财政赤字货币化:理论与实践

Monetization of Fiscal Deficit:Theory and Practice

在全球经济下行及各国普遍实施低利率趋势的背景下,财政赤字货币化与达里奥结合MMT提出的第三种货币政策的效果成为学术讨论的一个热点话题。从本质来看,两者均主张使用货币政策为财政政策融资,强调货币政策和财政政策的配合,但是从概念定义角度则有狭义和广义之分。狭义的财政赤字货币化,央行处于隶属地位,旨在通过印钞或资产负债表调整,直接为财政赤字融资,且无需偿还。广义的财政赤字货币化侧重于央行和财政的配合,央行通过提供流动性支持,间接为财政支出提供资金,虽然依然以央行的货币政策目标为准,但造成了财政赤字货币化的效果。本文在理论分析的基础上,通过比较各国在实施财政赤字货币化实践中得出的经验教训,为中国财政赤字货币化实施建言献策,即当前中国政策空间充足,财政政策发力需货币政策适度配合;危机时刻可以实施广义赤字货币化,但要把握适度原则,长期则要依靠改革开放推动经济发展。

In the context of the global economic downturn and the widespread implementation of low interest rates in various countries,the effect of monetization of fiscal deficits and the third monetary policy proposed by Dario combined with MMT has become a hot topic of academic discussion.In essence,both advocate the use of monetary policy to finance fiscal policy,and emphasize the coordination of monetary policy and fiscal policy,but there are narrow and broad definitions from the perspective of conceptual definition.In the narrow sense of monetization of fiscal deficits,the central bank is in a subordinate position,and aims to directly finance fiscal deficits without repayment by printing money or adjusting balance sheets.In a broad sense,monetization of fiscal deficits focuses on the coordination between the central bank and the fiscal.The central bank provides liquidity support to indirectly finance fiscal expenditures.Although it is still based on the central bank’s monetary policy objectives,it has resulted in the effect of monetization of fiscal deficits.On the basis of theoretical analysis,this paper compares the experiences and lessons learned from the practice of monetization of fiscal deficits in various countries,and provides suggestions for the implementation of China’s monetization of fiscal deficits.That is to say,the current policy space in China is sufficient,and the fiscal policy needs to be moderately coordinated with monetary policy;the broad sense monetization of deficits can be implemented in times of crisis,but the principle of moderation must be grasped,in the long run,it will rely on reform and opening up to promote economic development.