| 摘要: |
| 本文构建了一个包含三部门的动态随机一般均衡模型，对政府债务扩张是否挤出私人投资的问题进行研究。创新之处在于将财政政策工具细化为六项：政府消费支出、政府生产性投资支出、政府转移支付，以及对消费、劳动和资本征收的三种扭曲性比例税。研究发现：对政府债务膨胀是否挤出私人投资的问题不应该笼统地看待，应该深入探究债务扩张的根源。由于目前我国正处于全面深化改革的关键时期，所以正确认识政府债务扩张对私人投资的影响将会对进行中的财政体制改革起到积极的作用。 |
| 关键词: 政府债务 私人投资 挤出效应 挤进效应 |
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| Analysis of the Influence of Government Debt Expansion on Private Investment |
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LIU Zhen, PAN Xiao jun, PU Cheng yi
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| Abstract: |
| This paper builds a Dynamic General Equilibrium Model consisting of three departments and studies whether governmental debt expansion squeezes out private investment, whose innovation lies in financial policy tool which is subdivided into such six items as governmental consumption expenditure, government production type investment expenditure, governmental transfer payment, and the three type distorted proportion taxes from consumption, labor and capital tax collection, and the research finds that there should not have a unilateral viewpoint on whether government debt expansion squeezes out private investment but the sources for the debt expansion should be found out. Because Chins is currently stays in a key time for overall deepening reform, correctly understanding of the impact of government debt expansion on private investment will play an active role in the process of financial system reform. |
| Key words: government debt private investment squeezing out effect crowding in effect |
