财政与货币系统关联效应研究——兼论中国现代财税金融体制建设  

Correlation Effects of Fiscal and Monetary Systems:Establishment of China's Modern Fiscal,Taxation and Financial Systems

作　　者：姚东旻 苏代钰 蒋婉蓉 张容瑜 YAO Dongmin;SU Daiyu;JIANG Wanrong;ZHANG Rongyu(Center for China Fiscal Development,Central University of Finance and Economics)

机构地区：[1]中央财经大学中国财政发展协同创新中心,102206

出　　处：《经济研究》2024年第10期170-188,共19页Economic Research Journal

基　　金：国家社会科学基金重点项目(20AJY020)的资助。

摘　　要：主流理论未充分探讨“财政”与“货币”间的有机联系,“建立现代财税金融体制”的要求,需深入认识“财政”与“货币”间的关联效应。本文在构建财政影响货币系统的综合性分析框架基础上,探索了财政部门影响货币流通的制度基础、传导渠道及调控能力。研究发现:第一,国库集中收付制度、由财政部门履行对国有商业银行出资人职责的制度和财政性信贷制度,赋予了财政部门影响货币创造的能力。第二,财政部门对货币市场形成了强大的影响力:在货币供给方面,国库存款是影响广义货币的重要原因,并且国库存款对货币供给的影响具有明显的周期性特征;在公共金融产品生产方面,近10年,财政性信贷相对商业性信贷的占比呈上升趋势,2022年金融机构贷款中有11.04%—31.29%的信贷属于财政性信贷。第三,用公开市场操作对冲国库收支扰动,用结构性货币政策工具配合财政生产公共金融产品,用国有金融资本的财政出资人特征拓展政府债空间,通过履行对国有商业银行的出资人职责配合央行宏观审慎管理。The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China(CPC)proposed the establishment of modern fiscal,taxation and financial systems,highlighting the importance of cooperation and coordination between the fiscal and taxation system and the financial system.During the COVID-19 pandemic and in recent years,the unconventional monetary policies adopted by various countries have gradually blurred the boundaries between fiscal and monetary policies,and the monetary effect of finance has become increasingly prominent.However,the current mainstream theory on the path of money creation is still confined to the banking system,and few studies have verified the role of the fiscal department in money creation and its circulation from the perspective of institutional foundations.In fact,the unconventional monetary policies used by various countries not only enable the central bank to grant credit to the fiscal department but also provide a channel for the fiscal department to participate in the allocation of credit resources.In particular,China has a historical tradition and a political system foundation of“inseparability of the fiscal and financial systems.”China's fiscal,taxation and financial systems are different from the established ones in the West.Socialist public ownership and the leadership of the CPC are the unique characteristics of China's economy.Therefore,it is urgent to recognize the inherent unity of China's fiscal and taxation work and financial work in order to coordinate the interactions between the fiscal and taxation policies.This paper constructs a comprehensive analytical framework of fiscal influence on the monetary system with“institutional foundation-regulatory capacity”as the main line,and verifies the regular characteristics and important regulatory capacity of fiscal departments influencing the monetary market by using methods such as text analysis,budget decomposition and network analysis.The results are as follows.First,the centralized collection and paym

关 键 词：财政 货币创造 “双主体”货币调控体系 现代财税金融体制 

分 类 号：E51[军事—军事理论] E63[语言文字—汉语] H11