功能财政思想:起源、发展、批判与启示

Functional Finance:Origin,Development,Criticism and Enlightenment

功能财政思想是在20世纪美国大萧条与“自由放任”传统政策失效下催生的政府干预主义思想之一。文章在回顾功能财政思想起源的基础上,首先阐述了功能财政的中心思想、本质目标和理论依据,进而分别阐述了勒纳功能财政的两条法则和三大原则、明斯基“最后雇主计划”以及现代货币理论对明斯基的功能财政思想从主权货币不存在债务上限和“最后雇主计划”的具体实施方案两方面的理论发展。再而,文章对功能财政的无通货膨胀目标、有效性、可行性、有效需求不足假设等进行了再讨论。最后,文章将功能财政思想与同时期其他经济思想的政策主张进行比较,并从功能财政思想对中国财政管理的预算管理制度改革、宏观经济运行预期、增强宏观调节作用、增强财政政策和货币政策的协调性等方面提出政策启示。

Functional finance is one of the government interventionism theories that was spawned by the great depression and the failure of traditional"laissez-faire"policies in the last century.On the basis of reviewing the origin of functional finance,this paper first introduces the basic content of functional finance from its central thought,essential goal and theoretical basis.Then,this paper introduces Lerner's two financial laws and three principles,Minsky's"the employee of last resort",as well as two theory development of the modern monetary theory from Minsky's financial theory,including debt ceiling is nonexistent in sovereign currency and the concrete implementa-tion plan of the"the employee of last resort".Furthermore,this paper re-criticizes the non-inflation target,effectiveness and feasibility ideas of functional finance.Finally,this paper compares the policy propositions of functional finance thought with other economic thoug-hts of the same period,and puts forward the policy enlightenment of functional finance on the reform of budget management system of financial management in China,the expectation of macroeconomic operation,the enhancement of macro regulation,and the enhancement of coordination between fiscal policy and monetary policy.