【原文出处】管理世界
【原刊地名】京
【原刊期号】20102
【原刊页号】10~24
【分 类 号】F10
【分 类 名】国民经济管理
【复印期号】201006
【英文标题】The Non-linear Stabilization Effect of China's Fiscal Policy:
Theory and Evidence
【标题注释】本文为国家社科基金项目(08CJL008)、国家自然科学基金项目(70873022)、浙江省自然科学基金项目(Y6080332)、浙江省优秀青年教师资助计划项目、浙江省高校人文社科重点研究基地(财政学)的研究成果和2009年度中国经济学年会入选论文。此外,本文的研究还得到了复旦大学国家哲学社会科学“中国经济国际竞争力”创新基地以及上海市重点学科建设项目(B101)的慷慨资助。
【作 者】方红生/张军
【作者简介】方红生,浙江大学经济学院、浙江财经学院经贸学院;张军,复旦大学中国经济研究中心
【内容提要】本文考察了中国财政政策的非线性稳定效应并对其形成的可能机制进行了检验。基于现有文献和中国的现实,本文创造性地识别了可能会导致中国财政政策非线性或非凯恩斯效应的历史时期。接着本文构造了1978-2004年度和1998-2004年度两个面板数据集,前者很好地完成了对生成财政政策非线性或非凯恩斯效应的预期机制的检验并发现了非凯恩斯效应的证据;后者部分证实了劳动市场观点的假说,但并不能排除预期观点在生成非凯恩斯效应方面所起到的重要作用。最后,本文针对性地给出了一些具体的应付宏观经济不稳定的政策建议。
【摘 要 题】政策选择
【关 键 词】预期观点/劳动市场观点/非线性效应潜在时期的决定/经济衰退
【正 文】
【参考文献】
[1]蔡昉:《中国劳动力市场发育与就业变化》,《经济研究》,2007a年第7期。
[2]蔡昉:《认识中国劳动力市场及其变化趋势》,《比较》,2007b年第30期。
[3]蔡昉:《中国经济面临的转折及其对发展和改革的挑战》,《中国社会科学》,2007c年第3期。
[4]陈诗一、张军:《中国地方**财政支出效率研究:1978-2005》,《中国社会科学》,2008年第4期。
[5]郭庆旺、贾俊雪:《中国潜在产出与产出缺口的估算》,《经济研究》,2004a年第5期。
[6]郭庆旺、贾俊雪:《中国周期性赤字和结构性赤字的估算》,《财贸经济》,2004b年第6期。
[7]郭庆旺、贾俊雪:《稳健财政政策的非凯恩斯效应及其可持续性》,《中国社会科学》,2006年第5期。
[8]郭庆旺、贾俊雪、刘晓路:《财政政策与宏观经济稳定:情势转变视角》,《管理世界》,2007年第5期。
[9]贾俊雪、郭庆旺、刘晓路:《资本性支出分权、公共资本投资构成与经济增长》,《经济研究》,2006年第12期。
[10]Afonso, A., 2001, "Non-Keynesian Effects of Fiscal Policy in the EU-15", Department of Economics, Instituto Superior de Economia e Gestao, Working Paper, pp. 1~47.
[11]Alesina, A. and S. Ardagna, 1998, "Tales of Fiscal Contractions", Economic Policy, 27, pp. 487~545.
[12]Alesina, A., S. Ardagna, R. Perotti and F. Schiantarelli, 2002, "Fiscal Policy, Profits, and Investment", American Economic Review, 92(3), pp. 571~589.
[13]Alesina, A. and R. Perotti, 1995, "Fiscal Expansions and Adjustments in OECD Countries", Economic Policy, 21, pp. 205~248.
[14]Alesina, A. and R. Perotti, 1997, "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects", IMF Staff Papers, 44(2), pp. 210~248.
[15]Ardagna, S., 2004, "Fiscal Stabilizations: when do They Work and Why", European Economic Review, 48, pp. 1047~1074.
[16]Baxter, M. and R. King, 1993, "Fiscal Policy in General Equilbrium", American Economic Review, 83, pp. 315~334.
[17]Bertola, G. and A. Drazen, 1993, "Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity", American Economic Review, 83,(1), pp. 11~26.
[18]Blanchard, O., 1990, Comment on Giavazzi and Pagano, NBER Macroeconomics Annual, MIT Press, Cambridge, MA.
[19]Blanchard, O., 1993, "Suggestions for a New Set of Fiscal Indicators", in Verbon, A. and F. Winden,(eds), The Political Economy of Government Debt, North-Holland.
[20]Cour, P. et al., 1996, "The Costs of Fiscal Adjustment Revisited: How Strong is the Evidence?", CEPII, Working Paper, pp. 96~16.
[21]Finn, M. G., 1998, "Cyclical Effects of Government's Employment and Goods Purchases", International Economic Review, 39(3), pp. 635~657.
[22]Giavazzi, F. and M, Pagano, 1990, Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries, NBER Macroeconomics Annual, MIT Press, Cambridge, MA, pp. 95~122.
[23]Giavazzi, F. and M. Pagano, 1996, "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and Swedish Experience", Swedish Economic Policy Review, 3(1), pp. 67~112.
[24]Giavazzi, F., T. Jappelli and M. Pagano, 2000, "Searching for Non-linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries", European Economic Review, 44(7), pp. 1259~1289.
[25]Gupta, S., B. Clements, E. Baldacci, and C. Mulas-Granados, 2005, "Fiscal Policy, Expenditure Compostition and Growth in Low-income Countries", Journal of International Money and Finance, 24, pp. 441~463.
[26]Hemming, R., S. Mahfouz, and Schimmelpfenning, 2002, "Fiscal Policy and Economic Activity during Recessions in Advanced Economics", IMF, WP/02/87.
[27]IMF, 1993, "Structural Budget Indicators for the Major Industrial Countries", World Economic Outlook, pp. 99~103.
[28]IMF, 1995, "Structural Fiscal Balances in Smaller Industrail Countries", World Economic Outlook ,May.
[29]Lane, P. R. and R. Perotti, 2003, "The Importance of Compostition of Fiscal Policy: Evidence from Different Exchange Rate Regime", Journal of Public Economics, 87, pp. 2253~2279.
[30]Ludvigson, S., 1996, "The Macroeconomics Effects of Government Debt in a Stochastic Growth Model", Journal of Monetary Economics, 38, pp. 25~45.
[31]McDermott, C. J. and R. F. Wescott, 1996, "An Empirical Analysis of Fiscal Adjustments", IMF Staff Papers 43(December), pp. 725~753.
[32]Miller, S. and F. Russek, 2002, "The Relationship Between Large Fiscal Adjustments and Short-Term Output Growth Under alternative Fiscal Policy Regimes", University of Connecticut. Working Paper.
[33]Missale, A., F. Giavazzi and P. Benigno, 1997, "Managing the Public Debt in Fiscal Stabilizations: the Evidence", NBER Working Paper 6311, December.
[34]OECD, 1996, "The Experience with Fiscal Consolidation in OECD Countries", Economic Outlook, 59, June, pp. 33~41.
[35]Olivei, G., 1999, "Fiscal Retrenchments and the Level of Economic Activity", Working Paper 99/03, Federal Reserve Bank of Boston.
[36]Perotti, R., 1996, "Fiscal Consolidation in Europe: Composition Matters", American Economic Review, 86(2), pp. 105~110.
[37]Perotti, R., 1999, "Fiscal Policy in Good Times and BAD", Quarterly Journal of Economics, 114, pp. 1399~1436.
[38]Ravn, M. O. and H. Uhlig, 2002, "Notes on Adjusting the Hodrick-Prescott Filter for the Frequency of Obervations", The Review of Economics and Statistics, 84(2), pp. 371~380.
[39]Sutherland, A., 1997, "Fiscal Crises and Aggregate Demand: Can High Public Debt reverse the Effects of Fiscal Policy?", Journal of Public Economics, 65, pp. 147~162.
[40]Zaghini, A., 1999, "The Economic Policy of Fiscal Conditions: The European Experience", Banca d'Italia, Temi di Discussione, n0355, June.