财政赤字货币化过程中铸币税收益问题分析

Analysis on the Revenue of Coinage Tax in the Process of Monetary Financial Deficit

铸币税即政府发行货币所取得的收入 ,一般可理解为货币发行成本和货币面值间的差额。在通货膨胀情况下 ,货币的实际购买力下降 ,政府的实际铸币税收入小于其名义铸币税收入。铸币税问题的讨论一般是同财政赤字货币化问题相联系的。我国当前的积极财政政策是以增发国债为核心 ,财政赤字经常化。政府可以从财政赤字货币化中得到多少铸币税收入受制于三个因素 :经济增长对基础货币的需求 ,经济的实际增长率 。

Coinage tax refers to the income from the issuance of paper money by the government. It can be regarded as the balance between the cost of issuing paper money and the face value of the money. In inflation, the real purchasing power of money decreased, the government's real income from the coinage tax is less than the nominal income. The coinage tax is connected with monetary financial deficit. China's current positive financial policy is centered on issuing more national debt, and making financial deficit a regular practice. The amount of coinage tax a government can get from monetary financial deficit is depend on three factors: demand for money caused by economic growth, real economic growth rate, and flexibility on inflation and income caused by money demand.