Fiscal Policies in the World Economy
Fiscal Policies in the World Economy
复制标题
世界经济中的财政政策
DOI：
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发表时间：
1986
影响因子：
8.2
通讯作者：
A. Razin
中科院分区：
文献类型：
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作者：
J. Frenkel;A. Razin
本文使用世界经济两国一般均衡模型来分析预算赤字和政府支出对世界利率、消费和国际债务的影响。它展示了财政支出和减税效果之间的差异，以及当前政策和预期未来政策效果之间的差异。结果表明，财政政策的质量效应取决于实施政策的国家经常账户是盈余还是赤字。在对短期和稳态影响进行积极分析之后，本文最后对预算赤字的福利影响进行了规范分析。
This paper uses a two-country general equilibrium model of the world economy in order to analyze the effects of budget deficits and government spending on world rates of interest, consumption, and international indebtedness. It demonstrates the difference between the effects of fiscal expenditures and tax cuts as well as between the effects of current policies and expected future policies. It is shown that the qualitative effects of fiscal policies depend on whether the country introducing the policies runs a surplus or a deficit in its current account. Following the positive analysis of the short-run and the steady-state effects, the paper concludes with a normative analysis of the welfare implications of budget deficits.