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首页> 外文期刊>Journal of public economic theory >Government Expenditure Financing in a Two-Sector Cash-In-Advance Model of Endogenous Growth
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Government Expenditure Financing in a Two-Sector Cash-In-Advance Model of Endogenous Growth

机译：内生性增长的两部门现金-预付模式下的政府支出融资

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摘要

We show that an expansion in the government size could be desirable from the viewpoint of the economy's long-run growth, wherein factor intensity between the sectors, the mode of public spending financing, and the form of the cash-in-advance (CIA) constraint are crucial. We also show that when real balances are required only for consumption purchases, money financing is equivalent to consumption tax financing, but is not equivalent to income tax financing. If both consumption and gross investment are liquidity-constrained, then the three financing methods are mutually not equivalent. The optimal financing scheme has the following features: (1) when the CIA constraint applies only to consumption purchases, any combination of the money growth rate and the consumption tax rate that satisfies the government budget constraint constitutes an optimal financing mix;(2) when the CIA constraint applies to both consumption and investment purchases, consumption tax financing only is optimal.
机译：我们表明，从经济的长期增长的角度来看，扩大政府规模可能是可取的，其中各部门之间的因素强度，公共支出融资的方式以及预付现金的形式（CIA）约束至关重要。我们还表明，仅购买消费需要实际余额时，货币融资等同于消费税融资，但不等同于所得税筹资。如果消费和总投资都受到流动性的限制，那么这三种融资方式就互不相同。最优融资方案具有以下特点：（1）当中央情报局约束仅适用于消费购买时，满足政府预算约束的货币增长率和消费税率的任何组合构成最优融资组合;（2）当CIA约束适用于消费和投资购买，仅消费税融资是最佳的。

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  • 来源
    《Journal of public economic theory》 |2013年第5期|773-801|共29页
  • 作者

    WEN-YA CHANG; HSUEH-FANG TSAI; SHU-HUA CHEN;

  • 作者单位

    Department of Economics, Fu-Jen Catholic University, 510, Chung Cheng Rd., Hsinchuang, Taipei 24205, Taiwan;

    Department of Economics, Fu-Jen Catholic University, 510, Chung Cheng Rd.,Hsinchuang, Taipei 24205, Taiwan;

    Department of Economics, National Taipei University, 151, University Rd., San Shia, Taipei, 237 Taiwan;

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  • 正文语种 eng
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