摘要
近几年,我国政府增发大量的国债,这为政府投资筹措了大量的建设资金,那么发行国债是否会降低民间部门的投资需求和消费需求?文章根据已研究的李嘉图等价定理在我国现阶段不成立的结论,从国债作为民间部门可支配收入角度出发,分析改革开放以来国债对民间部门总需求的影响,得出国债存量和流量会在较小程度上有利于增加民间部门消费,但是国债流量对民间部门投资存在抑制效应的结论。
Recently, China＇ s government has issued magnitude of national debts and it helps government to get lots of construction capital. Do these debts decrease the private sector＇ s investment and consumption or not？ On the condition of the R.icardian equivalence theorem not holding in China-that means national debts can be regarded as part of private sector＇ revenue. This article analyzes the total demand effects on the private sector following the debt-issuing, and gets some conclusions that the stock of debt and debt-issuing has little positive effects on private consumption, but the debt-issuing would ＂crowd out＂ part of private sector＇ s investment.
出处
《浙江工贸职业技术学院学报》
2006年第1期21-26,15,共7页
Journal of Zhejiang Industry & Trade Vocational College
关键词
国债
投资
消费
协整
National debt
Investment
Consumption
Cointegration
