论法定数字货币与现代货币政策框架的优化  

Discussion on Legal Digital Currency and Optimization of Modern Monetary Policy Framework

作　　者：李清伟[1] 邢彤晖 Li Qingwei;Xing Tonghui(Law School,Shanghai University,Shanghai 200444,China;School of Economics,Shanghai University,Shanghai 200444,China)

机构地区：[1]上海大学法学院,上海200444 [2]上海大学经济学院,上海200444

出　　处：《上海财经大学学报（哲学社会科学版）》2022年第6期123-137,共15页Journal of Shanghai University of Finance and Economics

基　　金：教育部人文社会科学研究规划基金项目“稳增长和防风险双目标下银行流动性创造调控工具研究”(19YJA790060)

摘　　要：随着我国经济从高速增长迈向高质量发展阶段,我国亟需对货币政策框架进行调整来适应经济发展新常态。作为数字经济时代的金融基础设施,理论上法定数字货币的技术性特征能够从货币政策框架的基本要素和约束功能两方面对货币政策框架进行优化。实践中,我国还存在法定数字货币的发行和流通缺乏法律依据、法定数字货币数据标准和使用规范缺失、货币政策框架存在固有缺陷、算法对现行货币法律体系具有冲击性等诸多制约法定数字货币发挥对货币政策框架优化作用的因素,因此仅依靠法定数字货币的技术性特征无法使现代货币政策框架实现既能指引货币政策操作又能约束货币权力行使的效果。鉴于此,我国需要通过完善法定数字货币发行和流通的法律依据,建立法定数字货币数据标准和使用规范的相关制度,确立货币政策目标间的价值位阶,明确法定数字货币加载特定目的算法的基本原则等制度来保证法定数字货币对货币政策框架优化效果的实现。The monetary policy framework is not only a theoretical basis for promoting the effective implementation of national monetary policy,but also an essential institutional design that restricts the legitimate exercise of monetary power.Its adaptability to economic development is related to whether a country’s monetary policy can effectively promote the achievement of macroeconomic objectives.As a result,with the transformation of the economic development stage,China urgently needs to adjust its monetary policy framework to adapt to the new normal of economic development.Legal digital currency is a crucial financial infrastructure for China to enter the stage of high-quality development,with the digital economy as a vital driving force.The technical features of legal digital currency have become influential directions and key starting points for optimizing the monetary policy framework.Theoretically,the optimization of monetary policy framework by the technical features of legal digital currency is mainly reflected in two aspects:On the one hand,it can improve the monetary policy framework such as the final target system of monetary policy,the anchoring method of intermediary targets,monetary policy tools,and monetary policy transmission mechanism;on the other hand,it can motivate the monetary policy framework to enforce and optimize constraint functions such as guidance,supervision and prediction of relevant entities and their behavior.Practically,there are still numerous restrictions on legal digital currency,such as the lack of legal basis for the issuance and circulation of legal digital currency,the lack of legal digital currency data standards and usage specifications,the inherent defects of monetary policy framework,and the impact of algorithms on the current currency legal system.The factors at play in optimizing the monetary policy framework do not allow the modern monetary policy framework to achieve the effect of both guiding monetary policy operations and constraining the exercise of monetary power by r

关 键 词：货币政策框架 法定数字货币 技术性特征 可追踪性 可编辑性 

分 类 号：D922.285[政治法律—经济法学] F822.0[政治法律—法学] F49[经济管理—财政学]