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次贷危机以来,长期的货币政策宽松并未能带来生产率的提高和中长期经济增速的提升,这迫使全球政策制定者开始考虑政策的重心是否要从货币政策转向财政政策。欧元区对于赤字红线已颇有争论,IMF近期的报告也强调“财政政策应随时准备支持需求和支撑货币政策,重点应是促进中短期增长的财政措施(如基础设施投资)和支持结构性改革的政策行动(减税、鼓励工作等)”。本文通过比较美、日及拉美等经济体转型期的财政政策,以给中国财政政策的制定提供些许参考。
Since the subprime mortgage crisis, long-term monetary easing has not brought about productivity gains and long-term economic growth, forcing policymakers around the world to start thinking whether the focus of their policies should shift from monetary policy to fiscal policy. The euro area has been debated the red line deficit, IMF recent report also stressed “fiscal policy should be ready to support demand and support monetary policy, the focus should be to promote short-term and medium-term financial measures (such as infrastructure investment) and support for structural Reform of the policy actions (tax cuts, encouragement, etc.) ”. This article compares some fiscal policies in transition period of the United States, Japan and Latin America and other economies to give some reference to the formulation of China’s fiscal policy.