摘要
本文旨在检验财政支出乘数对于金融摩擦的非线性状态依赖特征以及政府消费乘数和政府投资乘数的差异性。研究结果表明,作为整体研究的财政支出只有在低金融摩擦环境中才能有效的刺激长期经济增长;然而,政府消费和政府投资的乘数效应显著不同,相比政府消费,政府投资对于经济增长的乘数效应更强烈,尤其是在高金融摩擦环境中。本文从政府投资的正外部性、财政支出的负财富效应以及金融摩擦的非线性影响三个方面,给出了实证结果的经济解释。政策启示方面,需要动态监测金融摩擦的状态变化,并适时调整财政支出政策。
This paper aims to investigate the nonlinear state dependent effect of fiscal spending multiplier on financial frictions and the difference between government consumption multiplier and government investment multiplier.The findings show that:fiscal spending as a whole could stimulate the long-term economy growth,but only in low financial frictions environment;however,multipliers of government consumption and government investment are different,with government investment multiplier larger than government consumption multiplier,especially in high financial frictions environment.In this paper,the empirical results are explained by the positive externality of government investment,the negative wealth effect of fiscal spending and the nonlinear effect of financial frictions.According to the state of financial frictions,fiscal policies need to be adjusted.
出处
《中国管理科学》
CSSCI
北大核心
2015年第S1期430-436,共7页
Chinese Journal of Management Science
基金
教育部人文社科重点研究基地重大项目(2014JJD790086)
对外经济贸易大学中央高校基本科研业务费专项资金(14QD19)
关键词
金融摩擦
财政支出
经济增长
乘数效应
financial frictions
fiscal spending
economy growth
multiplier effect