MACROECONOMETRIC ANALYSIS OF FISCAL INVESTMENT AND LOAN PROGRAM

在这项研究中，我们构建了一个宏观经济计量模型，并进行了一些模拟，以确定财政投资和贷款计划的生产率效应，并考虑该计划在老龄化社会中所扮演的角色。一是公共非金融企业(无住房公共公司)的财政投贷项目的生产率效应高于公共金融机构；二是老龄化社会条件下，公共非金融企业(无住房公共企业)的财政投贷项目的可用资金增加，储蓄率下降。

In this study, we have constructed a macroeconmetric model and conducted some simulations to determine productivity effects of Fiscal Investment and LoanProgram and to consider role playd by the program in aging society.Our study has shown the importance of two features. The first is that productivity effects of Fiscal Investment and Loan Program to Public Non-Financial Enterprises (without Housing Public Corporation)is higher than those to Public Financial Institutions.The second is that funds available of the program increase in aging society though the saving rate decreases.