Are fiscal sustainability and stable balanced-growth equilibrium simultaneously attainable?
Are fiscal sustainability and stable balanced-growth equilibrium simultaneously attainable?
复制标题
财政可持续性和稳定均衡增长均衡能否同时实现？
DOI：
10.1111/j.1467-999x.2011.04150.x
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发表时间：
2011
期刊：
影响因子：
1.3
通讯作者：
玉井寿樹
中科院分区：
文献类型：
--
作者：
上口晃;玉井寿樹
本文考察了国债与经济增长的可持续性，以及政府债务与所得税的增长效应。结果表明，在基本盈余规则下，国债和经济增长具有可持续性。财政政策和平衡增长是相容可持续的，当且仅当政府将长期目标债务/GDP（国内生产总值）比率设定在合理范围内。结果还表明，长期债务/GDP比率的上升降低了平衡增长率。根据这两个结果，如果政府的目标是最大化平衡增长率，长期债务/GDP比率将大于零。
This paper presents an examination of the sustainability of national debt and economic growth, and the growth effects of government debt and income taxation. Results show sustainability of national debt and economic growth under the primary surplus rule. Fiscal policy and balanced growth are compatibly sustainable if and only if the government sets a long‐run target debt/GDP (gross domestic product) ratio within a reasonable range. Results also show that a rise in the long‐run debt/GDP ratio reduces the balanced growth rate. Based on these two results, the long‐run debt/GDP ratio is greater than zero if the government aims to maximize the balanced growth rate.