财政如何影响货币创造:被动效应与主动控制

How Fiscai Poicy Affects Money Creation:Passive Effects and Active Control

“完善货币供应调控机制”的要求需要深入分析影响货币创造、货币供应的不同渠道,充分发挥各渠道的调控作用。通过研究我国财政部门在货币创造中“被动参与”与“主动影响”的二元特征,我们发现:第一,在我国财政金融工作实践中,形成的国库集中收付制度和由财政部门履行对国有金融资本出资人职责的制度安排,赋予了财政部门对货币创造产生实质影响的能力。第二,国库集中收付制度具有的“集中”与“隔离”功能,决定了财政部门通过财政收入、财政支出和政府债务等渠道从货币流通市场抽取或注入的货币规模是巨大的,并通过货币循环的作用引起商业银行信贷收缩或扩张。但因为我国财政部门不具有通过控制预算执行影响国库集中收付制度下货币创造渠道的法理基础,所以财政部门通过国库集中收付制度只能被动影响货币创造。第三,由财政部门履行对国有金融资本出资人职责的制度安排,调节了国有商业银行货币创造的能力和方向,并且财政部门可以通过对国有商业银行的主动指导和约束影响其信贷规模和结构。

The requirement to"improve the monetary supply control mechanism"necessitates a thorough analysis of different channels affecting money creation and supply,fully leveraging the regulatory roles of each channel.Through studying the dual characteristics of the fiscal department's"passive participation"and"active influence"in money creation in China,it is found that:First,in the practical work of fiscal finance in China,the established system of centralized treasury collection and payment and the institutional arrangements for the fiscal department to fulfill the responsibilities of the state-owned financial capital contributor grant the fiscal department the substantial ability to influence money creation.Second,the"concentrated"and"isolated"functions of the centralized treasury collection and payment system determine that the fiscal department can extract or inject a substantial amount of money into the currency circulation market through channels such as fiscal revenue,fiscal expenditure,and government debt.This,in turn,causes contraction or expansion in commercial bank credit through the effect of money circulation.However,because the fiscal department in China lacks the legal basis to influence money creation channels under the centralized treasury collection and payment system through controlling budget execution,the fiscal department can only passively affect money creation through this system.Third,the institutional arrangements for the fiscal department to fulfill the responsibilities of the state-owned financial capital contributor regulate the ability and direction of money creation by state-owned commercial banks.As such,the fiscal department can actively guide and constrain state-owned commercial banks to influence their credit scale and structure.