摘要
本文基于金融抑制的财政理论对金融抑制、政府财政和金融改革之间的内在关系进行了系统的考察分析。当正规财政税收体系不完善时,金融抑制可以为政府提供必要的资金支持,以维持政府的财政平衡和正常运行。政府在放松金融抑制、推进金融体制市场化的时候面临着自身利益的再平衡,严格的财政和金融纪律意味着政府不能再通过金融抑制随意获取隐性财政收入。因此,政府财政是否能够维持平衡构成了金融改革的一个重要先决条件。本文全面分析了金融抑制租金的四种类型:传统铸币税、利差型铸币税、金融抑制税和隐性铸币税,并对其进行分别估算。结果表明,金融抑制为政府财政提供了巨大的支持,金融抑制租金的平均规模相当于历年GDP的12.83%、正规财政收入的83.71%。随着财政能力的不断提升,金融抑制租金的财政占比从最高时的164.5%逐渐下降到2006年后的60%左右,意味着金融改革的财政基础已逐渐具备。
Based on public finance perspective of financial repression, this paper discusses the relation among financial repression, public finance and financial reform. When government owns poorly developed regular tax systems, financial repression can extract revenue for government. Revenue from financial repression is the main cost of financial reform, financial reform is feasible only when government owns developed regular tax systems. This paper discusses four types of financial repression revenue., traditional seigniorage, seigniorage based on interest margin, financial repression tax and implicit seigniorage. The data reveals that revenue from financial repression are great, the average magnitude of financial repression revenue accounts for 12.83 % of GDP, and is 83.71 % of regular fiscal revenue. With the improvement of financial capacity, the proportion of decreased from 164.5 % in the peak to 60 % in 2006, is prepared well. financial repression revenue in regular fiscal revenue which means that the fiscal base for financial reform
出处
《财贸经济》
CSSCI
北大核心
2015年第6期57-72,共16页
Finance & Trade Economics
基金
教育部新世纪优秀人才支持计划(NCET-13-0996)
浙江省哲学社会科学重点研究基地(温州人经济研究中心)重大招标项目(wzrzdl3001)
北京高等学校"青年英才计划"
浙江省哲学社会科学重点研究基地(浙商研究中心)重大招标项目(ZSZD1404)
关键词
金融抑制租金
政府财政
金融改革
铸币税
Financial Repression Revenue, Public Finance, Financial Reform, Seigniorage
