财政赤字货币化与美国金融危机的政治经济学分析

受由新冠疫情引发的经济衰退影响,美国启动了以增发国债和超级量化宽松为基础的数轮纾困政策,以央行购买国债推动经济复苏的财政赤字货币化政策自2008年后再一次引起了全球的注意.本文以美国为刺激经济复苏施行的财政政策和货币政策为出发点,从经济基础、理论基础、制度演变、财政赤字和国债规模变化等角度分析了财政赤字货币化的形成原因...

Monetization of Fiscal Deficit and Political Economy Analysis of American Financial Crisis

Affected by the recession triggered by the new crown epidemic,the United States has launched several rounds of bail-out policies based on additional treasury bonds and super quantitative easing,and the monetization of fiscal deficits that helped boost economic recovery by central bank purchases has once again attracted global attention since 2008.Taking the fiscal policy and monetary policy of the United States to stimulate economic recovery as the starting point,this paper analyzes the causes of the monetization of fiscal deficit from the perspectives of economic base,theoretical basis,institutional evolution,fiscal deficit and the change of national debt scale.This paper forecasts the economic and political changes in the United States and the world under the policy of fiscal deficit monetization,and points out that the huge liquidity generated by fiscal deficit monetization will have a significant impact on the United States and the world economy,and at the same time,it will trigger a comprehensive financial crisis.