Who put forward the theory of credit cycle?

The theory of credit cycle was put forward by ludwig von mises.

The traditional credit cycle is cyclical: credit expansion-economic overheating/inflation-central bank tightening credit and money-rising financing costs-shrinking financing demand-economic downturn/deflation-central bank relaxing credit and money-credit expansion.

Under this system design, although financial and credit resources can be accurately transported to key industries that are in urgent need of construction at that time, the output efficiency of enterprises can not be guaranteed, and the industrial system and financial system often fall into the strange circle of "high accumulation-high input-low income".

Looking at the history of nearly 70 years after the founding of the People's Republic of China, this cyclical credit cycle has experienced five stages of development:

1, 1949- 1983 planned economy period;

2. 1984- 1996 planned listing transition period;

3. 1997-2008 high-speed expansion period;

4.2009-20 16 financial innovation period;

5, 20 17-20 19 years later.

In these five stages of development, the change of credit cycle has its own characteristics, with special marks belonging to that era and some laws that will not change with the times.