Optimal fiscal policy and different degrees of access to international capital markets

Karlygash Kuralbayeva

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Optimal fiscal policy and different degrees of access to international capital markets

机译：最佳的财政政策和进入国际资本市场的不同程度

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Empirically, the cyclical pattern of fiscal policy differs between developed and developing countries, with in particular much greater pro-cyclicality and volatility of public investment in developing countries. In this paper 1 provide a theoretical explanation for the observed differences by analyzing optimal fiscal policy under different degrees of access to world capital markets. If the supply of foreign capital is elastic, as in a developed country, then it is optimal to adjust to an adverse external shock by borrowing from abroad to finance public expenditure and cutting taxes to smooth private consumption. If the supply of foreign capital is inelastic, however, as in a developing country, the optimal adjustment policy is to reduce public investment (by much more than public consumption) and to raise consumption taxes.

机译：从经验上看，发达国家和发展中国家之间财政政策的周期性模式是不同的，特别是发展中国家的公共投资的顺周期性和波动性更大。本文1通过分析在不同程度的世界资本市场准入条件下的最优财政政策，为观察到的差异提供了理论解释。如果外国资本的供应具有弹性，例如在发达国家，那么最好通过从国外借钱为公共支出提供资金并减税以使私人消费平稳来适应不利的外部冲击。但是，如果外国资本的供应缺乏弹性，例如在发展中国家，最佳的调整政策就是减少公共投资（远多于公共消费）并提高消费税。

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《Journal of Development Economics》 |2013年第null期|共17页
作者
Karlygash Kuralbayeva;
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正文语种 eng
中图分类经济;
关键词
Public investment; Public consumption; Fiscal policy; Procyclicality; Natural resources; External shocks;

机译：公共投资;公共消费;财政政策;顺周期性;自然资源;外部冲击;

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1. Optimal fiscal policy and different degrees of access to international capital markets [J] . Karlygash Kuralbayeva Journal of Development Economics . 2013,第Null期

机译：最佳的财政政策和进入国际资本市场的不同程度
2. Optimal time-consistent fiscal policy in an endogenous growth economy with public consumption and capital [J] . Novales Alfonso, Perez Rafaela, Ruiz Jesus Journal of Macroeconomics . 2014,第Null期

机译：具有公共消费和资本的内生增长型经济中的最佳时间一致的财政政策
3. Optimal fiscal policy in an endogenous growth model with public capital: a note [J] . T. Tamai Journal of Economics . 2008,第01期

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4. Fiscal Policy, the Main Tool to Influence the Capital Markets' Strength [C] . MIHAELA GONDOR, VASILE PAUL BRESFELEAN Recent advances in applied amp; biomedical informatics and computational engineering in systems applications . 2011

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Optimal fiscal policy and different degrees of access to international capital markets

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