财政支出、贸易条件与实际利率水平

Government Expenditure,Terms of Trade and Real Interest Rate

本文主要是分析当一国实行扩张性的财政政策时,它对投资支出以及国际实际利率水平的影响。研究显示,扩张性的财政政策会导致世界各国的投资支出负向变动。这是由于财政支出会造成实际利率水平的变动,而世界各国对实际利率水平变化的反应是非对称性的,所以投资支出的变动有所差别。这种现象主要取决于下述因素:一是政府财政支出倾向对消费支出倾向的替代程度;二是消费跨期替代弹性的大小。

This article analyses effect of expansionary fiscal policy on investment and international interest rate. Our study demonstrates that expansionary fiscal policy can cause change of investment in adverse directions for two countries because interest rate is changed in this case and there are asymmetric reactions in different countries. This is determined by two factors： one is the substitution of propensity to government expenditure for propensity to consumption expenditure; and another one is the intertemporal elasticity substitution in consumption.