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Expansive Fiscal Policies and Supply-Demand Imbalance: A Chicken and Egg Problem?
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作者 吕冰洋 《China Economist》 2011年第4期26-38,共13页
It is generally accepted that governments favor expansive fiscal policies to address an economic scenario in which supply exceeds demand. In other words, economic imbalance is regarded as the cause of the problem and ... It is generally accepted that governments favor expansive fiscal policies to address an economic scenario in which supply exceeds demand. In other words, economic imbalance is regarded as the cause of the problem and fiscal expansion as the result. However, this paper posits that China's expansive fiscal policies may also be a major cause of its economic imbalance, and that fiscal expansion and economic imbalance create cumulative causation. Specifically, China's tax system, characterized by a regressive commodity tax, intensifies constraints on domestic consumption while distributing a large proportion of national income to government and enterprises; supply-demand imbalance prompts the government to expand fiscal expenditures and increase taxes, which further exacerbates this imbalance. Thus, even as the country faces a macroeconomic imbalance, the strong measures it adopts in response may stimulate economic growth in the short term, but in the long term, they may do exactly the opposite and create the next economic crisis. 展开更多
关键词 tax system fiscal policies economic imbalance
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China's Developing Open Economy: Myths and Realities
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作者 张二震 戴翔 《China Economist》 2012年第4期91-97,共7页
Both academia and actual economic sectors have certain misunderstandings regarding the development of China's open economy. Since its accession to the WTO, China has in fact had an open economy and not an "export-or... Both academia and actual economic sectors have certain misunderstandings regarding the development of China's open economy. Since its accession to the WTO, China has in fact had an open economy and not an "export-oriented" economy. China's trade imbalance in the global economy is merely a result of economic disparities between the world's more- and less- developed regions combined with the rational optimization of resources. The current situation, wherein China appears to be heavily export-oriented, stems naturally from the real economy moving towards a dynamic equilibrium against a backdrop of economic globalization and deepening international specialization. We have concluded that domestic consumption and external demand reinforce each other, and the development of an open economy in China is therefore not at odds with expanding domestic consumption. 展开更多
关键词 open economy export-oriented economy global economic imbalance domestic consumption and external demand
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China's Approach to Rebalancing:A Conceptual and Policy Framework 被引量:4
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作者 Luke Deer Ligang Song 《China & World Economy》 SCIE 2012年第1期1-26,共26页
This article seeks to develop a conceptual and policy framework for understanding China's role in the global economic imbalances. China's contribution to these imbalances via recurrent trade and financial surpluses ... This article seeks to develop a conceptual and policy framework for understanding China's role in the global economic imbalances. China's contribution to these imbalances via recurrent trade and financial surpluses corresponds with a phase of deepening structural risks to China s economic growth and development. These structural challenges include: the composition of growth resulting from China's dynamic internal transformation, China's trade orientation, the trajectory of resource use and CO emissions, welfare problems relating to distribution and international constraints. This article develops a conceptual framework for examining the relationship between the processes of long-run structural transformation in China, its economic imbalances, and the role of institutional reform in dealing with these structural challenges. As such, economic policy shouM extend beyond short-term macro management to pursue an institutional reform dgenda to facilitate broader structural change to mitigate constraints to future growth and to improve economic welfare. 展开更多
关键词 China economic imbalances economic policy institutional reform structural change
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