数字货币研究的全景补齐:财政应用数字货币的分析框架  

Panorama of Digital Currency Research:An Analytical Framework for Fiscal Applications

作　　者：马扬 杨东[2,3,4] Ma Yang;Yang Dong

机构地区：[1]中国财政科学研究院 [2]中国人民大学交叉科学研究院元宇宙研究中心 [3]中国人民大学区块链研究院 [4]中国人民大学未来法治研究院

出　　处：《国际经济评论》2023年第2期43-65,5,共24页International Economic Review

基　　金：国家社会科学基金重点项目“法定数字货币跨境流动法律问题研究”(项目编号:20AFX020)的阶段性研究成果。

摘　　要：当下的数字货币研究以金融视角为主,而同样能反映数字货币经济属性的财政视角研究几近空白。为保障中国数字货币布局先机能够转化为国家竞争优势,本文构建了财政应用数字货币的分析框架。数字货币的长远发展需要财政发挥重要的支撑作用,而数字货币的可编程性和支付即结算等特点能够优化财政管理活动。数字货币补足了财政政策时滞长、效果难以识别等短板,可灵活编程的数字货币强化了财政政策深入微观结构调整宏观经济的优势。在总结域外有益经验的基础上,本文分析了数字货币应用于财政自动稳定器和相机抉择政策时不同的着力点,探索了数字人民币如何在国库集中收付和政府债务管理中释放创新技术潜力。借由数字货币这一载体,宏观经济治理手段之间的协调将更为顺畅。The current research on digital currency has been conducted mainly from a financial perspective,while the fiscal perspective that can also reflect the economic attributes of digital currency is almost blank.To ensure that China's leading role in digital currency layout can be transformed into a national competitive advantage,this article constructs an analysis framework of fiscal application of digital currency.The long-term development of digital currency requires an important fiscal supporting role,while the programmability and paymentas-settlement features of digital currency can optimize fiscal management activities.Digital currency makes up for the shortcomings of the fiscal policy,such as long time lag and difficulty in effect assessment.The flexible programmability of digital currency strengthens the advantage of fiscal policy in adjustment of macroeconomy through in-depth microstructure involvement.On the basis of summarizing useful experiences in other countries,the article analyzes the different focuses of digital currency in two different fiscal scenarios-automatic stabilizer and discretionary policy,and explores how digital Renminbi can unlock its technology innovation potential in centralized treasury collection and payment and government debt management.With the help of digital currency,the coordination of macroeconomic governance methods will become smoother.

关 键 词：数字货币 财政治理 编程货币 宏观经济治理 

分 类 号：F49[经济管理—产业经济] F822F812