财政赤字货币化过程中铸币税收益问题分析

Analyzing the Revenue of Currency Tax in the Process of Financial Deficit Currency

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 。

Currency tax is the revenue obtained from government's issuing of currency. It can be explained as the balance between the cost of issuing currency and the face value of currency. In the case of inflation, real purchasing power of currency decreases and actual tax from currency is smaller than nominal tax. Currency tax is connected with financial policies that deficit can be converted into currency. At present in China, the core of positive fiscal policies is to issue more bonds and fiscal deficit becomes normal. How much revenue our government can get from fiscal deficit policies relies on three elements, which are basic demand of economic growth for currency, real economic growth rate and influence of currency demand on inflation and revenue.