“高桥财政”时期公债政策的现代启示

The Policy of Government Bonds during the Takahashi Finance and Its Modern Enlightenment

面对前所未有的经济危机,高桥是清所推行的刺激经济增长的经济政策中,由日本银行认购发行公债的财政政策是其中最为重要一环。通过日本银行认购公债释放出通货,创造购买力,刺激经济增长,但在军部势力的高压下最终走向军事通货膨胀。现代日本经济要以高桥财政为鉴,要维护政府财政信用;建立良性的债务发行、消化及偿还机制;防止日本重新走上军事化这条帝国主义老路。

Faced with unprecedented economic crisis, Japan＇S banks subscription to government bonds was the major link of economic policies to stimulate economic growth implemented by Takahashi. The subscription to government bonds freed up currency, created purchasing power, stimulated economic growth, however, under the high pressure of army headquarters, Japan＇s economy finally moved towards inflation. Considering Taka- hashi Finance, Japan should maintain the credit of government finance, establish optimal mechanism of debts issue, absorption and repayment in order to avoid Japan returning to militarization the old road of imperialism.