政府债务与货币发行权之利益衡量规制  

Regulation of Interest Measurement between Government Debt and Currency Issue Right

作　　者：李安安[1] Li Anan

机构地区：[1]武汉大学法学院

出　　处：《政法论坛》2023年第6期178-188,共11页Tribune of Political Science and Law

基　　金：国家社科基金项目“公司法制度竞争视野下股权结构变革研究”(21BFX095)的阶段性成果。

摘　　要：通过货币超量发行来化解政府债务的做法被称为财政赤字货币化,其是政府举债权与央行货币发行权冲突和博弈后的妥协产物,反映出法律规避和机会主义的制度逻辑.在《中国人民银行法》的修订过程中,禁止财政赤字货币化的基本立场仍需要坚持,但应补足相应的法律责任约束机制,强化中央银行独立性和问责制,从履职问责和机构问责两方面作出有针对性的制度安排.财政赤字货币化的规制变革,需要从源头上控制财政赤字的滋生,推进中央与地方之间财权事权的再分配,让中央扩大债务规模,使地方缩减债务比例,同时要引入货币预算制度和改进中央银行沟通制度,强化货币供应的法治约束,提升货币发行的透明度.财政赤字货币化的规制变革需要处理好财政与金融的关系,建立财政金融综合改革的协调机构,减少财政政策工具与货币政策工具运用中的摩擦问题,将政府债务风险置于"财政-金融"的系统框架内进行统合化解.The practice of overprinting money to resolve government debt is known as fiscal deficit monetization.It is essentially a compromise product of the conflict and game between the government's right to raise debt and the central bank's right to issue money,reflecting the institutional logic of legal evasion and opportunism.In the revision process of the People's Bank of China Law,the basic position of prohibiting the monetization of fiscal deficit still needs to be adhered to,but the corresponding legal responsibility restraint mechanism should be complemented,the independence and accountability of the central bank should be strengthened,and targeted institutional arrangements should be made in terms of the performance of duties and institutional accountability.The systemic regulatory changes of fiscal deficit monetization should control the breeding of fiscal deficit at the source,promote the redistribution of fiscal power and responsibilities between the central and local governments,and let the central government expand the scale of debt so that the local governments can reduce the proportion of debt.At the same time,we should introduce a monetary budget system and improve the central bank communication system,strengthen the rule of law constraints on money supply,and enhance the transparency of money issuance.In addition,it is necessary to deal with the relationship between finance and banking,establish a coordination body for comprehensive fiscal and financial reform,reduce the friction between fiscal and monetary policy tools,and place government debt risks within the framework of the"finance-banking"system for integrated resolution.

关 键 词：政府债务 财政赤字货币化 货币发行权 利益衡量规制 

分 类 号：F812.5[经济管理—财政学] D922.28[政治法律—经济法学] F822[政治法律—法学]