维基百科
现代货币理论
现代货币理论(英語:Modern Monetary Theory,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] 现代货币理论即主權國家的货币並不与任何商品和其他外币挂钩,只与未来税收與公债相对应。[3]因為主权货币具有无限法偿性質,没有名义预算约束,只存在通貨膨脹的实际约束。[4]主张功能性财政,即应由財政部代替中央銀行承担实现消滅失業率和避免過度的通貨膨脹的职能。[5]
现代货币理论認為,货币的唯一價值就是公家賦予的繳稅功能,政府可以一直發行貨幣來活絡市場,唯一制约超发货币的因素就是通货膨胀;但公家可以通过課税,来收取民間擁有的货币,以避免通货膨胀。[6]
实例 编辑
1990年代中期以后,日本是实践了现代货币理论的先行国家:[7]大量發行货币,但是没有惡性通货膨胀;不追求预算與支出平衡,通过零利率甚至负利率,以保障国债利息支出不爆炸;課徵消费税以保障基本社会福利与社会基础设施更新。
2022年斯里兰卡的经济、金融和债务危机发展成政治危机。《华盛顿邮报》在一篇评论文章中指出,斯里兰卡“是全球第一个按照现代货币理论印钱的国家”。斯里兰卡前中央銀行行长W. D. Lakshman是现代货币理论的忠实支持者——他曾多次对公众保证,不必担心公债的问题,斯里兰卡需要做的就是“增加国内债务的比例”。然后问题就会得到解决,因为“国内货币债务......在一个拥有印钞主权的国家,正如现代货币理论家所认为的那样,并不是一个大问题。”[8]
延伸阅读 编辑
- Mitchell, Bill, , Macmillan Publishers, February 2019 [2022-05-19], ISBN 9781137610676, (原始内容存档于2022-05-19)
- Innes, A. Mitchell, , The Banking Law Journal, 1913 [28 January 2009], (原始内容存档于22 October 2016)
- Lerner, Abba P., Money as a Creature of the State, American Economic Review, 1947
- Wray, L. Randall, (Working Paper No. 10), UMKC Center for Full Employment and Price Stability, 2000 [5 October 2009], (原始内容存档于20 October 2019)
- Wray, L. Randall, (Working Paper No. 17), UMKC Center for Full Employment and Price Stability, 2001 [5 October 2009], (原始内容存档于15 March 2017)
- Febrero, Eladio, (PDF), Journal of Post Keynesian Economics, 2009, 31 (3): 523–541 [2022-05-19], CiteSeerX 10.1.1.564.8770 , S2CID 154990728, doi:10.2753/PKE0160-3477310308, (原始内容 (PDF)存档于2012-10-10)
- Mitchell, Bill, The fundamental principles of modern monetary economics, 2009,
in "It's Hard Being a Bear (Part Six)? Good Alternative Theory?" (PDF)
. Introduction to modern (as of 2009) Chartalism. - Wray, L. Randall, Money (PDF) (Working Paper No. 647), Levy Economics Institute of Bard College, December 2010
- Mosler, Warren, (PDF), University of Bergamo, March 2014 [2020-06-28], (原始内容 (PDF)存档于2020-02-28)
- 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.
- Mitchell, Bill, , Macmillan Publishers, February 2019 [2022-05-19], ISBN 9781137610676, (原始内容存档于2022-05-19)
- Kelton, Stephanie, The Deficit Myth, John Murray, 2020, ISBN 978-1-529-35252-8
- Tcherneva, Pavlina, The Case for a Job Guarantee, Polity, 2020, ISBN 978-1-509-54210-9
参考文献 编辑
- ^ Heterodox Views of Money and Modern Monetary Theory (MMT) (PDF). [2020-06-28]. (原始内容 (PDF)于2016-06-03).
- ^ Warren Mosler, ME/MMT: The Currency as a Public Monopoly (页面存档备份,存于互联网档案馆)
- ^ Modern Modern Monetary Theory (MMT): A General Introduction. (页面存档备份,存于互联网档案馆) Macroeconomics: Monetary & Fiscal Policies eJournal. Social Science Research Network (SSRN). Accessed 14 June 2020.
- ^ Éric Tymoigne and L. Randall Wray, "Modern Money Theory 101: A Reply to Critics," (页面存档备份,存于互联网档案馆) Levy Economics Institute of Bard College, Working Paper No. 778 (November 2013).
- ^ Goldmark, Alex. Episode 866: Modern Monetary Theory. NPR (Washington DC). September 26, 2018 [September 26, 2019]. (原始内容于2020-07-11).
- ^ 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]. (原始内容于2020-07-08).
- ^ 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.
- ^ sina_mobile. 是谁把斯里兰卡推到了风暴边缘?. news.sina.cn. 2022-04-19 [2022-07-09].