财政分权、金融分权与宏观经济治理

Fiscal and Financial Decentralization and Macroeconomic Governance

宏观经济治理体系是国家治理体系的重要组成部分,完善宏观经济治理体系是解决新时代主要经济问题的关键举措。财政政策和货币政策作为宏观经济治理的主要手段,其协调程度和经济调控效果受到财政分权和金融分权制度安排的影响。分析表明:财政收入分权与财政支出分权的不匹配,金融显性集权隐性分权以及政府层级间金融分权和政府市场间金融分权不一致,在一定程度上影响了财政资源和金融资源的配置效率、财政风险和金融风险的防范化解、财政政策和货币政策的协调配合,进而影响宏观经济治理的有效性。因此,明晰中央政府和地方政府的主要职责,在提高地方财政收入比例的同时降低地方支出比例,廓清财政政策和货币政策的定位与救助边界,推进适度的金融分权,更加充分地发挥地方政府对提高经济发展质量、控制重大风险的作用,是构建科学有效的宏观经济治理体系的必然选择。

Macroeconomic governance is an important component of the national governance system.Perfecting the macroeconomic governance system is a key measure for resolving major economic problems in the new era.The level of coordination and the effect on economic regulation of fiscal and monetary policy,the main means of macroeconomic governance,changes according to the institutional arrangements for fiscal and financial decentralization.Our analysis shows that,to some extent,several factors affects the allocative efficiency of fiscal and financial resources,the prevention and management of fiscal and financial risks,and the coordination of fiscal and monetary policy,thus influencing the effectiveness of macroeconomic governance.They include:the mismatch between decentralization of fiscal revenue and decentralization of fiscal expenditure;the existence of explicit financial centralization and implicit financial decentralization;and the inconsistence of financial decentralization between government levels and that between government and the market.The central and local governments therefore need to clarify their major responsibilities.An increase in local governments’ proportion of fiscal revenue should be accompanied by a reduction in their proportion of local expenditure,and governments should make explicit the policy orientation of fiscal and monetary issues and delimit relief standards while advancing appropriate financial decentralization.Further,we should bring into play the function of local governments in pursuing high quality economic development and controlling for major risks.These are inevitable choices if we are to establish a reasonable and effective system of macroeconomic governance.