CAJ | 학술논문

本文将Bemanke et al．（1999）模型推广到开放经济中并引入财政政策，在一般均衡的框架下分析了出口退税政策的福利效应，并将其与政府购买、资本所得税、消费税等各种财政政策进行比较。研究发现，出口退税的政策效果与金融市场不完备直接相关。当金融市场完备时，出口退税对出口、产出及其他经济变量和社会福利影响很小；当金融市场不完备存在摩擦时，出口退税增加使得企业净值上升，企业净值的增加通过金融加速器效应降低了企业的融资成本，带来了产出、消费的上升和社会福利的改进。金融市场越不完备，与其他财政政策相比，出口退税带来的福利改进越大。
본문장Bemanke et al．（1999）모형추엄도개방경제중병인입재정정책，재일반균형적광가하분석료출구퇴세정책적복리효응，병장기여정부구매、자본소득세、소비세등각충재정정책진행비교。연구발현，출구퇴세적정책효과여금융시장불완비직접상관。당금융시장완비시，출구퇴세대출구、산출급기타경제변량화사회복리영향흔소；당금융시장불완비존재마찰시，출구퇴세증가사득기업정치상승，기업정치적증가통과금융가속기효응강저료기업적융자성본，대래료산출、소비적상승화사회복리적개진。금융시장월불완비，여기타재정정책상비，출구퇴세대래적복리개진월대。
This paper incorporates the fiscal policy into Bernanke et al. （1999） in a small open economy, and analyzes the welfare effects of export tax rebate policy and compares it with other fiscal policies in the framework of general equilibrium. It finds that the effect of the export tax rebate policy is directly related to the financial friction. In the present of financial friction, the increase of export tax rebate makes the output and consumption rise and the social welfare improve by decreasing the financing cost through the financial accelerator.