财政与货币关系的再审视

A Review of the Relationship between Finance and Currency

重视货币政策、轻视财政政策,实际上是过去40年全球的主流思维。全球金融危机后,以中央银行大规模购买长期国债为标志,财政与货币再次关联在一起。重新审视财政与货币的关系,是分析宏观经济环境的重要一环。本文将超越一般的经济周期的视角,从金融周期角度来分析财政政策。结论是,财政政策不仅在短周期稳定经济增长中发挥有效作用,也可以在降低金融周期的波动幅度、控制金融风险中扮演重要角色。

Over the past forty years there has been a trend towards placing greater emphasis on monetary policy and downplaying the role of fiscal policy. Since the financial crisis, however, the two have become more tightly intertwined again, particularly as central banks bought long term Treasury bonds. A review of the relationship between fiscal and monetary policy has therefore become especially important in macroeconomic analysis. This article evaluates that relationship and comes to the conclusion that fiscal policy could not only play an important role in stabilizing economic growth in the short term but also in reducing financial turbulence and controlling financial risk.