CAJ | 학술논문

本文构建了一个包含三部门的动态随机一般均衡模型，对政府债务扩张是否挤出私人投资的问题进行研究。创新之处在于将财政政策工具细化为六项：政府消费支出、政府生产性投资支出、政府转移支付，以及对消费、劳动和资本征收的三种扭曲性比例税。研究发现：对政府债务膨胀是否挤出私人投资的问题不应该笼统地看待，应该深入探究债务扩张的根源。由于目前我国正处于全面深化改革的关键时期，所以正确认识政府债务扩张对私人投资的影响将会对进行中的财政体制改革起到积极的作用。
본문구건료일개포함삼부문적동태수궤일반균형모형，대정부채무확장시부제출사인투자적문제진행연구。창신지처재우장재정정책공구세화위륙항：정부소비지출、정부생산성투자지출、정부전이지부，이급대소비、노동화자본정수적삼충뉴곡성비례세。연구발현：대정부채무팽창시부제출사인투자적문제불응해롱통지간대，응해심입탐구채무확장적근원。유우목전아국정처우전면심화개혁적관건시기，소이정학인식정부채무확장대사인투자적영향장회대진행중적재정체제개혁기도적겁적작용。
This paper builds a Dynamic General Equilibrium Model consisting of three departments and studies whether govern-mental debt expansion squeezes out private investment, whose innovation lies in financial policy tool which is subdivided into such six items as governmental consumption expenditure, government production-type investment expenditure, governmental transfer payment, and the three-type distorted proportion taxes from consumption, labor and capital tax collection, and the research finds that there should not have a unilateral viewpoint on whether government debt expansion squeezes out private investment but the sources for the debt expansion should be found out. Because Chins is currently stays in a key time for overall deepening reform, correctly understanding of the impact of government debt expansion on private investment will play an active role in the process of financial system reform.