Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks

Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
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全球储蓄和全球投资：已确定的财政冲击的传导

DOI：
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
Jay C. Shambaugh
Jay C. Shambaugh
中科院分区：
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文献类型：
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作者：
James D. Feyrer;Jay C. Shambaugh

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本文研究了外部冲击对世界资本市场储蓄的影响。美国的外源税收增加（来自 Romer 和 Romer 2010）仅被国内私人储蓄的变化部分抵消，并且只有一小部分被国内投资的增加所吸收（相反 Feldstein 和 Horioka 1980）。几乎一半的税收变化是通过美国经常账户的变化传导到国外的。其他国家因美国外生税收增加而出现经常账户减少和投资增加的情况。我们不能拒绝不同货币制度和发展水平的国家采取对称的应对措施。 (JEL E21、E22、E23、E62、F32、F42)
This paper examines the effect of exogenous shocks to savings on world capital markets. Exogenous tax increases in the United States (from Romer and Romer 2010) are only partially offset by changes in domestic private savings, and only a small amount is absorbed by increased domestic investment (contra Feldstein and Horioka 1980). Almost half the change in taxes is transmitted abroad through a change in the US current account. Other countries experience decreases in current accounts and increases in investment in response to exogenous US tax increases. We cannot reject symmetric responses across countries with different currency regimes and levels of development. (JEL E21, E22, E23, E62, F32, F42)