当前为何无需财政赤字货币化  

Why There Is No Need to Monetize Fiscal Deficit Now?

作　　者：张旭 危玮肖 

机构地区：[1]光大证券

出　　处：《中国货币市场》2020年第7期62-64,共3页China Money

摘　　要：商业银行购买国债不会强化银行内部风险管理的约束和外部资本的约束,还会提高贷款需求,且流动性的约束也可以通过降准以及央行购买商业银行所持有的资产缓解。在货币政策的有力支持下,银行购买国债反而有利于其更好地向实体经济发放贷款,因此当前并没有进行财政赤字货币化的必要。The purchase of treasury bonds by commercial banks strengthens neither the internal risk management constraints nor external capital constraints of the banks,but rather increases the demand for loans,while liquidity constraints could be alleviated through RRR cuts and the central bank’s purchase of assets held by commercial banks.With the strong support of monetary policies,the purchase of treasury bonds by banks will help them do a better job in offering loans to the real economy.Therefore,there is currently no need to monetize the fiscal deficit.

关 键 词：贷款需求 外部资本 商业银行 财政赤字货币化 银行内部风险 货币政策 购买国债 降准 

分 类 号：F812[经济管理—财政学] F822