摘要
主流经济学家们认为造成拉丁美洲20世纪最后20年经济衰退的主要原因是财政扩张导致的财政赤字。随着现代货币理论的兴起,拉丁美洲也被用来作为否定现代货币理论的案例。本文通过对20世纪80年代以来拉丁美洲经济的实际考察,认为拉丁美洲的财政赤字大部分源于1982年债务危机后巨额的外债利息支付,是拉美国家忽视国家货币主权造成的财政恶果,拉丁美洲实施的宏观经济政策实质上是一种财政紧缩政策,导致了拉丁美洲两个"失去的十年"。21世纪初以来,拉丁美洲所实行的财政扩张政策则使其克服了2008年金融危机的不利冲击,实现了自债务危机以来从未有过的持续经济增长,因此拉美经验证实而非否定了现代货币理论的正确性。
Mainstream economists believe that the main factor causing Latin America’s economic recession in the last two decades of the 20 th century is the fiscal deficit caused by fiscal expansion. With the rise of Modern Monetary Theory, Latin America is also used as a case to negate Modern Monetary Theory. Based on the facts of the Latin American economy since the 1980 s, this paper holds that most of the Latin American fiscal deficit stems from the huge interest payments on foreign debt after the debt crisis in 1982, which is the financial consequence of Latin American countries’ neglect of monetary sovereignty. Latin America actually implemented fiscal austerity policy, which has led to two "lost decades" in Latin America. On the other hand, the fiscal expansion policy implemented since the beginning of this century has enabled Latin America to overcome the adverse impact of the 2008 financial crisis and achieve sustained growth that has never been seen since the debt crisis. Therefore, the Latin American experience confirms rather than negates the correctness of Modern Monetary Theory.
作者
贾根良
刘旭东
Jia Genliang;Liu Xudong
出处
《学术研究》
CSSCI
北大核心
2021年第10期80-86,177,共8页
Academic Research
基金
国家社会科学基金重点项目“研究阐释党的十九届五中全会精神”(21AZD003)的阶段性成果
北京高校“双一流”建设资金支持。
