公共债务与经济增长

Public Debt and Economic Growth

本文实证考察了如何使我国的公共债务对经济的促进作用最大化问题,并研究了政府债务对私人与公共资本投资的影响。由此建议我国的债务管理目标,应该是使得公共债务规模在长期中收敛并稳定在最优债务水平上,且在此规模下的公共债务与其他重要宏观变量处于一个长期稳定的关系,从而实现公共债务对经济增长在长期中最佳的促进作用。

The present paper investigates the problem of how to maximize the promoter action of China＇s public debt on the economy and studies the impact of government debt on private and public capital investment. It is suggested that China＇s debt management objective should make public debt in a stable and convergent optimal debt level in the long term. And this scale of public debt and other important macroeconomic variables shall be in a long- term stable relationship, so as to realize the best promoting effect of the public debt on economic growth in the long term.