财政、货币政策作用空间的历史变迁及其启示——基于中国财政、货币政策实践

财政政策发挥调控功能以国家财政拥有一定财力为基础，货币政策发挥调控功能以商业银行体系对中央银行的资金依赖为前提。失却此基础和前提，财政政策和货币政策调控功能就会大打折扣甚或完全丧失调控功能。新中国财政政策与货币政策作用空间的变迁经历了三个阶段，与之相适应，财政政策与货币政策调控功能分别经历了“强、弱、强”和“弱、强、弱”三种状态。经验表明，财政政策与货币政策作用空间的变迁与经济体制、国民经济运行格局息息相关。财政政策和货币政策要真正发挥宏观调控功能必须改善其赖以发挥作用的经济运行环境并加强两者之间的协调。

Historical changes in the interaction space of financial and monetary policies and their implications--Based on the practices of Chinese financial and monetary policies

It is essential for the state finance to own certain financial resources to make financial policy perform its regulation function. The prerequisite for monetary policy to perform its regulation function lies in the dependence of fund of the commercial banking system on the central bank. Without the basis and prerequisite mentioned above, both policies would not function well or totally lose their regulation function. The historical changes in the interaction space of financial and monetary policies of new C...