Research On Legal Regulation Of Fiscal Deficit Monetization

Influenced by the sudden outbreak of COVID-19 in 2020,great pressure will be brought to the economic development of China and the world.Therefore,the academic circle has also started a heated discussion on monetary policy and fiscal policy.Some scholars and politicians think whether can pass the practice and experience of western developed countries for reference,through the adoption of fiscal deficit to monetize the measures and means to have less stress on the domestic economic downturn and financial difficulties,but opposed views mainly argues that fiscal deficits on the negative impact of monetization is far greater than it can bring economic benefits to people,its policies and claims seriously damage its fiscal discipline,and the People’s Bank of China,the regulation of "central bank independence" serious,also with the international prevailing monetary principles."Deficit monetization" for the general public,may be a fresh and strange nouns,but in economics and socialist economic law theory,the deficit to monetize the concept of source for a long time,it is mainly advocated is to realize the combination of monetary policy and fiscal policy,and on the basis of the central bank funds,through the government to push the expansionary fiscal policy.Deficit monetized by itself is a kind of economic policy,it has its own support by a system of legal theory,so its applicable inevitably requires a certain economic,political and legal background,weighing the pros and cons of various economic policies and quality not only in terms of the theory itself to see,but they shall be on the entire economic environment,weigh the various kinds of risks.Historically,there have been cases of "monetizing fiscal deficits" at home and abroad.Nowadays,developed capitalist countries such as the United States and Japan have adopted "generalized deficit monetizing" to some extent to deal with special situations such as economic crisis.At the same time,there are also disguised or indirect deficit monetization policies in China,which mainly include "local government debt financing platform","re-loan policy" and so on.Fiscal deficits monetization for our current economic environment is neither "a scourge" and negate,but also need not to be "dogma" and be completely fit,by dialectically analyzing several times in the history of "deficit monetization" instance,through the international treaty signed in outside the domain,historical practice and our country before and after the founding of the failure and success experiences of horizontal longitudinal comparative study "deficit monetization" applicable system premise,legal regulation and the exit path analysis and how to get beneficial enlightenment to our country.And,of course,we apply to the "fiscal deficits monetization" thinking and discussion is based on the premise of its belong to the policy of "unconventional",namely "restricted use" and "there’s no final measures",the law regulation of first should also focus on how our country at present,the improvement of the existing system or innovation;In addition,for now,the epidemic prevention and control of normalized does not belong to what we discussed "special state" or "special period",can solve with conventional economic policy,but it was enough to cause us to this kind of economic theory and financial measures on the legal level of thinking and discussion,make its more transparency and operability,in order to deal with the risk of future possible trickier and conditions.The present our country during the outbreak of "normal" transformation of the economic recovery,and modify the critical period of People’s Bank of China,we can from the national conditions of our country,on the basis of through the practice of the international treaty signed at home and abroad for reference,and practical experience,in very special circumstances apply to "fiscal deficits monetization" system and the procedure of legal regulation put forward views and Suggestions.