全球疫情下的“功能财政”与“就业保障计划”——基于现代货币理论视角的分析

“Functional Finance”and“Job Guarantee”Under the Global Epidemic:An Analysis Based on Modern Montary Theory

全球疫情大爆发,产业链、供应链及金融链等被深度破坏,经济"停摆"使各类问题凸显,其中就业问题尤为严峻。为"重启"经济,各国不断推出各类经济政策,以增加政府财政赤字及债务为主的财政政策倍受关注。基于现代货币理论及"功能财政"的核心观点,对于任何发行主权货币的政府,其以本国货币计价的赤字和债务均体现为非政府部门的盈余和财富,主权政府赤字支出体现"功能财政"的本质,它一方面降低市场利率从而具有"挤入投资效应",另一方面稳定物价并促进充分就业。因此一国主权政府有能力积极充当"最后支付者",实施"就业保障计划",从而"保就业"及"稳增长",这也体现"精准扶贫"的应有之义。

The global outbreak of COVID-19 has deeply damaged global industrial chains,supply chains and financial chains.The economic“shutdown”has raised various problems,among which the employment problem is particularly serious.In order to“restart”the economy,many countries have adopted various economic policies,and fiscal policies focusing on increasing government fiscal deficits and government debts,which have attracted much attention.Based on Modern Montary Theory and the core point of functional finance,this article argues that for any government issuing sovereign currency,its deficit and debt denominated in its own currency are reflected in the surplus and wealth of the non-governmental sector,and the sovereign government deficit reflects the essence of“functional finance”.On the one hand,it cuts the basic interest rates and thus has a crowding-in effect.On the other hand,it stabilizes prices and promotes full employment.Therefore,a sovereign government has the ability to actively act as the“spender of last resort”to implement the“Job Guarantee”and ensure employment and economic stabilizing,which also reflects the meaning of“precise poverty alleviation”.