摘要
疫情迫使各国政府纷纷采取积极财政刺激措施促增长、保就业,不断"越线"的赤字率使财政赤字的资金来源及其货币化等问题受到广泛关注。不同于传统教条,基于现代货币理论的资产负债表分析发现,拥有货币发行权的主权政府的财政支出、收入及赤字不同于只有货币使用权的经济主体。同时,宏观经济三部门恒等式也表明当一国对外部门余额不变时,主权政府的赤字对应非政府部门的盈余,公众的净储蓄意愿使中央政府财政赤字成为常态,而税收及国债则是确保经济体内合理的流动性规模从而实现利率目标的货币政策操作。基于此,财政赤字货币化是传统理论对财政收支及赤字的不当解读,而主权政府充分运用财政政策稳定经济才是当务之急。
The epidemic has forced governments around the world to adopt active fiscal stimulus to promote growth and ensure employment. The constantly soaring budget deficit has caused widespread concern about the source of funds and the monetization of government deficits. Different from the traditional dogma, the balance sheet analysis based on modern monetary theory finds that the fiscal expenditure,income and deficit of the sovereign government with the right to issue money are different from the economic subject with only the right to use money. At the same time, the macroeconomic three sector identity also shows that when a country’s external sector balance remains unchanged, the deficit of the sovereign government corresponds to the surplus of the non-governmental sector, the the national public’s willingness to save make the central government’s fiscal deficit become the norm, and taxes and treasury bonds are the monetary policy operation to ensure a reasonable liquidity scale in the economy so as to achieve the interest rate target. Based on this, the monetization of fiscal deficit is an improper interpretation of fiscal revenue and expenditure and deficit in traditional theory, and it is urgent for sovereign governments to make full use of fiscal policy to stabilize the economy.
作者
刘新华
王梦杰
彭文君
Liu Xinhua;Wang Mengjie;Peng Wenjun
出处
《江西社会科学》
CSSCI
北大核心
2021年第9期47-58,254,共13页
Jiangxi Social Sciences
基金
陕西省社会科学基金项目“陕西建成小康社会进程中新型城镇化融资模式创新研究”(2016D023)
教育部人文社会科学重点研究基地重大项目“西北地区后贫困时期农村金融创新路径与模式研究”(17JJD790016)、教育部人文社会科学研究一般项目“影子银行视阙下地方政府隐性债务风险传导及化解研究”(20YJA790040)。
作者简介
刘新华,陕西师范大学国际商学院教授,博士。(陕西西安710119);王梦杰,陕西师范大学国际商学院硕士生。(陕西西安710119);彭文君,陕西师范大学国际商学院硕士生。(陕西西安710119)。
