摘要
在世界各国为应对新冠疫情冲击采取宽松货币政策和积极财政政策的过程中,“现代货币理论”在世界范围内引起了经济学界和政策当局的高度关注。现代货币理论的支持者认为,日本是实践现代货币理论的最好样本,日本主流经济学和政策当局则批判和拒绝现代货币理论。“再通胀理论”指导下的安倍经济学与现代货币理论的政策思路虽然有所差异,但是长期“超量化宽松”的金融政策和不断扩大的财政赤字事实上尝试了现代货币理论的基本逻辑,长期财政赤字货币化的实践,使日本面临日元大幅贬值和严重通货膨胀的双重压力,摆脱通缩之后的日本有直接步入滞涨时代的巨大风险。
As countries have adopted loose monetary policies and proactive fiscal policies to cope with the impact of COVID-19,"Modern Monetary Theory"(MMT)has attracted attention of economists and policy authorities all around the world.While proponents of MMT advocate that Japan is the best example of MMT application,mainstream Japanese economists and politicians tend to criticize and reject it.Although"Abenomics"under the guidance of"reflation theory"is slightly different from MMT,the long-term"ultra-quantitative easing"financial policy and ever-expanding fiscal deficit in fact apply the basic MMT logic,and the monetization of long-term financial deficit leads to the sharp JPY depreciation and inflation.Even getting rid of deflation,Japan still has a great risk of suffering stagflation sequentially.
作者
刘轩
LIU Xuan(Japan Institute,Nankai University,Tianjin,300071,China)
出处
《现代日本经济》
CSSCI
北大核心
2023年第1期1-13,共13页
Contemporary Economy OF Japan
基金
教育部人文社会科学重点研究基地重大项目“一战后日本的‘转向’与对外战略误判研究”(17JJD770010)。
关键词
通货膨胀
通货紧缩
滞涨
超量化宽松
现代货币理论
inflation
deflation
stagflation
ultra-quantitative easing
Modern Monetary Theory
