数值型财政规则及其财政绩效:国际经验与启示

Fiscal Rules and Their Fiscal Performance: International Practice and Enlightenment

财政规则因其约束政府支出过度膨胀、降低财政赤字与债务规模的财政绩效,受到了各国政府的青睐。基于IMF财政规则数据库和最新研究文献,文章发现自20世纪80年代中期以来,数值型财政规则在全世界范围内广泛实施,其中,预算平衡规则和债务规则实施最为广泛,支出规则其次,最少的是收入规则。多类财政规则的配合使用是各国的普遍做法。2008年金融危机后,第二代财政规则开始流行,其主要特征是增强了财政规则的灵活性和对经济周期的应对性。基于最新的研究文献,文章指出,以债务和预算平衡规则为代表的财政规则能够有效实现财政绩效目标。总体而言,我国目前尚缺乏数值型财政规则,鉴于当前地方政府债务问题和财政收支压力,债务规则、周期性预算平衡规则和支出规则应是我国当前财政规则建设的主要着力点。

Fiscal rules have gained great popularity for their fiscal performance in constraining overspending and reducing public deficits and debts. Since 1980 s, numerical fiscal rules had expanded widely all over the world. As many as 92 countries have established varieties of numerical fiscal rules, among of which, budget balance and debt rules rank first, followed by expenditure rules while revenue rules come last. Based on IMF fiscal rules databases and latest empirical literature, this paper introduces the typology, content and features of numerical fiscal rules, and summarizes the global practices and status quo of fiscal rules. We then explore the fiscal performance generated by fiscal rules in term of latest literature. Lastly this paper briefly discusses the enlightenment of global fiscal rules practice for the establishment of Chinese fiscal rules and improvement of the public finance system.