公共债务对实体经济的传导机制及政策启示

The Transmission Mechanism of the Public Debt to the Real Economy and the Revelation of the Public Debt Policy

在我国经济发展的"新常态"下,公共债务将如何作用于实体经济的问题值得关注与思考。文章简要描述了国内外公共债务的实践历程及现状,并在对早期西方公共债务理论以及近期相关文献梳理的基础上,关于公共债务对实体经济的传导机制进行系统性分析。研究表明,公共债务分别通过三个层面实现对实体经济的传导:基于宏观层面,通过影响生产要素投入,实现公共债务对实体经济产出的传导;基于微观层面,通过刺激消费与投资,实现公共债务对实体经济总需求的传导;基于金融层面,通过调整流动性和利率,实现公共债务对实体经济运行的传导。因此,应当合理调控公共债务规模,提高公共债务的投资效率,有效地发挥公共债务对实体经济长期发展的推动作用。

Under the ＂new normal＂of our economy development, the problem that how public debt will affect the real economy is worth attention and thinking. This paper briefly describes the practice course and the present situation of domestic and foreign public debt , while on the basis of combing early western theory of public debt and the recent pertinent literature, then analyzes the transmission mechanism of the public debt to the real economy. The research shows that, public debt affect the real economy will transmit by three levels respectively： based on the macro level, public debt affect the real economy output by affecting the factors of production inputs;based on the micro level, public debt affect the real economy aggregate demand by stimulating consumption and investment; based on the financial level, public debt affect the real economy running by adjusting liquidity and interest rates. Therefore, the government should regulate and control the public debt scale reasonably, and improve the investment efficiency of public debt, in order to develop reasonably the driving force for the long-term development of the real economy form public debt.