财政赤字货币化与美国金融危机的政治经济学分析  

Monetization of Fiscal Deficit and Political Economy Analysis of American Financial Crisis

作　　者：任传普 程恩富[2] REN Chuan-pu;CHENG En-fu(Business School of Henan University,School of Marxism,University of Chinese Academy of Social Sciences,475000;University of Chinese Academy of Social Sciences,102488)

机构地区：[1]河南大学商学院中国社会科学院大学马克思主义学院,475000 [2]中国社会科学院大学马克思主义学院,102488

出　　处：《上海经济研究》2021年第3期5-20,共16页Shanghai Journal of Economics

基　　金：北京高校中国特色社会主义理论研究协同创新中心(中国政法大学)阶段性成果;国家社科基金重大项目《改革开放以来中国发展道路的政治经济学理论创新与历史经验研究》(20&ZD052)阶段性成果。

摘　　要：受由新冠疫情引发的经济衰退影响,美国启动了以增发国债和超级量化宽松为基础的数轮纾困政策,以央行购买国债推动经济复苏的财政赤字货币化政策自2008年后再一次引起了全球的注意。本文以美国为刺激经济复苏施行的财政政策和货币政策为出发点,从经济基础、理论基础、制度演变、财政赤字和国债规模变化等角度分析了财政赤字货币化的形成原因;对财政赤字货币化政策下美国和全球经济、政治的变化做出了预测,并指出在财政赤字货币化所产生的巨额流动性将会对美国和世界经济造成重大影响的同时,会引发全面的金融危机。Affected by the recession triggered by the new crown epidemic,the United States has launched several rounds of bail-out policies based on additional treasury bonds and super quantitative easing,and the monetization of fiscal deficits that helped boost economic recovery by central bank purchases has once again attracted global attention since 2008.Taking the fiscal policy and monetary policy of the United States to stimulate economic recovery as the starting point,this paper analyzes the causes of the monetization of fiscal deficit from the perspectives of economic base,theoretical basis,institutional evolution,fiscal deficit and the change of national debt scale.This paper forecasts the economic and political changes in the United States and the world under the policy of fiscal deficit monetization,and points out that the huge liquidity generated by fiscal deficit monetization will have a significant impact on the United States and the world economy,and at the same time,it will trigger a comprehensive financial crisis.

关 键 词：国债 财政赤字 财政赤字货币化 金融危机 政治经济学理论 

分 类 号：F0—0[经济管理—政治经济学]