积极财政政策与货币供给关系分析

An analysis on the relations between active fiscal policy and monetary supply

我国当前的积极财政政策是以增发国债为核心的。积极财政政策必然导致货币需求的增加。积极财政政策若要有效地促进经济增长 ,经济系统中必须要有货币供给的相应增加。增发国债对货币供给的影响以及如何影响受制于三个因素 :(1 )国债的购买主体 ;(2 )金融体制和企业制度环境 ;(3)经济发展的阶段即经济是处于萧条期、复苏期还是繁荣期。积极财政政策的实施效果与货币供给有密切的联系 ,财政政策与货币政策必须协调配合。

China's current active fiscal policy greatly depends on increasing the quantity issued of national bonds.Active fiscal policy is bound to result in additional demand for money.If active fiscal policy aims at promoting economic advance,there should be the corresponding growth of money supply in economic system.The influence of the additional quantity issued of national bonds on money supply lies with the following three factors:(1)the subject of purchasing national bonds,(2)financial system and the envirement of enterprise institution,(3)the stages of economic growth:depression,recovery or prosperity period.The effects of the implementation of active fiscal policy are in close relation with money supply,so active fiscal policy and monetary policy should be coordinated.