货币与财政关系:现代货币理论与正统经济学比较分析  

The Monetary and Fiscal Nexus:Comparative Analysis of Modern Money Theory and Orthodox Economics

作　　者：李黎力[1,2] LI Lili(Renmin University of China,Beijing,China)

机构地区：[1]中国人民大学经济学院 [2]中国人民大学中国经济改革与发展研究院,100872

出　　处：《经济学动态》2023年第11期20-33,共14页Economic Perspectives

基　　金：中国人民大学科研基金项目(中央高校基本科研业务费专项资金资助)(202230196)。

摘　　要：2008年“全球金融危机”以来全球货币与财政的大转向和“三低时代”的到来,导致当今主流经济学陷入广泛质疑和批判,同时催生了“现代货币理论”的广为流行和关注。现代货币理论的流行源自对货币与财政关系迥异于当今主流和正统经济学的理解。正统经济学综合了正统交易货币和稳健财政研究传统,遵循了实物货币与实物财政相结合的实物分析进路,在“政府预算约束”理论框架下来理解货币与财政之间的联系,分析主权政府的行为逻辑。与之不同,现代货币理论则综合了非正统债务货币和功能财政研究传统,遵循了信用货币与货币财政相结合的货币分析进路,从现代货币循环流转出发来理解货币与财政之间的关系,分析主权政府的行为逻辑。正统经济学对于货币与财政关系的理解本质上是消极、被动和狭隘的,因而存在缺陷。尽管现代货币理论同样存有不足,但却在一定程度上恰好可以弥补和克服正统经济学的缺陷,从而增进对货币与财政关系的理解。The major shift in global monetary and fiscal nexus and the arrival of the“Three Low Era”since the 20o8 Global Financial Crisis,have led to the widespread questioning and criticism of today's mainstream economics,and given rise to the widespread popularity and discussion of“modern monetary theory”(MMT).The popularity of MMT stems from a vastly different understanding of the relationship between money and finance from today's mainstream and orthodox economics.Orthodox economics combines the orthodox research traditions of barter-based money and sound finance,and follows a real analysis approach that integrate physical money and physical finance.It examines the relationship between money and public finance and analyzes the behavioral logic of sovereign governments within the theoretical framework of“government budget constraints”.In contrast,MMT combines the unorthodox research traditions of debt-based money and functional finance,and follows a monetary analysis approach that combines credit money and monetary finance.It examines the relationship between money and public finance,and analyzes the behavioral logic of sovereign governments from the perspective of modern circulation of money.The understanding of the relationship between money and public finance in orthodox economics is essentially negative,passive and narrow,and is therefore flawed.MMT,though equally deficient,can to some extent compensate for and overcome the shortcomings of orthodox economics,thereby enhancing our understanding of the relationship between money and public finance.

关 键 词：现代货币理论 正统经济学 货币 财政 

分 类 号：F091.3[经济管理—政治经济学] F820