统计研究
統計研究
통계연구
Statistical Research
2013年
3期
43~50
,共null页
财政政策 通货膨胀 FTPL 货币政策
財政政策 通貨膨脹 FTPL 貨幣政策
재정정책 통화팽창 FTPL 화폐정책
Fiscal Policy ; Inflation ; FTPL ; Monetary Policy
全球金融危机使各国财政赤字激增,通货膨胀问题日益严重,通货膨胀治理成为各国关注的焦点。与货币数量理论相比,新近发展的价格水平决定的财政理论(FTPL)对于解释通货膨胀的成因和提出通货膨胀治理的建议更有优势。本文基于FTPL视角,选取我国1982—2011年度数据,应用状态空间模型识别政策在价格决定中的作用区制,结果表明1982—1996年为M区制,1997—2011年为F区制;再选取1997—2011年季度数据,应用SVAR法结合货币政策研究F区制下财政政策对通货膨胀的短期和长期动态效应,实证研究表明财政政策比货币政策对通货膨胀的影响更大,而且财政政策对通货膨胀有长期效应,结合中国经济的实际情况,我们认为货币政策不是导致近年来通货膨胀的主要成因,抑制通货膨胀要依靠财政政策,应实行相机选择的财政政策来实现物价稳定和经济可持续发展的宏观调控目标。
全毬金融危機使各國財政赤字激增,通貨膨脹問題日益嚴重,通貨膨脹治理成為各國關註的焦點。與貨幣數量理論相比,新近髮展的價格水平決定的財政理論(FTPL)對于解釋通貨膨脹的成因和提齣通貨膨脹治理的建議更有優勢。本文基于FTPL視角,選取我國1982—2011年度數據,應用狀態空間模型識彆政策在價格決定中的作用區製,結果錶明1982—1996年為M區製,1997—2011年為F區製;再選取1997—2011年季度數據,應用SVAR法結閤貨幣政策研究F區製下財政政策對通貨膨脹的短期和長期動態效應,實證研究錶明財政政策比貨幣政策對通貨膨脹的影響更大,而且財政政策對通貨膨脹有長期效應,結閤中國經濟的實際情況,我們認為貨幣政策不是導緻近年來通貨膨脹的主要成因,抑製通貨膨脹要依靠財政政策,應實行相機選擇的財政政策來實現物價穩定和經濟可持續髮展的宏觀調控目標。
전구금융위궤사각국재정적자격증,통화팽창문제일익엄중,통화팽창치리성위각국관주적초점。여화폐수량이론상비,신근발전적개격수평결정적재정이론(FTPL)대우해석통화팽창적성인화제출통화팽창치리적건의경유우세。본문기우FTPL시각,선취아국1982—2011년도수거,응용상태공간모형식별정책재개격결정중적작용구제,결과표명1982—1996년위M구제,1997—2011년위F구제;재선취1997—2011년계도수거,응용SVAR법결합화폐정책연구F구제하재정정책대통화팽창적단기화장기동태효응,실증연구표명재정정책비화폐정책대통화팽창적영향경대,이차재정정책대통화팽창유장기효응,결합중국경제적실제정황,아문인위화폐정책불시도치근년래통화팽창적주요성인,억제통화팽창요의고재정정책,응실행상궤선택적재정정책래실현물개은정화경제가지속발전적굉관조공목표。
The worldwide financial crisis have exploded fiscal deficit, and the inflation becomes increasingly serious, which brought inflation governance to the forefront of national policy concerns. Compared with the quantity theory of money, the latest developed theory (FTPL) have more advantages on explaining the causes of inflation and raising policy suggestions. Based on FTPL, this paper explores the annual domestic data from 1982 to 2011 and uses the state space model to identify the policy regime in determining the price level. The result indicates that the period 1982 - 1996 is M regime and the period 1997 -2011 can be described as F regime. Then, integrated with monetary policy, this paper uses the quarterly data of 1997 -2011 and SVAR model to distinguish between short-run and long-run dynamic effects of fiscal policy on inflation under F regime. The empirical research shows that fiscal policy has greater impact than monetary policy on inflation, besides, fiscal policy also has the long-term effect on inflation. Combined with the fact of Chinese economy, we believe that monetary policy is not the main determinant of inflation recently and fiscal policy plays a significant role in controlling inflation. We should adopt discretionary fiscal policy to achieve the macro-goal of price stability and sustainable economic development.