MMT是什么？

近日在网络上炒的很火的：现代货币理论（MMT)，大家都在讨论要不要实施。那么究竟什么是MMT？根据《现代货币理论》这本书了解。

In recent days, there is a great deal of speculation on the Internet: the theory of modern money (MMT), everyone is discussing whether to implement it or not. So what exactly is MMT? According to the book modern currency theory.

假如在古代某个国家突然发明出了主权信用贷币，但是当时还没有各大银行，仅有政府和居民，那么该如何运转呢？

If sovereign credit money was invented suddenly in an ancient country, but there were no major banks at that time, only governments and residents, then how should it work?

在主权信用货币之前，人们可以用物品进行交易。而居民会产出的一定生活物品或者粮食作为税缴纳给政府，然后政府将这些东西发放给政府人员，以此来维持政府运转。

Before sovereign credit money, people could trade goods. And residents will produce certain living goods or food as taxes to the government, and then the government will distribute these things to government personnel, in order to maintain the operation of the government.

在主权信用货币发明出来之后，政府响应全国使用该货币，这样就可以使用印制出来的货币采购物资发放给政府人员，甚至政府直接将印刷好的货币发放到政府人员。

After the invention of sovereign credit currency, the government responds to the national use of the currency, so that the printed currency can be used to purchase materials and distribute them to government personnel, or even the government directly distributes the printed currency to government personnel

.

这时候还要征税吗?

如果政府需要征收国家10%，在货币之前居民要缴纳10%的产出物给政府。当货币发行之后直接用印制出来的货币向居民采购10%的物资即可，用货币直接买走一定比例的物资，实际上是一样的。

Is there a tax to be levied at this time?

If the government needs to collect 10% of the country's output, residents should pay 10% of the output to the government before the currency. When the currency is issued, it can purchase 10% of the materials directly from the residents with the printed currency. In fact, it is the same.

那么为何在古代就开始征税呢？

其一是因为居民的实物财政与货币不是同一阶段出来的，所以收税一直保持着；

其二是政府规定以这种货币缴税，如果居民不接受使用这种货币。就不会使用它，这时候政府使用这种货币购买物资就会被拒绝。

One is that the residents' physical finance and money are not in the same stage, so the tax collection has been maintained;

The second is that the government requires that taxes be paid in this currency, if residents do not accept the use of this currency. It will not be used, and the government will be refused to use this currency to purchase goods.

所以政府收税是赋予大家以此货币交税的义务，从而让大家愿意使用这种货币。

Therefore, the government's tax collection is to give everyone the obligation to pay tax in this currency, so that everyone is willing to use this currency.

假设刚开始实施这个制度时居民手上并没有这种货币，所以政府不可能收到收到这种货币，那么政府必须先支出，用货币采购，这样才能普遍流通，于是一开始就实施主权信用，由政府先支出才能收税。

Suppose that when the system was first implemented, the residents did not have this kind of currency, so the government could not receive this kind of currency. Then the government must spend first and purchase with currency, so that it can be widely circulated. Therefore, the sovereign credit should be implemented at the beginning, and the government can collect taxes only after spending first.

于是政府印制了一百元货币采购物资，这样就流通了一百元的货币，政府又从民间征收20元的税，那么在流通的货币余额为80元。

So the government printed 100 yuan of money to purchase materials, thus circulating 100 yuan of money, and the government collected 20 yuan of tax from the people, so the balance of money in circulation was 80 yuan.

现代货币体系对比

明明是古代的货币体系 为何称为“现代货币理论”？因为我们现在通行的货币体系在古代货币体系上做的提升。

Why is Mingming the ancient monetary system called "modern monetary theory"? Because the current monetary system has been improved in the ancient monetary system.

两者有什么区别呢?

一：古代是政府发行货币，现在由央行代表政府发行货币，央行发行货币是直接发行给市场。所以得先收税有了收入才能支出，收入不足支出的部分可以向市场借（央行除外）。

1：In ancient times, the government issued money. Now the central bank issues money on behalf of the government. The central bank issues money directly to the market. Therefore, we must first say that we can spend only when we have income, and we can borrow from the market the part with insufficient income (except the central bank).

二：商业银行出现，央行代表政府发行了货币后，并不用于流通，而是用于充当银行的准备金，银行再以该准备金为备抵，发行“银行存款货币”。真正用于社会流通的货币其实是存款银行为主，而央行发行的货币，则改名叫基础货币，一直趴在银行的账上。只有少部分基础货币被提取为现金，用于日常流通，但这个只占全部存款货币的比例仅5%（以我国为例），几乎可忽略。因此，现代实行二级银行制度，央行代表政府发行的基础货币主要不用于流通。这时候，如果遇到需求不足，甚至都不用央行多发基础货币，而是采取措施刺激银行扩大信用，派生了更多存款货币，便能一定程度上弥补需求不足。这样，央行就认为，不应轻易动赤字率，货币政策使劲就行了。只有当货币政策失效，无法刺激银行派生更多货币时（货币政策的银行传导失效），才有必要参考MMT，提升赤字率，由财政扩大支出。

2：When commercial banks appear, after the central bank issues money on behalf of the government, it is not used for circulation, but for the reserve of the bank. The bank then issues "bank deposit currency" with the reserve as the reserve. The real currency used for social circulation is actually the deposit bank, while the currency issued by the central bank, renamed as the basic currency, has been lying on the bank account. Only a small part of the basic currency is withdrawn as cash for daily circulation, but this only accounts for 5% of the total deposit currency (take China as an example), which can be ignored. Therefore, the modern secondary banking system is implemented, and the basic currency issued by the central bank on behalf of the government is not mainly used for circulation. At this time, if there is a lack of demand, even if the central bank does not issue more basic currencies, but takes measures to stimulate banks to expand credit and derive more deposit currencies, it can make up for the lack of demand to a certain extent. In this way, the central bank believes that the deficit rate should not be moved lightly, and monetary policy should work hard. Only when the monetary policy fails to stimulate banks to derive more money (the bank transmission of monetary policy fails), it is necessary to refer to MMT to increase the deficit rate and expand the expenditure by the government.

本文来源：飞跃的外星人
原文标题：MMT是什么？

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编译者/作者：飞跃的外星人

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