略论资金相对剩余、制度缺陷与财政政策效果的“挤出”

Relative Surplus Capital and Limitation of Economy System and Extrusive Effect of the Finance Policy

以中国转型为背景,从一般财政政策挤出效应的观点出发,从两个方面分析政府实施相对稳健和部分积极性财政政策的有益性:一方面,制度缺陷造成消费行为,尤其是投资行为表现出特殊性,是造成资金市场有效供给矛盾——资金相对过剩的主要原因;另一方面,转型时期的利率对投资的调节作用也不同一般情况。转型时期是上述几种矛盾共同作用的结果,经济运行中主要问题是调动投资资金的有效使用,而不是担心财政资金对资金市场构成的压力,因而,财政政策的挤出效应是相对的。

For the future,keeping steadiness is the basal keynote of governmental finance policy in China.But as a rule,we must pay attention to the extrusive effect of the finance policy.This paper analyses the extrusive effect of the finance policy be based upon the transfer in China.One side,the behavior of consumers and investment show peculiar characteristics,this characteristics is the main cause of surplus capital.On the one hand,In the period of transfer,the investment show non-sensitivity to interest rate and...