王雍君:财政赤字货币化问题与应对新冠疫情冲击的政策取向

少女初尝欢爱滋味小说faburiqi:2020nian05yue13ri   liulancishu:[]

少女初尝欢爱滋味小说chizihuobihuadejibenhanyishiyangxingweizhengfudechizizhichumaidan。jianyumingxiandelunzhengbuzhou、yuyanbuxiangheshiyemangdian,jinqiguoneixuejieduigaiwentidereyihennanweizhengcexuanzeyugaigetigongshidangcankao,gengbuyongshuochongfenyiju。niuzhuanjumianyilaiyigeshiyehongda、luojiqingxidekuangjiaxiazuogengjuzhuanyeshuizhundesikao,yibianyoutiaobuwendiyicichengqingwugecengcidexiangguanwenti:chizihuobihuakexingxingyutujing、xuqiumianxishou、liudongxingxishou、kechixuxingheneihanshizhengcegaigeyicheng。

 

 

作者|王雍君(中央财经大学政府预算研究中心主任)  

 

weiyingduixinguanyiqingduizhongguojingjiyugonggongweishengdengguanjianfuwulingyudejudachongji,zhongguowuyixuyaocaiqulidugengdadecaizhengcijiyujinrongkuozhang,kuodacaizhengchiziyuzhaiwushuipingshiqizhongfeichangguanjiandezuchengbufen。mianduishishangxianjiandejudaneiwaichongji,cijubujinzailuojishangshizhengquede,zaishijianzhongyeshiyouyidehebiyaode,kaolvdaosuoyouzaoyuyiqingdeguojiahejingjitidouzaicaiquleisixingdong,youqiruci。zhongguozuoweiquanqiudierdajingjiti,rucixingshideliyougengjiachongfen,yinweiruguozhongguojingjifusuzhihoufalibujinyingxiangzhongguojingji,yejiangtuoleiqitaxuduojingjitinaizhishijiejingji。xiangfan,chenggongdezhengcenulijiangweishijiejingjizuochugongxian。

benwenjiangzhilibiaoming:jueduijuchicaizhengchizihuobihuazheigezhengcexuanxiangbingbukequ,danchenggongshishiyilaiyuyizuyangedetiaojian,erzheixietiaojianyoukenengzaishidangdezhengcegaigeyichengzhongbeimanzu。

zheilishejilianggejibenwenti:chizihuobihuayoubiyaoma?shengsuanduogao?

少女初尝欢爱滋味小说zuoweihuiying,jinqireyidazhifenweizantonglunyufanduilun,danliangzhedeshijiao、guangdu、shendujigaoduduoyouxiaci,yinerhennanjingshouzhujibenzhiyi,duoshujutiguandianyeshiruci。jianyushiguanzhongda,benwenrenweiyoubiyaoxitongchengqingchizihuobihuashejidewugecengjidezhongdawenti,rucicainengchongfenjifamingzhizhengcexuanzeyugaigequxiangsuoyilaidedongjian。

一、财政赤字货币化的含义与路径

jianyaoyanzhi,caizhengchizihuobijiushiyouyangxingweicaizhengchizimaidan,danbudengtongyuyangxingtongguo“huobichaofa”weizhengfumibuchizi,jinguancunzaizheizhongkenengxing。weichengqingliangzhedechayi,youbiyaoshouxianmingleshenmeshi“caizhengchizi”。

ruguocaizhengshouru(“zijideqian”)zuyimanzuzhichuxuqiu,neimezhengfuwuxujuzhai,yebuhuiyoucaizhengchizi。danzheizhongqingkuangxianzaihenshaojian。duoshunianfendeqingxingshi:benlaimeineimeduoqiankehua,quebixuhuaneimeduoqian。liangzhedechaejiushicaizhengchizi,jishoubudizhideyue。yinzaihuijishangyihongselieshi,guchengwei“chizi”。

mibuchizidefangfahenduo,zhuyaoyoulianglei:jiezhaiheyangxingyinfachaopiao。henshaoyourenyishidao,liangleifangfabenzhishangxiangtong——doushizhaiwurongzi,zhibuguohouzheshizhengfuxiangyangxingjiezhai。

danzheiliyougeqiantitiaojian:yangxingyuzhengfuzaicaiwushangshidulide。zhongguoxianranbushizheiyang:yangxingdequanbuzibenjindoushizhengfuzhurubingchiyoude。zaiciyiyishang,jishiyangxingweichiziyinchao,qishijihanyiyeshi“zhengfu(tongguoyangxing)xiangzijijiezhai”。

问题也随之而来:难道不需要偿还吗?

daanshi:dangranxuyaochanghai,danchanghaidefangshifeichanglinghuo,baokuobiyaoshigezhongxingshidecaizhengzhuzi。suoyi,wentibuzaiyushifou、heshihuoyihezhongfangshichanghai。zaixianxingtizhixia,changhaiyehao,buchanghaiyeba,benzhishangwuguanjinyao。jishimeiyouhuobihua,gezhongzhuzixingshide“changhai”buzhaoyangjinxingma?chuleyangxing,duishangyeyinxinghezhengcexingyinxingdecaizhengzhuziyebuxianjian,guowaiyehenpubian,baokuomeiguozainei。

真正的问题首先在于可行性:直接货币化和间接货币化——何者更可行?

zhijiehuobihuayoulianglei:yileishicaizhengbuxiangyangxing“touzhi”,renminyinxingfayijingjinzhizheizhongzuofa,suoyibukexing;lingyileishiyangxingzhijiegoumaicaizhengbu(daibiaozhengfu)faxingdezhaiquan,zheiyuxiangyangxingtouzhileitong,yinqijingjihezhengzhiyingxiangjuda,tongchangyebukexing。

少女初尝欢爱滋味小说xiangduikexingdeshicaizhengchizidejianjiehuobihua:yizhongzuofashiyangxingpinghengbiaogangganhua,meiguohemouxiefadaguojia(ruyingguo)duonianqianjiyicaiyong,zhizaishishigonggongfengxianfendanjihuabangzhuxianrukunjingdegongsibumen。

可行性较高的是间接货币化的第二个模式:通过政府控制或持股的特定目标实体(SPV)的实施赤字货币化少女初尝欢爱滋味小说,即央行在二级市场购买SPV发行的债券——本质上对SPV贷款,SPV把发债资金存入商业银行使其能够向需要救济的中小企业提供贷款。在SPV贷款到期时,政府代替SPV偿还。这种模式规避了禁止央行透支和购买政府债券的规定,对深陷疫情冲击的亚洲国家尤其深具吸引力。

概而言之,财政赤字货币化的本质是央行向经济中注入流动性,其可行性总是存在的,即使法律禁止财政透支或以超发货币弥补赤字也是如此。所以,真正的问题不在于“货币化”是否可行,而在于货币化赤字招致非意愿后果的风险究竟多高?主要的非意愿后果通常有五个:通货膨胀、汇率(本币)贬值、挤出效应以及损害财政可持续性。

由此可知,赤字货币化的问题所在既非“货币化”、亦非“赤字”本身,因而需要被置于视野宏大的财政政策分析框架中加以审视,才能获得切合实际的结论和洞见。重要的是必须认识到:宏观财政政策的合理目标并非特定的财政赤字水平,也不是特定的“赤字化币化水平”,而是在“既确保政府有足够的钱可花、同时又不至于损害其他重要的政策目标”,也就是“财政赤字的审慎水平”。

jiexialaidenuli,douzhiliyuduicizuoxitonglunzheng。fouze,renheguanyu“chizihuobibuhuiyinfatonghuopengzhanghuoqitafeiyiyuanhouguo”dekanfa,zhiyingbeidangzuoyixiangqingyuan。

二、货币化赤字的“需求面吸收”

hongguanjingjiguanyugongyingpinghengdejibenyuanli,kezuoweipingguchizihuobihuashifoupohuai“shenshenchizishuiping”deluojiqidian。jibenyuanlikebiaoshuweiruxiadengshi:

caizhengchizi=minjianbumenchuxu+jingjinkou。

jingjinkoujijinkoujianchukou,xiangdangyuwaiguorenzaizhongguojingjizhongxingchengdechuxu。

zheigedengshiyouzhuyulijieyigeguanjianwenti:caizhengchizixingchengdezhengfugoumailidaibiaozhengfuzengjiadezongxuqiu,jizhengfuduizuizhongshangpinyufuwudegoumaixuqiu。buyaneryu,zaijingjizhongyoujiazhixiangdengde“ewai”shangpinyufuwushi,zheixiechizijiunengbeixishoudiao,erbuzhiyuyinqitonghuopengzhang。bunengxishoudiaoyiweizhechiziyinqideewaixuqiuzhong,youyibufenmeiyouduiyingdeshangpinyufuwu,tonghuopengzhangjiangsuizhierlai。

“ewai”shangpinyufuwucongheerlai?dengshitishilelianggelaiyuan:shouxianshiminjianbumen(qiyehejiating)jianshaogoumai,yejiushibayuanbenchizaojiangyongyugoumaishangpinyufuwudechuxu,zhuaneryongyugoumaizhengfuzhaiquan——weizhengfupinghengchizizuogongxian,conger“yunchu”xiangyingdeshangpinyufuwu,shiqizhuanhuanweizhengfude“chizigoumai”。

少女初尝欢爱滋味小说qici,zaiminjianbumenzanshi“yunchu”deshangpinyufuwubuzuyipinghengchizishi,chaebufenbixuyoujingjinkoujiguowaishangpinyufuwutianbukongque。yejiushishuo,waiguomaijizhongguodedongxicongerzhuanqudeshouru(zhongguodejinkou),bitamencongzhongguogoumaidedongxicongerhuadiaodeshouruduo(zhongguodechukou),liangzhedechaechengweijingchangzhanghu(maoyi)chizi,yifangmianbiaoshixiangyingdeguowaishangpinyufuwu“manzubenguocaizhengchizidegoumaixuqiu”,lingyifangmianbiaoshiyuanzizhongguojingji(jinchukou)dewaiguochuxu,zuoweipinghengchizideyigelaiyuan。

huidaoxianshi。zhongguoduoshunianfenshimaoyiyingyu,zheiyiweizheyongmaoyichizi(waiguochuxu)xishouchizixuqiubukexing。danzheibingbulingrentebiedanxin,yinweizhongguodeminjianchuxulvzaishijieshangminglieqianmao,zuyidixiaomaoyixiaoying。ciwai,zaichizizengdayizhiminjianchuxubuzuyipinghengshi,zhongguokeyitongguozengjiajinkou、jianshaochukouxingchengmaoyichiziyuyipingheng。zheiyangzuoxiangdangyudongyongwaiguochuxupinghengchizi,benzhishangyudongyongguoneiminjianchuxuxiangtong,danqianzhededaijiahenda:jianshaowaihuishouruhewaihuichubei,yijijianshaochukoudaozhijingjizengzhangfanghuan。

要想避免或控制这些代价,以民间储蓄吸收赤字需求最为适当。实践中的方法很简单:民众和企业(包括金融企业)购买政府债券。这个过程有两个含义:平衡赤字和需求面吸收。平衡赤字即“政府多花钱(赤字)、民间部门把自己的钱借给政府花”,也就是动用民间储蓄弥补赤字。这个过程也是需求面吸收的过程:民间部门暂时减少购买,把这些购买“转换给赤字购买”。理论上,这样的操作可以最大限制地控制赤字引发通货膨胀的风险。

zheilidetaolunsuiranshizhenduifeihuobihuachizieryande,danyeshiheyuduihuobihuachizidetaolun,yinweiliangleichizidouyilaiquanmiandejinrongchuxuyuyipingheng(gongqiu),congerchongxiaochufatonghuopengzhangdefengxian。

中国的民间储蓄规模足够大的事实,意味着不至于引发通货膨胀的财政赤字空间也足够大,但并不意味着没有其他非意愿后果:特别明显的是利率上升导致挤出效应和其他后果。赤字本身表明政府是金融市场上的资金需求者,给定其他条件,赤字越大,资金需求越大,利率也就越高;利率越高,民间投资与消费越少,这就是挤出效应,通常可以采取货币扩张予以对冲。

lingyigexuyaojiaozhangshijiancainengxianxiandefumianhouguohennanfangfanyukongzhi,zheijiushixiqueziyuanpeizhigejuchuxianzhongdazhuanxiangdefengxian:yuanbenyoushichangfahuijuedingxingzuoyong,zhuanxiangzhengfufahuijuedingxingzuoyong。zheileifengxiandeshenyuanyingxiangzuyirangwomensansierhouxing,danzaidangqiandereyizhongchengweimingxiande“lengyi”。xianyupianfu,benwenjiexialaibuzaijiucizuogengduotaolun。

rangwomenbaguanzhudianzhuanxianglingyigewenti:“buzhiyuchufatonghuopengzhangdechizikongjian”jiujingduoda?zheizhuyaoqujueyushenme?shidangdedaanshi“liudongxingxishou”。

三、货币化赤字的“流动性吸收”

huobihuachizidebenzhishiyangxingxiangjingjizhongzhuruewailiudongxing。qianmiantaolunbiaoming,zaidongyongminjianchuxuzuyi“yunchu”dengzhideshangpinyufuwushi,chizixuqiukebeixishoudiaocongerbimiantonghuopengzhang。danzheiliyougeyangedetiaojianshijishanghennanbeimanzu。shexiangyixia,minjianbumenzaiyifangmiangoumaizhengfuzhaiquan(dongyongchuxu),lingyifangmianbingbuxiangyinghuolijijianshaogoumaizhichu,jianghuifashengshenme?

daanhenrongyixiangdao:shengyude“chiziliudongxing”jiangyoudangyujingjitixizhong,chengweitonghuopengzhangdezhongdayinhuan。yinhuanbingfeishishi,dancunzaibianchengshishidekenengxing。conggenbenshangjiang,zheiyikenengxingqujueyuhuobixuqiuhanshudetexing,huozhetongsudijiang,qujueyubenguojingjitixixishouliudongxingdenengli。yi“zengfaduoshaom2heshi”weimubiaodehuobizhengcejiushijiyuhuobixuqiuhanshu。zaiciyiyishang,chizihuobihuawentibenzhishangshuyuhuobizhengcedefanchou。

鉴于宏观经济意义上的财政政策必须从属货币政策目标,以及适当的货币政策可以冲销或部分冲销赤字货币化招致的过剩流动性,从而降低触发通胀的风险,货币化赤字的流动性吸收反映了货币政策与财政政策的协调配合

少女初尝欢爱滋味小说zaichizibeihuobihuadeqingkuangxia,jingjitixiduiewailiudongxingdexishounengliqujueyusangeyinsu:xianyoudeliudongxingcunliang、huobiliutongsuduhejingjizengzhang。zhongguom2jiliangdeliudongxingcunliangguimofeichangda,yijingyuanyuangaoyumeiguoheoumeng,biaomingliudongxingcunliangyijingwuli“yunchu”kongjianlaixishouxindechiziliudongxing。ruguoqizhongweibeishitijingjixishoudebufenyiranxiangdangda,neime,chufeiyuqijingjizengzhanglvzugougao,fouze,xishoudechiziliudongxingjiangfeichangyouxian,buzuyizhichengdaguimodechizi。ciwai,youyuhuobiliudongsududuanqineixiangduiwending,zaifenxizhongkebeihulve。

zheiyang,yuqijingjizengzhanglvjiuchengweixishouchiziliudongxingdejuedingxingbianliang,tebieshishitijingjidezengzhanglv。duonianlai,youyugezhongyuanyin——zhuyaoshijiqiangdetoujixinghelongduanxing,zhongguodejinrongtixixishoulejudadeliudongxing,daozhihennanliuxiangshitijingji。“tuoshixiangxu”dezhengcenulisuiranchixuzhijin,danzheigeruodianyirancunzai,duanqineinanyigenchu,congeryasuoleliudongxingxishoudekongjian。

ruguopiekaizheigeruodian,yuqijingjizengzhangjiuchengweixishouliudongxingdejuedingxingyinsu。cicixinguanyiqingzhong,zhongguojingjifusumingxianzaoyuqitaduoshuguojia,zheishiyigejijixinhao,biaomingchizihuobihuayinfatongzhangfengxianjiaodidexinhao。raner,zheilitongyangyouyigeyangedeqiantixianding:manzushenshenchizidequanbutiaojian。

四、焦点是财政赤字的审慎水平

duichizihuobihuawentidexinjinreyimingxianmeinengjujiaozuiguanjiandeshizhixingwenti:shenshenchizijiqitiaojian。zaizheizhongqingkuangxiabiaodadexiangguanguandianhuojielun,tongchanghennanjingshouzhujibendehelizhiyi。

keyituilun,jinnianheweilairuoganniankuodachiziyihuifujingjiheqianghuaguanjianfuwushibiyaode。qianmiandeyinyanbufenyijingzhichu,zheixiechizibeibufenhuohuobihuadebanfayeshicunzaide。suoyi,zhenzhengdewentibuzaiyuhuobihuabenshen,erzaiyuhuobihuashifoupohuaishenshenchizidetiaojian;gengzhunquedijiang,zaishenmeqingkuangxiahuipohuai、shenmeqingkuangxiabuhuipohuaizheixietiaojian。zaibuhuipohuaideqingkuangxia,huobihuabujinshikexingde,erqieshiyouxiaode。

审慎赤字可理解为有益无害或者弊大于利的赤字,无论赤字本身是否被货币化。鉴于任何赤字都有某些负面后果与影响,审慎赤字更多地指“收益明显但代价相对较低、因而具有合意性的赤字”。赤字合意性满足三个标准:对经济与就业增长目标做出重要贡献的潜力,对通货膨胀、利率、汇率表征的宏观经济稳定目标的负面影响相对很小,以及财政可持续性。三个标准共同定义了什么是审慎赤字。

jinyibudewentishi:shenshenchizimanzushenmetiaojian?youyuweinengchengqingzheixiejichutiaojian,xinjinreyidejiazhiyibeidadazhekou。benlai,zheichangreyiguanhuguojiazhilihezhengcexuanzedeyigezhongdazhuti,youbiyaobaochibiyaodexuelishendu。raner,zheigeyuanjingmuqianweinengshixian,zhuyaoyuanyinzaiyushenshenchizigainianjiqitiaojianweibeiguanzhuyuchengqing。

审慎赤字的第一个基础条件是保持全面的金融储蓄:民间部门储蓄和净进口。民间储蓄意味着企业与家庭部门必须保持“收大于支(购买)”。仅此而言,中国目前不至于触发通货膨胀的赤字货币化空间依然很大,但利率上升的挤出效应,经济体系对剩余流动性吸收不足,都收缩了“无通胀货币化赤字”的空间。

gaikongjianhaihuibeiweichizhengzhijingjinkou(jinkoudayuchukou)bixumianduidenantishousuo。zaizheili,zhengzhijingjinkoufahuizheleisiminjianchuxudezuoyong,ji“yunchu”ewaideshangpinyufuwuyixingchengxuqiumianxishou,congerchongxiaohuobihuadetongzhangdeyali,qubiejinjinyubei“yunchu”deewaishangpinyufuwulaizijinkou。

youyujinkouxuyaozhichuwaihui,lianggenantisuizhierlai:yaomebaochiheyidechukouzengzhangchuangzaowaihuilaiyuan,yaomedongyongwaihuichubei。dongyongchubeidefangfahenjiandan,danweiweichidaliangjinkouerdaguimojianshaojiangzhaozhibenbihuilvbianzhidegaofengxian,haiyinweigoumaililiuxiangguowaiersunhaibenguojingjizengzhangqianjing,suoyizheishigenanti,buyiqingyixuanze。

保持合意的出口增长因而成为审慎赤字的第二个基础条件。在出口增长强劲的经济体中,审慎赤字意味着相对较高的赤字水平,即使这些赤字被货币化也是如此。无论就需求面吸收还是流动性吸收而言,高出口创汇使得随时增加进口以满足赤字需求成为可能,从而大大降低触发通胀和汇率失衡的风险。

然而,强劲的出口增长本身就是经济增长的来源,也是经济增长的结果。仅此一点足以表明,合意的经济增长率本身必须被当作审慎赤字的第三个基础条件;而且基于以下两个主要原因,必须当作最为重要的基础条件。

首先,经济增长率必须高于利率,否则,政府债务/GDP比率将趋于无限上升,无法收敛于某个临界水平——国际上广泛接受的是不超过60%的欧盟标准。虽然这是经验数据,但其核心价值值得尊重,这就是为财政可持续性确立可计量与可监控的量化标准,标准高低因国家和经济体而异,就中国而言,可以认为增长潜力比欧盟更大,突破60%的上限是可行的,而目前只是在40%左右。当然,这里没有考虑隐性负债。进一步考虑到欧盟某些成员国也一再突破这个上限,中国的显性债务进而赤字空间还是很大的。

少女初尝欢爱滋味小说danzheigeguandianbuyingguofenqiangdiao,yinweituposhangxianshiyihuishi,“quebaozunzhongmougebiaozhunshangxian”shilingyihuishi。keyitupobingbuyiweizhemeiyoushangxian,gengbuyiweizhezheigeshangxianbuzhongyao。julilaishuo,jiuzhongguoeryan,shangxianbixushezai70%huozhegenggaodemougeshuipingshang。zongzhibixuyougeshangxian,yinweimeiyoushangxianyiweizhezhaiwu/gdpbilvwushangxianshengdekenengxing,congerchedipohuaicaizhengkechixuxing——sangshichangzhainengli,zheiyiweizhechizihuobihuasuoyaomiaozhundemubiaoyebukenengdacheng,qizhongzuizhongyaodejiushijingjihejiuyezengzhang。

jibendehongguanjingjixuehegonggongcaizhengxueyuanligaosuwomen,dachengzengzhangmubiaodexiangguannuligaoduyilaichuangzaozhongzhangqidecaizhengkechixuxing,houzhezhijiehuojianjiegouchengyixiliebiaozhenghongguanjingjiwendingdeguanjiancanshu,baokuolilv、huilvhetonghuopengzhanglv。quanqiufanweinei,caizhengbukechixuzhaozhihongguanjingjishihengjinersunhaizengzhangdelizi,yebibijieshi。caizhengkechixuxingbubao,yineryiweizhekechixudezengzhangmubiaobubao;kechixudezengzhangmubiaobubao,chizihechizihuobihuadechuzhongyoushishenmeni?

已经确知的是:为确保债务/GDP收敛于某个临界值——财政可持续性的警戒线,经济增长率在中长期内必须高于利率。对于“无害的货币化赤字”目标而言,这是个特别紧要的条件,本该在新近热议中聚焦:在假设赤字货币化的年份中,中国经济的预期增长率高于利率的可能性有多大?事实和证据有哪些?然而迄今为止,很少看到这一重要的关注点出现在热议中。

在实践中,满足高于利率的增长率的第一个真实含义是:借新债还旧债的游戏无法长期持续,因为这会导致债务比率无限上升。第二个真实含义是:政府必须拿出一部分财政收入——这些收入不能在非偿债用途上全部花掉,用于偿还债务利息。易言之,“收入-支出=现金基础的基本赤字”必须出现盈余,并以盈余偿付到期的全部或至少部分利息。利息支出不应出现在支出从而基本赤字中。由于各种原因,包括缺失这一重要的赤字概念和数据,财政政策的宏观经济分析已经变得十分困难,包括评估赤字货币化的影响。

少女初尝欢爱滋味小说jingjizengzhanggouchengshenshenchizizuizhongyaodejichutiaojiandediergeliyou,youciyinshenerlai:bixunenggouchuangzaozugoudecaizhengshouru。zheishijiexialaitaolundehuati。

五、亟需深入推动系统的内涵式政策改革议程

jiezhimuqiandetaolunqiangdiaoleshenshenchizidesigeguanjianfangmian:jinrongchuxu、chukouzengzhang、liudongxingxishou(huobixuqiuhanshu)yijijingjizengzhang。manzuzheixietiaojianyiweizhejishichiziguimoxiangdangdabingyouyangxinghuobihuamaidan,yeshiheyidehekejieshoude。

但这个观点需要谨慎对待,主要原因是合意的经济增长这个最关键的基础条件具有不确定性。中心论点是:只要货币化赤字可有效地促进增长目标,同时不至于明显损害稳定和平等目标,就是合意的,因而也是可接受的少女初尝欢爱滋味小说。绑定这一中心论点的改革议程可称为内涵式政策改革议程。

weilelijiezheigeyichengdequeqiehanyi,youbiyaobachizihuobihuawentimingquedizhiyu“zengzhang-pingdeng-wending”desikaokuangjiaxia,gaikuangjiajiushiyouyibanjingjizhengcesangezonghemubiaogouchengde“tiesanjiao”:zengzhangyiweizhedangaozuoda,pingdengyiweizhedangaoduiruoshiquntidegongpingfenxiang,wendingzeyiweizheliangzhejiekechixu。bunanfaxian,chizihuobihuadexinjinreyimingxiandiqueshizheiyangdesikaokuangjia,yinerrongyixianru“gongqiyidian、bujiqiyu”depianpo,erzheizhengshixueshuyanjiuyuzhengcefenxidedaji。

keyirenwei,huobihuachizidemudewufeishitongguoyangxingmaidan,shizhengfuyouewaideqiankehuacongercujinzengzhang,jibianquanbushourujiashangjuzhaibuzuyimanzuquanbuzhichuyeshiruci。yiyanzhi,chuleqianghuagonggongfuwu(jiaodianshigonggongweishengdengshehuilingyu)wai,genbenmudeshicujinjingjizengzhang。yuxuduoguojiayiyang,xinguanyiqingshizhongguojingjizaoshoudaojudachongji,zhengcexuanzeyugaigeba“baozengzhang”zuoweidiyiyaowu,keyirenweishiheliermingzhide。

少女初尝欢爱滋味小说danshenshenchizigainianhe“tiesanjiao”sikaokuangjiatixingwomen:zhishizaibuzhiyumingxiansunhaiwendinghepingdengmubiaodeqiantixia,baozengzhangcaijikexingyouxiao。zaizheili,piekaipingdengmubiaobulun,zuizhongyaodejiushibajingjizengzhangmubiaoyuhongguanjingjiwendingmubiaoqingxiqufenkailai,erzheizhengshixinjinreyisuoqianquede。

jutidijiang,hongguanjingjiwendingshouxianqujueyuxiangyingjingjicanshudewendingxing,zhuyaozhitongzhanglv(wujiazongshuiping)、lilvhehuilv;qiciqujueyucaizhengzhengcedekechixuxing,zhijiedepingpanbiaozhunzaiyuzhengfushifousangshichangzhainengli。yuwendingmubiaobutong,jingjizengzhangmubiaozhizhigdpzengzhanghejiuyezengzhang。zheishilianggecengcidewenti,bixuqingxiqufenkailai,fouzejiyizhaozhisiweihunluanhuomohusibian,congernanyidechujuyoukexindudeguandianhejielun。

少女初尝欢爱滋味小说mingxiandeshi:chizihuobihuazhijujiyouguanzengzhangmubiao,yeyouguanwendingmubiao。wentizaiyu:yingxiangwendingmubiaoyeyiweizheyingxiangzengzhangmubiao,yinweibaowendingshibaozengzhangdeqiantitiaojian!

yushi,sikaojiaodianxuyaozhuanxiang:zaishenmeqingkuangxia,zhizaibaozengzhangdehuobihuachiziduiwendingmubiaodefumianyingxiangkeyizuixiaohua,congershiqikebeidangzuo“shenshenchizi”erbeijieshou?

shidangdedaanshi:tongchangzhishineihanshizhengcegaigeyichengcainengmanzuzheigetiaojian!

内涵式议程基于一个核心理念:把增长的源泉从虚幻的规模因素,系统地转向参数稳定、配置效率和运营效率上来,无论经济政策还是财政政策层面

zhangqiyilai,ziyuantouruguimoqudongmoshiyizhichengweizhongguojingjizengzhangdezhuliumoshi,genzhiyu“yitourucuzengzhang”derenzhipiancha:batourucuowudidangzuozengzhangde“yuanquan”,erbushizhengquedidangzuozengzhangde“qianti”;shijianzhongjizhongtixianweitouziqudongzengzhangdepianai,renweitouziguimoyueda、xiangmushuliangyueda,jingjizengzhangjiuyuekuai。zaigonggongcaizhengzhong,xiangyingdibiaoxianweiduizhichu、zhaiwuyuchizidepianai(xinzhaobuxuan)。jiuqixueligenyuan,zaiyukaiensizhuyikaichuangdecaizhengzhengcehongguanjingjifenxizhongdeyigefangfalunquexian:bacaizhengchengshuhuominghuoandidangzuo“zengzhangdeyuanquan”。zheizhongxuqiumianyuanquanguanmaosizhengque,shizefanxiabajieguodangzuoyuanquanderenzhipiancha,yinweixuqiudechengshushizengjiazhibuguoshizhenshizengzhangyuanquandejieguo。

其实,偏爱本身并非问题所在,甚至可能是好事,但前提条件是不应诱发对内涵因素的偏见、忽视甚至漠视——包括防治腐败、寻租以及改进公共项目管理与实施能力,实践中很少如此。扭转局面因而很重要,而第一步是大声说出来:经济增长的真实源泉不是资源规模,而是三个内涵式驱动因子——稳定、配置效率和运营效率,无论旨在促增长的经济政策还是财政政策层面。

jiucuzengzhangdeneihanshijingjizhengceeryan,gaigeyichengyingjizhongjingliyusangefangxiang:hongguanjingjicanshubenshendewendingxing,chanyejiegoudeshengjizhuanxing(peizhixiaolv),yijiyaosushengchanlv(yunyingxiaolv)。meigefangxiangdegaigeyichengdoumingquezhixiangzengzhangdezhenshiyuanquan。

少女初尝欢爱滋味小说jiucuzengzhangdeneihanshicaizhengzhengceeryan,gaigeyichengyingjizhongyusangexiangyingdefangxiang:weihongguanjingjicanshuwendingchuangzaozhongzhangqidecaizhengkechixuxing,tongguodafududezhichujiegouxingdiaozhengquebaobacaizhengzijinjizhongyuguojiazhanlveyuzhengfuzhengcedezhongdian(peizhixiaolv),yijijilibumenyujigouzhilitishenggonggongfuwucengmiandetouru-chanchuxiaolv(yunyingxiaolv)。ruci,caizhengzhengcebiannengweizengzhangmubiaozuochuzuidagongxian。

yishangjingjiyucaizhengcengmiandeneihanshigaigeyichengbaohanxuduoxijie,benwensuiweizhankaitaolun,danjibenkuangjiahezhanlvefangxiangyijingqingxiwuwu,guanjianxijieyinerziranyunhanqizhong。

结语

fangyanquanqiu,mianduixinguanyiqingdequanfangweijudachongji,jibianmouxieguojiacaiqubuxiyiqiedaijiadefangfawanjiujingjiheqianghuafuwu,yebuyinggandaotebiexinqi。zheixiefangfazhong,caizhengchizihuobihuashiqizhongtebieyaoyanqiefuyuxiyinlideyige,zaiduanqineiwuliyichangguirongzilaiyuan(shuishouyuzhaiwudeng)weicaizhengcijichongfenchoucuojixuzijindejingjitizhong,youqiruci。

benwenbingfeizantong、yifeifanduizheixiangxuanze,ershirenweizheigewentixuyaozaiyigejianquandesikaokuangjiazhongshenrutaolun,xinjinreyikezuoweiyigeqidian,danyinyuanweichengxianchuzheigehongdazhutidefenlianghejiazhi,chufeizhankaigengjuzhuanyeshuizhundetaolun。fanfanertanhegushouxiaaisiweidexiguanjiwuzhuyuchengqingwenti,gengwuzhuyujiejuewenti,fanerkenengzhaozhibubiyaodewudaoxing。

概括一下不是结论的本文结论可能是有益的:绝对地拒斥或赞同赤字货币化皆不可取;明智的选择是创造足够大的经济空间与财政空间,从而使赤字货币化变得既可行也有效,也就是既可促进增长又不至于明显损害稳定与平等目标。在人民币实现全面国际化之前,致力于从内部创造吸收消化货币化赤字尤其重要。

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