财政限制下政府债务与通货膨胀研究

发布时间：2018-01-20 02:18

本文关键词： 通货膨胀货币政策财政政策财政限制　出处：《财经理论与实践》2016年05期 　论文类型：期刊论文

【摘要】：随着人口老龄化,许多发达经济体都步入了财政压力时代,政府对养老金的承诺大大高于财政收入,政府为了实现承诺将利用发行新债务进行融资,这将带来未来的高税收预期。随着债务水平和税率水平的上升,人们对税收的容忍度将下降,从而触碰财政限制的可能性增大。在采取固定税率情况下,调整税收不再能稳定债务,必须采取政策转变来应对。在财政限制之前债务增长与政策调节如何相互作用,若采用货币政策的被动调节来满足稳定债务,那么政府债务将影响到通货膨胀,从而使货币政策失去对通货膨胀的控制,进而需要通过财政政策来解决通胀问题。
[Abstract]:As populations age, many advanced economies are entering an era of fiscal pressure, with government commitments to pensions far higher than revenues, and the government will use new debt to finance its promises. This will lead to high tax expectations in the future. As debt levels and tax rates rise, tax tolerance will decline, increasing the likelihood that fiscal constraints will be touched. In the case of fixed tax rates. Adjustment of tax can no longer stabilize debt, we must take policy change to deal with it. How does debt growth interact with policy adjustment before fiscal restraint, if the passive adjustment of monetary policy is adopted to meet stable debt. Then government debt will affect inflation, which will cause monetary policy to lose control of inflation, which in turn will require fiscal policy to solve the inflation problem.
【作者单位】：辽宁大学经济学院;
【分类号】：F811.5;F821.5
【正文快照】： 一、引言每个经济体都面临着一个“财政限制”——税收不再上升,政府支出也不能进一步减少。在这种限制下,财政盈余是最大的。根据传统的债券估值推理,这些最大盈余的预期现值,产生了经济可以支持的政府债务的最大价值。财政限制可能由经济压力或政治压力所致。经济体面临的财

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