现代货币理论的缺陷——基于财政视角  

Defects of Modern Monetary Theories:A Financial Perspective

作　　者：孙国峰[1] Sun Guofeng

机构地区：[1]中国人民银行货币政策司

出　　处：《国际经济评论》2020年第5期92-101,7,共11页International Economic Review

基　　金：国家社会科学基金重大研究专项“防范重大国际和地区金融危机冲击研究”(项目编号:18VFH005)的支持。

摘　　要：本文总结了现代货币理论的主要观点与政策主张,基于财政视角分析了现代货币理论的缺陷,指出现代货币理论税收驱动货币的模式与现实不符,错误地运用宏观会计原理,功能性财政势必引发严重通货膨胀,并总结了相关的历史经验与教训。This article summarizes the major views and policy stances of Modern Monetary Theory(MMT)and analyzes the defects of the theory based on financial perspective.It points out that the mode of tax-driven money of the MMT is inconsistent with reality and it has wrongfully used the principle of macro accounting theories;it also suggests that functional finance will inevitably lead to hyperinflation and illustrates relevant historical experiences and lessons.

关 键 词：现代货币理论 税收驱动货币 财政赤字货币化 央行与财政关系 

分 类 号：F820[经济管理—财政学] F810