Economic Effects of Federal Credit Programs
Economic Effects of Federal Credit Programs
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联邦信贷计划的经济影响
DOI：
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发表时间：
1991
期刊：
影响因子：
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通讯作者：
W. Gale
中科院分区：
文献类型：
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作者：
W. Gale
自1980年以来，联邦政府直接补贴了所有非联邦借款的三分之一。本文提出了对联邦贷款影响的数字估计。现有的信贷补贴似乎对信贷分配有重要影响，但对总投资影响不大。效率成本很高(约占国民生产总值的1/3)。每增加一美元的定向贷款，政府成本超过50美分。项目之间的相互作用可能会抵消补贴提供的大部分或全部原始收益，特别是在借款人实行配给的情况下。文章还考察了几项政策改革的效果。美国经济协会版权所有1991年。
Since 1980, the federal government has directly subsidized one-third of all nonfederal borrowing. This paper presents numerical estimates of the effects of federal lending. Existing credit subsidies appear to have important effects on the allocation of credit, but little effect on aggregate investment. Efficiency costs are shown to be large (approximately 1/3 percent of GNP). Government costs exceed fifty cents per dollar of incremental targeted lending. Interactions among programs can eliminate much or all of the original gain provided by a subsidy, especially if borrowers are rationed. The paper also examines the effects of several policy reforms. Copyright 1991 by American Economic Association.