中国金融周期与财政支出的非对称效应研究

展 凯; 严匡穗

中国金融周期与财政支出的非对称效应研究

引用本文：展凯，严匡穗.中国金融周期与财政支出的非对称效应研究[J].财经理论与实践,2023,(4):18-25

摘要点击次数: 134

全文下载次数: 0

作者	单位
展凯，严匡穗	（广东外语外贸大学金融学院,广东广州 510006）

中文摘要:通过构建债务驱动的AD -AS模型,分析了财政支出政策在金融收缩阶段的不对称效应,并在构建中国金融周期指数的基础上,对不同金融周期状态下财政支出政策的调控效果进行了实证分析。研究结果表明:在金融收缩阶段,财政支出紧缩对经济的负向影响要大于财政支出扩张对经济的正向影响,两者存在非对称性；在不同的金融周期状态下，财政支出政策也存在非对称性。

中文关键词:金融周期财政支出非对称性债务驱动的AD-AS模型

Asymmetry Effect of China’s Financial Cycles and Fiscal Expenditure

Abstract:Through the construction of debt-driven AD-AS model, this paper analyzes the asymmetric effects of fiscal expenditure policies in the financial contraction stage, and empirically analyzes the regulatory effects of fiscal expenditure policies in different financial cycles based on the construction of China’s financial cycle index. The results show that in the stage of financial contraction, the negative impact of fiscal expenditure contraction on economy is greater than the positive impact of fiscal expenditure expansion. There is asymmetry between the two impacts, and there is also asymmetry in fiscal expenditure policies under different financial cycles.

keywords:financial cycle fiscal expenditure asymmetry debt-driven AD-AS model

查看全文 查看/发表评论 下载pdf阅读器