朱理治的金融思想及其现实意义  

Zhu Lizhi’s Thoughts on Public Finance and Inflation Control

作　　者：余永定[1] Yu Yongding

机构地区：[1]中国社会科学院世界经济与政治研究所,北京100732

出　　处：《中国经济史研究》2021年第4期5-12,共8页Researches in Chinese Economic History

摘　　要：1941年,由于国民党的封锁和当地的经济落后,陕甘宁边区的财政亏空很严重。边区银行不得不靠发钞,即财政赤字货币化来解决边区政府的财政亏空问题。边区财政赤字的货币化成为边区物价上涨的主要原因。面对这种局面,陕甘宁边区银行行长朱理治执行了非常灵活的政策。一方面,不拒绝财政赤字的货币融资("发票子");另一方面,又十分注意把物价上涨控制在可以接受的范围之内。拒绝"发票子",边区政府无法运转,边区生产也得不到发展。通过"发票子"为财政赤字融资可能会导致通货膨胀失控。事实上,当时边区的通胀已经相当严重。在这种两难情况下,陕甘宁边区银行很好地掌握了"发票子"的度:既保证了边区政府的运转、为边区经济发展提供了必要的资金支持,又避免了通货膨胀的失控。当时的边区银行同时是中央银行和商业银行,因而它要承担许多中央银行不承担的微观和结构性职能。但无论如何,陕甘宁边区银行当年的做法对今天中央银行的货币政策依然具有重要参考价值。In 1941,the Government of Shensi-Kansu-Ningsia Border Region ran a very large budget deficit.The Border Region Government had to resort to money printing,which,on top of other reasons,in turn created great pressure on inflation in the Border Region.At the same time,the embargo imposed by the Guomindang national government on exports of goods from the regions under its control to the Border Region further increased the inflationary pressure in the Border Region.How to finance the budget deficit while keeping inflation in check was a great challenge the bank of the Shensi-Kansu-Ningsia Border Region had to face.The bank under the leadership of Zhu Lizhi handled the situation very successfully.On the one hand,the bank issued the“banbi”—the fiat money circulated within the Border Region to monetize the budget deficit as well as support economic production within the border region.On the other hand,the bank was very careful in controlling the money supply and minimized the money printing as much as possible.To walk on a tight rope is extremely difficult.But the bank of the Border Region skillfully balanced the need for deficit finance and inflation control,and hence made important contribution the economic development in the border region and the failure of the blockade by the Guomindang Government.

关 键 词：朱理治 财政赤字 通货膨胀 “发票子” 

分 类 号：F832.9[经济管理—金融学]