摘要
房地产和证券等主要资产的价格波动与财政平衡之间存在密切关系。资产价格波动主要是通过收入、产出和财政援助三个渠道对财政账户产生影响的,并且这种影响在资产价格高涨和低迷时期是非线性和非对称的。本文以瑞典和英国为例,由于资产价格波动对财政账户的影响进行了实证分析,并结合中国实际给出了政策含义。
There is a close relation between fiscal balance and significant price swings of main assets, such as real estate and stock. Asset price swings influence fiscal accounts mainly through three channels: revenue, output and bailout costs. And the influence is non-linear and asymmetric during boom and bust. This article gives a positive analysis of the impact of asset price swings on fiscal accounts based on the evidence from Sweden and Britain. At last, it briefly discusses the important policy implications considering China's particularity.
关键词
资产价格波动
财政账户
非线性
非对称
政策含义
asset price swing
fiscal account
non-linearity
asymmetric
policy implication
