Government Expenditure Financing in an Endogenous Growth Model: A Comparison
Government Expenditure Financing in an Endogenous Growth Model: A Comparison
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内生增长模型下的政府支出融资：比较
DOI：
10.2307/2077795
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发表时间：
1995
期刊：
影响因子：
--
通讯作者：
C. Yip
中科院分区：
文献类型：
--
作者：
T. Palivos;C. Yip
本文发展了一个广义的预付现金内生增长模型，以评估货币和所得税融资在国民生产总值中的固定份额的政府支出的相对优势。作者发现，货币融资(铸币税)导致了更高的增长和通货膨胀率，指出了增长和通胀之间的权衡。然而，他们也发现，使福利最大化的融资政策通常是这两种方法的组合，权重主要取决于受预付现金限制的投资购买的比例。俄亥俄州立大学出版社版权所有1995年。
This paper develops a generalized cash-in-advance model of endogenous growth to assess the relative merits of money and income-tax financing of a constant share of government expenditure in GNP. The authors find that money financing (seigniorage) leads to higher growth and inflation rates, pointing out to a trade-off between growth and inflation. Nevertheless, they also find that the financing policy that maximizes welfare is, in general, a mix of the two methods, with the weights depending crucially on the fraction of investment purchases that are subject to the cash-in-advance constraint. Copyright 1995 by Ohio State University Press.