现代货币理论

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现代货币理论(缩写MMT)是一种非主流[1]宏观经济学理论,认为现代货币体系实际上是一种政府信用货币体系。[2]货币是一种政府债务凭证,即主权货币,不与任何商品和其他货币挂钩,只与未来税收债权相对应。[3]主权货币具有无限法偿,没有名义预算约束,只存在通胀的实际约束。[4]主张功能性财政,即应由功能性财政代替央行承担实现充分就业和稳定通胀的职能。[5]

货币就是央行负债,现代货币理论让财政承担央行职能,唯一制约超发货币的就是通货膨胀,这可以通过税收来销毁货币以控制通货膨胀。[6]

九十年代中期以后,日本是实践了现代货币理论的先行国家:[7]超发货币但是没有通货膨胀;不追求平衡预算,通过零利率甚至负利率保障国债利息支出不爆炸;征收消费税以保障社会基本福利与社会基础设施更新换代。

参考文献[编辑]

  1. ^ Heterodox Views of Money and Modern Monetary Theory (MMT) (PDF). 
  2. ^ Warren Mosler, ME/MMT: The Currency as a Public Monopoly
  3. ^ Modern Modern Monetary Theory (MMT): A General Introduction. Macroeconomics: Monetary & Fiscal Policies eJournal. Social Science Research Network (SSRN). Accessed 14 June 2020.
  4. ^ Éric Tymoigne and L. Randall Wray, "Modern Money Theory 101: A Reply to Critics," Levy Economics Institute of Bard College, Working Paper No. 778 (November 2013).
  5. ^ Goldmark, Alex. Episode 866: Modern Monetary Theory. NPR (Washington DC). September 26, 2018 [September 26, 2019]. 
  6. ^ Cohen, Patricia. Modern Monetary Theory Finds an Embrace in an Unexpected Place: Wall Street. New York Times (New York). April 5, 2019 [April 5, 2019]. 
  7. ^ Wray, L. Randall. Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. Houndmills, Basingstoke, Hampshire New York, NY: Palgrave Macmillan. 2015: 137–141, 199–206. ISBN 978-1-137-53990-8.