摘要
财政风险与金融风险的交集产生并存在于资金流通领域,财政风险金融化的形成与发展存在客观必然性,其内涵特征随着财政金融体制的变化而演变。本文依据财政与金融在资金融通中的关系和财政风险金融化的特征表现两个维度,将我国约70年的财政风险金融化演变历史划分为四个阶段,通过纵向对比我国不同时期和横向比较部分发达国家财政风险金融化特征,分析研究客观规律性、产生原因及影响因素,同时基于双重宏观经济效应提出财政风险金融化的治理逻辑。应当以防控财政风险金融化的负外部性为目标,深化财政金融体制改革,防范财政风险,减弱过度财政风险金融化的制度基础,严格控制负外部性的溢出效应,提升财政在宏观审慎管理框架中的定位与作用,加强财政政策与金融政策在宏观审慎管理中的政策协同。
The intersection of fiscal risk and financial risk arises and exists in the field of fund circulation.The formation and development of fiscal risk financialization have objective inevitability,and its connotation and characteristics evolve with changes in the fiscal and financial system.This paper divides China's approximately 70-year history of financial risk financialization into four stages based on the relationship between fiscal and finance in fund financing and the characteristics of fiscal risk financialization.By vertically comparing the different historical periods of China and horizontally comparing the characteristics of fiscal risk financialization in developed countries,this paper analyzes objective laws,causes,and influencing factors,and proposes governance logic for financialization of fiscal risks based on dual macroeconomic effects.We should aim to prevent and control the negative externalities of fiscal risk financialization,deepen the reform of the fiscal and financial system,prevent fiscal risks,weaken the institutional foundation of excessive fiscal risk financialization,strictly control the spillover effects of negative externalities,enhance the positioning and role of finance in the framework of macro prudential management,and strengthen policy coordination between fiscal and financial policies in macro prudential management.
作者
张圆圆
秦愿
Zhang Yuanyuan;Qin Yuan
出处
《西南金融》
北大核心
2023年第10期80-92,共13页
Southwest Finance
关键词
财政风险
金融风险
财政风险金融化
风险溢出
金融危机
风险防控
宏观审慎管理
财政金融体制改革
fiscal risk
financial risks
fiscal risks financialization
risk overflow
financial crisis
risk preven⁃tion and control
macroprudential management
fiscal and financial system reform
