论文部分内容阅读
次贷危机爆发的根源一直是学术界争论的焦点。对战后六十多年来美国财政政策历史沿革的考察,美国每当遇到经济增长放缓、有步入衰退的危险时,政府都会遵循凯恩斯主义的赤字财政理论,利用财政工具扩大有效需求,同时还会在一定程度上对经济长期增长率的提高进行财政投入。次贷危机爆发是与美国政府多年来推行的赤字财政政策密不可分的。而在全球经济失调背景下,财政赤字的过度膨胀又为政府在应对危机、化解系统风险时设置了财政约束刚性的障碍。从中短期来看,为应对经济危机的威胁,防止产出出现大幅下滑,预计美国政府将采取以下财政措施:第一,冻结减税计划,防止赤字进一步扩大;第二,加大转移支付力度,帮助贫困家庭获得工作和生活必需品,防止出现大面积社会不满;第三,在国际资本市场上发行美国政府特别债券,筹集应对经济危机、扩大政府购买开支的资金;第四,加大政府购买支出力度,且这种购买主要体现在对经济结构改变有重要推动意义的项目上;最后,美国在实行以上积极财政政策的同时,还将辅以相应的汇率与货币政策。
The root causes of the subprime mortgage crisis has always been the focus of academic controversy. After more than 60 years of the postwar review of the history of the U.S. fiscal policy, whenever the United States faces the risk of slowing economic growth and recession, the government follows the Keynesian deficit fiscal theory and uses fiscal tools to expand its effective demand. At the same time, it will also make financial investments to some extent on the long-term economic growth. The outbreak of the subprime mortgage crisis is inseparable from the deficit fiscal policy that the U.S. government has implemented for many years. In the context of global economic imbalances, the over-expansion of the fiscal deficit has set the government a barrier to fiscal constraint in responding to crises and resolving systemic risks. In the short to medium term, in order to cope with the threat of economic crisis and prevent a sharp decline in output, the U.S. government is expected to adopt the following fiscal measures: first, to freeze the tax relief plan so as to prevent the deficit from further expanding; second, to increase the transfer payment and help Thirdly, issue special U.S. government bonds in international capital markets to raise funds to deal with the economic crisis and increase government spending on expenditures. Fourth, increase government spending on expenditures, And such purchases are mainly reflected in projects that are of major promotion to economic structural changes. Finally, the United States will supplement the above-mentioned active fiscal policies with the corresponding exchange rate and monetary policies.