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财政货币的憧憬

雅典—西方资本主义已经基本没有什么不易之论了。在这里,我们要质疑硕果仅存的几个神圣理论之一:央行独立于民选政府。

将货币政策完全委托给中央银行,这样做的原因早已众所周知:政客在选举周期中有太大的诱惑去创造更多的货币,给经济稳定造成威胁。尽管进步派一直反对说,央行永远不可能真正独立,因为它们脱离民选官员的自主权,导致了它们更加依赖它们原本应该去制衡的金融家,但自20世纪70年代以来,支持货币政策与民主政治分离的观点取得了胜利。

除开政治争论,央行独立性基于一条经济学公理:货币和债务(或信用)是严格可分的。债务——比如某种政府或企业债券,它以某个价格买卖,这个价格又是通货膨胀和违约风险的函数——可以在国内交易。另一方面,货币不能违约,它是交换的手段而不是对象(尽管存在货币市场)。

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