding environment, which increases the instability of virtual economy< Third, high risk
e to many factors that affect the price of virtual capital, these factors themselves change frequently and impermanently, and do not follow the set rules. With the rapid development of virtual economy, the scale and variety of transactions are constantly expanding, which makes the existence and development of virtual economy more complex and difficult to control Due to the limitation of information analysis ability, capital, time and energy, virtual capital investment has become a high-risk investment field, especially with the intervention of a large number of speculative funds such as various venture capital funds and hedge funds, which intensifies the high-risk of virtual economy< Fourth, highly speculative
although the trading of virtual capital such as securities, futures and options can be used as investment purposes, it is also inseparable from speculative behavior, which is determined by the needs of market liquidity. With the rapid development of electronic technology and network technology, huge amount of capital transfer, liquidation and virtual capital transaction can be completed in an instant, which creates technical conditions and provides technical support for high speculation of virtual capital. The more immature and imperfect the emerging and developing market, the worse the ability of market supervision, and the worse the measures and efforts to prevent and deal with highly speculative behavior, the more speculative the virtual economy is, and the easier the speculative hot money is to patronize such a market, so as to achieve the purpose of profiteering through short-term speculation.
7. Real economy refers to the proction and circulation of material and spiritual procts and services
the real economy has always been the basis for the survival and development of human society
virtual economy "is a concept used to describe the economic activities formed by holding and trading interests in the form of bills. Mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry
the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society.
the real economy has always been the basis for the survival and development of human society
virtual economy "is a concept used to describe the economic activities formed by holding and trading interests in the form of bills. Mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry
the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society.
8. The real economy is hardware and the virtual economy is software. Marx discusses the process of capital circulation, that is, first employing workers, purchasing raw materials, machines and building factories with monetary capital through exchange, and then turning procts into procts through proction, procts into commodities through circulation, and commodities into money through exchange. I think this process is the real economy. Virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. This is that monetary capital can make profits without going through the real economic cycle. In short, the virtual economy is the activity of directly making money from money< At present, the scale of virtual economy is much larger than that of real economy. Since the 1980s, the world's average annual economic growth rate has been about 3%, the annual growth rate of international trade is about 5%, the annual growth rate of international capital flow is about 25%, and the total price of global stocks has increased by 2.5 times. According to the data of the International Monetary Fund and the world bank, the world's total virtual economy was 140 trillion US dollars at the end of 1997 and 160 trillion US dollars at the end of 2000, which is roughly five times of the world's GDP. The daily flow of virtual capital in the world is about 2 trillion US dollars, which is about 50 times of the world's daily average trade volume. It can be predicted that with the development of e-commerce and e-money, the scale of virtual economy will continue to expand
the real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent.
the real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent.
9. The formation of virtual economy
10. Virtual economy is relative to the real economy, which is the inevitable proct of economic Virtualization (called "financial deepening" in the West). The essence of economy is a set of value system, including material price system and asset price system. Different from the material price system which is supported by cost and technology, the asset price system is a set of specific price system based on capitalization pricing, which is also called virtual economy. Due to capitalization pricing, people's psychological factors will have an important impact on the virtual economy; That is to say, virtual economy has inherent volatility in operation. In a broad sense, virtual economy includes sports economy, gambling instry, collection instry and so on, in addition to the financial instry and real estate instry, which are mainly studied at present. There are two characteristics of Virtual Economy: one is economy; One is virtuality
the so-called economy means that value symbols and their exchange are also based on labor value. Without value and value exchange, it is not related to economy, nor its economy; Moreover, value symbols can be reced to value entities, that is, from virtual to reality. Whether it's paper money, stocks, electronic money or other valuable bills, their issuance and circulation basis is value and reputation. They represent the real value, the representative of the real value, and can also serve the real economy. Reputation, as the basis of value symbol, has great acceptance risk
the so-called virtuality refers to the fact that its exchange is virtual rather than physical in form. It only takes the value symbol as the trading object, not the physical object. The transaction in the field of virtual economy is only the value symbol, not the tangible object. Note is not a value entity, but a value symbol; This kind of symbol is separated from the value entity and becomes the shadow of the entity value. When the value symbol is separated from the value entity for a long time, and the speculative transaction is completed within this time, this separation becomes another way of existence of value, that is, the free existence of value, which is virtual reality. Paper money is the existence of this kind of free value, and hot money is the concrete manifestation of their existence. The value of paper money cannot be denied. Especially today, the value of paper money is holographic. It is not only a symbol of a country's reputation and value scale, but also a comprehensive embodiment of a country's political strength, cultural strength and other comprehensive national strength. Only when a country's comprehensive strength, including economic strength, scientific and technological strength, military strength, political strength and cultural strength, is sufficiently strong, can a country's currency be a strong currency. In such an environment, a country's currency is endowed with more non-objective material labor value, that is, it may be charged with more political value. When any one of a country's comprehensive strength rises or falls, it may affect the value of its currency
the so-called economy means that value symbols and their exchange are also based on labor value. Without value and value exchange, it is not related to economy, nor its economy; Moreover, value symbols can be reced to value entities, that is, from virtual to reality. Whether it's paper money, stocks, electronic money or other valuable bills, their issuance and circulation basis is value and reputation. They represent the real value, the representative of the real value, and can also serve the real economy. Reputation, as the basis of value symbol, has great acceptance risk
the so-called virtuality refers to the fact that its exchange is virtual rather than physical in form. It only takes the value symbol as the trading object, not the physical object. The transaction in the field of virtual economy is only the value symbol, not the tangible object. Note is not a value entity, but a value symbol; This kind of symbol is separated from the value entity and becomes the shadow of the entity value. When the value symbol is separated from the value entity for a long time, and the speculative transaction is completed within this time, this separation becomes another way of existence of value, that is, the free existence of value, which is virtual reality. Paper money is the existence of this kind of free value, and hot money is the concrete manifestation of their existence. The value of paper money cannot be denied. Especially today, the value of paper money is holographic. It is not only a symbol of a country's reputation and value scale, but also a comprehensive embodiment of a country's political strength, cultural strength and other comprehensive national strength. Only when a country's comprehensive strength, including economic strength, scientific and technological strength, military strength, political strength and cultural strength, is sufficiently strong, can a country's currency be a strong currency. In such an environment, a country's currency is endowed with more non-objective material labor value, that is, it may be charged with more political value. When any one of a country's comprehensive strength rises or falls, it may affect the value of its currency
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