摘要：
“现代货币理论”因近年在美国、日本、欧洲等国实践中具有突出表现，且未出现通货膨胀威胁等现实问题，似乎对大国实践产生了指引作用。当前中国宏观经济运行受阶段转换、中美关系紧张和新冠肺炎疫情冲击“三重因素”叠加影响，财政扩张性政策不得不频频加码。对此，有关“赤字货币化”的三个“真问题”——“赤字货币化的安全区”“赤字货币化协调机制的优化”“财政支出的综合绩效”，必须予以充分重视。“赤字货币化”所有的学理讨论与实际追求，最终落脚点都在于服务解放生产力、实现国民经济健康协调发展，关键任务是以高水平的制度建设和创新，助力经济社会的可持续发展与现代化目标的实现。
关键词:
赤字货币化 ,
量化宽松 ,
制度建设 ,
宏观调控 ,
真问题
Abstract:
“Modern Money Theory”seems to play a guiding role in the practice of many countries because of its
outstanding performance in recent years and the absence of inflation threats. At present, China’s macro-economic
operation is affected by various factors, and the fiscal expansionary policy has to be increased frequently. In this
regard, the three“real problems”concerning“deficit monetization”must be paid full attention to: the“safe
area of deficit monetization”, the“optimization of the coordination mechanism of deficit monetization”and the “comprehensive performance of fiscal expenditure”.
Key words:
deficit monetization
,
quantitative easing
,
system construction
,
macro-control
,
real problems
贾康, 张晶晶.
[J]. 探索与争鸣, 2021(1): 42-49.
Jia Kang & Zhang Jingjing.
The “Real Problem”and “Foothold” of Monetization of Fiscal Deficit
[J]. Exploration and Free Views, 2021(1): 42-49.