财政赤字货币化过程中铸币税收益问题分析——从铸币税的一般涵义谈起

An analysis of the seigniorage revenues in the monetization of financial deficit——Beginning with the general implication of seigniorage

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的 ,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 ,以及货币需求对通货膨胀和收入的弹性。

Seigniorage is the income from the government issuing money.Generally,it can be accepted that the seigniorage is the balance of the issue cost and the face value of money.Under inflation,the real perchasing power of money declines,the government's real seigniorage revenues is less than its nominal.The debate about seigniorage is always connected with the monetization of financial deficit.China's current active fiscal policy greatly depends on increasing the quantity issued of national bonds,and financial deficit recurs.The seigniorage revenues the government gets in the monetization of financial deficit is restricted simultaneously by the following three factors:economic growth's demand for base money,real rate of economic growth,and the money demand elasticity to inflation and income.