From a global perspective,The formation and development of the modern bet365 bonus code indiana system are inseparable from finance。However,Both mainstream fiscal theory and monetary theory have failed to conduct in-depth research on the connection between the two。And our country’s special fiscal-bet365 bonus code indiana system,Having a strong impact on the market currency circulation system。This has resulted in the existing fiscal and monetary theories being unable to explain and guide the in-depth interaction between my country’s central bank and fiscal authorities regarding broad monetary regulation,There is an urgent need to create new economic practices based on China、Currency control theory with Chinese characteristics。
Chinese characteristics of fiscal-bet365 bonus code indiana system
First,The Party’s centralized and unified leadership over bet365 bonus code indiana work,Conducive to strengthening the coordination of fiscal policy and monetary policy。This is one of the significant signs that distinguish our country from Western developed countries,It is also the key institutional guarantee for our country to coordinate fiscal policy and monetary policy。Our country always adheres to the leadership of the party,Continuously explore the correct path for bet365 bonus code indiana support of economic and social development,Less affected and disturbed by other short-term political goals。In terms of strengthening the top-level design of bet365 bonus code indiana policies,By forming the Central bet365 bonus code indiana Commission,formed the decision-making and deployment of the Central bet365 bonus code indiana Commission、The working pattern of various executive agencies working together to implement bet365 bonus code indiana policies。In terms of strengthening the central authority of the bet365 bonus code indiana system,By forming the Central bet365 bonus code indiana Working Committee,Realized unified leadership of party organizations and cadres of bet365 bonus code indiana institutions。In addition,By setting up a monetary policy committee at the central bank,Our country is formulating monetary policy、When estimating the effects of monetary policy,Fiscal policy response must be fully considered,Avoid misalignment and conflict between fiscal policy and monetary policy,Thereby creating a synergy between fiscal policy and monetary policy。
Second,Major state-owned bet365 bonus code indiana enterprises grasp the key link of monetary policy transmission。Monetary policy tools ultimately affect social investment and consumption through the intermediary role of the bet365 bonus code indiana market。For our country,No matter in terms of asset size,Still in the key aspects of bet365 bonus code indiana transactions,State-owned bet365 bonus code indiana enterprises are all main entities in the bet365 bonus code indiana system。In terms of indirect financing,The eight banks that dominate the banking market are all central bet365 bonus code indiana enterprises or controlled by central bet365 bonus code indiana enterprises。In terms of direct financing,As of July 2021,There are 140 securities companies in my country,102 of them are state-owned capital holdings。At the same time,The enterprise providers in my country’s bet365 bonus code indiana infrastructure are also mainly state-owned bet365 bonus code indiana enterprises。
Third,The Ministry of Finance and local bet365 bonus code indiana departments perform their responsibilities as investors of state-owned bet365 bonus code indiana enterprises,Is the key feature of the “bet365 bonus code indiana rights” of state-owned bet365 bonus code indiana capital,It is also an important institutional guarantee for my country’s fiscal department to influence monetary policy from the policy transmission mechanism level。State-owned bet365 bonus code indiana capital is owned by the whole people,The State Council exercises ownership of state-owned bet365 bonus code indiana capital on behalf of the country,The State Council and local governments respectively authorize the Ministry of Finance and local bet365 bonus code indiana departments at all levels to perform the duties of state-owned bet365 bonus code indiana capital contributors。This responsibility includes guiding institutional reform at a macro level、Optimize capital layout and improve supervision system;Microscopically,It is necessary to highlight the image of “shareholders” while adhering to market-oriented principles,Specific includes strengthening company management、Conduct the review of major matters and the appointment and dismissal of corporate personnel, etc.。The central bank’s monetary policy tools,By changing the reserves of bet365 bonus code indiana institutions such as commercial banks、Financing cost,In turn affecting their trading behavior,But under the institutional arrangement in which the Ministry of Finance and local bet365 bonus code indiana departments exercise shareholder rights over state-owned bet365 bonus code indiana enterprises on behalf of the state,bet365 bonus code indiana department as shareholder,Specific business transactions that can directly affect bet365 bonus code indiana enterprises from a legal perspective,Thus affecting and regulating currency circulation。
Fourth,The centralized collection and payment system of the treasury gives fiscal revenue and expenditure the ability to affect currency circulation。my country’s treasury single account is opened at the central bank,Independent from the currency circulation system,The funds in the account are non-circulating,Not included in monetary statistics,Be able to play the role of centrally storing fiscal funds included in government budget management,With "centralized" function。At the same time,After the government finance department deposits fiscal funds into a single account of the treasury to form treasury fiscal deposits,This account implements a centralized revenue and expenditure settlement model for fiscal funds,The "isolation" of fiscal funds and currency circulation system has been achieved institutionally。National treasury centralized collection and payment system with "isolation" function,Enables the government bet365 bonus code indiana department to conduct bet365 bonus code indiana revenue and expenditure activities and treasury cash management activities,Realize the inflow or outflow of fiscal funds into the currency circulation system,To achieve the effect of monetary control。
Mainstream bet365 bonus code indiana theory lacks explanatory power
Mainstream monetary theory regards the central bank as the sole regulator of currency circulation in a country,Ignores the actual regulatory role of government bet365 bonus code indiana departments in currency circulation。Mainstream monetary theory’s understanding of money creation,Experienced the evolution from the monetary intermediary theory to the monetary multiplier theory to the monetary credit theory,However, its discussion of ways to create money is still limited to the banking system (including central banks and commercial banks),The scope of theoretical discussion is also limited to the status and division of labor between the central bank and commercial banks,And whether commercial banks are the main body of money creation。This kind of neglect of the regulatory role of the bet365 bonus code indiana department,As a result, mainstream monetary theory lacks due explanatory power in discussing the relationship between fiscal policy and monetary policy。On the one hand,The bet365 bonus code indiana department has formed a substantial monetary control function through fiscal revenue and expenditure activities。Our country’s bet365 bonus code indiana department organizes fiscal revenue in accordance with the law、In the process of arranging bet365 bonus code indiana expenditure activities,The flow of bet365 bonus code indiana funds between the centralized collection and payment system of the treasury and the market currency circulation system has been formed,In turn, it objectively has the function of regulating currency circulation。On the other hand,Banknotes、The issuance function of coins (minor coins) and digital currencies is performed by the central bank or the government bet365 bonus code indiana department,All are typical national credit,Both are completely based on national sovereignty and government bet365 bonus code indiana credit,The goal is to meet the common needs of the whole society for transaction convenience and wealth preservation。This reflects the fundamental goal of finance to meet the common needs of society。
As far as our country is concerned,The formation and development of the modern bet365 bonus code indiana system is inseparable from government finance,Under my country’s special fiscal-bet365 bonus code indiana system arrangements,Government fiscal departments can have a substantial impact on the money supply。Under the bank credit currency system,The creation of broad money mainly depends on commercial banks。my country’s institutional arrangement for the Ministry of Finance and local bet365 bonus code indiana departments to perform the responsibilities of state-owned bet365 bonus code indiana capital investors,This enables the government bet365 bonus code indiana department to legally have the prerequisites to provide credit guidance to commercial banks,This is different from the commercial banking system dominated by private capital in Western countries、The weak business guidance of the government bet365 bonus code indiana department forms a sharp contrast。In addition,The impact of government bonds on broad money supply is very significant,The situation of insufficient fundraising or failure that often occurs in the bet365 bonus code indiana markets of Western countries,It is difficult to happen in our country’s system design。There is a high degree of overlap between my country's state-owned bet365 bonus code indiana enterprises funded and managed by the bet365 bonus code indiana department and the primary dealers responsible for underwriting government bonds,means when the fiscal department issues government bonds to raise funds as planned,If there is a risk that the issuance will not be successful due to the economic downturn,The bet365 bonus code indiana department can influence the behavior of state-owned bet365 bonus code indiana enterprises by performing their duties as state-owned bet365 bonus code indiana capital investors,Enable state-owned bet365 bonus code indiana enterprises with primary dealer status to purchase、Underwriting government bonds,This ensures the smooth issuance of government bonds。
bet365 bonus code indiana control based on the "double subjects" of central bank and finance
In the practice of socialist market economy,Our country has formed a set of fiscal and bet365 bonus code indiana system arrangements that are different from those of Western developed countries,Enabling finance to have substantial influence and control over the market currency circulation system。Professor Huang Da in his comprehensive balance theory of fiscal credit,Expounds the view that the revenue and expenditure of the government bet365 bonus code indiana department affects currency circulation,It is an important theoretical exploration by Chinese academic circles in the early stage of the transition from planned economy to market economy。But with the formation of China’s unique fiscal-bet365 bonus code indiana system,There is an urgent need to construct and improve a monetary control theory that matches the existing institutional foundation。And the central bank-fiscal "dual subject" monetary control theory,It is based on my country’s special institutional foundation and follows the research paradigm of new market finance,Explore the government bet365 bonus code indiana department’s ability to regulate broad money circulation and its formation mechanism,And study the relationship between finance and banking under this monetary control framework system from a theoretical and practical level。It can be said,This theory is a further development of the comprehensive balance theory of fiscal credit that affects fiscal revenue and expenditure during the transition period of the planned economy,Not only in line with the historical development law that the modern bet365 bonus code indiana system and finance are inseparable,It also conforms to the current requirements of macro-control policies to attach importance to the monetary effects of finance and the fiscal effects of finance。Research by Li Junsheng and others also shows that,The government’s fiscal activities have monetary effects。In the market currency circulation system from 2000 to 2018,About 44.31% of the currency circulation is affected by the government’s bet365 bonus code indiana department,And this proportion is still growing。Research on the monetary effects and channels of government debt,2015-2020,The highest in the currency market is 25.31% of the credit scale is affected by the entire process of local government bonds。
(Author’s unit: China bet365 bonus code indiana Development Collaborative Innovation Center, Central University of Finance and Economics)
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