朱理治的金融思想:历史实践与现实意义  

Zhu Lizhi's Financial Thought:Historical Practice and Practical Significance

作　　者：余永定[1] 张明[2] YU Yongding;ZHANG Ming(Chinese Academy of Social Sciences,Beijing 100732,China;Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China)

机构地区：[1]中国社会科学院学部 [2]中国社会科学院金融研究所

出　　处：《金融评论》2025年第1期145-154,158,共11页Chinese Review of Financial Studies

摘　　要：本文梳理了红色金融家朱理治的金融思想,着重介绍他的历史实践及其思想的现实意义。在担任陕甘宁边区银行行长期间,朱理治的政策实践主要包括:禁止法币在边区流通;设立货币兑换所;对内稳定边区物价;对外稳定边币兑法币的汇率;扩大边币的流通区域。朱理治的思想与实践不仅有着重要的历史意义,而且具有超前的现实意义。例如,他认为通货膨胀不仅是一种货币现象,供求缺口也是造成通货膨胀的重要原因。因此,治理通胀不仅要靠抑制货币发行,而且要靠提振生产,在收缩货币供应的时候应该扩大生产性贷款。又如,他认为应该辩证地看待财政平衡问题。在总需求不足的情况下,必须实施扩张性财政政策,必要时甚至可以实行财政赤字货币化。This paper examines the financial philosophy and policy innovations of Zhu Lizhi,a pioneering figure in China's"red finance,"with a focus on his historical practices as Governor of the Bank of the Shan-Gan-Ning Border Region and the enduring relevance of his ideas.During his tenure,Zhu implemented a series of groundbreaking policies:(1)prohibiting the circulation of external fiat currency within the border region to assert monetary autonomy;(2)establishing currency exchange centers to regulate cross-border financial flows;(3)stabilizing domestic prices through supplydemand management;(4)maintaining exchange rate stability between the border currency(bianbi)and external fiat currencies;and(5)expanding the regional circulation of the border currency.Zhu's contributions transcend their historical context,offering insights that resonate with modern economic challenges.He theorized inflation as a dual phenomenon driven not only by monetary expansion but also by structural supply-demand imbalances,advocating for simultaneous measures to curb currency issuance and stimulate productionexemplified by his policy of expanding productive loans even during monetary contraction.Furthermore,he championed a dialectical approach to fiscal balance,arguing that expansionary fiscal policies,including tactical monetization of deficits,were essential to address insufficient aggregate demand-a perspective ahead of its time.By synthesizing Zhu Lizhi's intellectual legacy,this study underscores two key contributions.First,it illuminates how his policies navigated wartime economic pressures while foreshadowing principles in contemporary macroeconomics,such as dual-tool inflation control and countercyclical fiscal interventions.Second,it demonstrates the applicability of his framework to modern economies grappling with inflationary pressures or demand-side stagnation.Zhu's integration of monetary discipline with strategic flexibility provides a historical blueprint for balancing stability and growth in complex economic environments,urging

关 键 词：红色金融 陕甘宁边区银行 通货膨胀 财政平衡 

分 类 号：F83[经济管理—金融学]