作　　者： ; ;

机构地区： 中央财经大学经济学院

出　　处： 《金融评论》 2010年第3期40-52,共13页

摘　　要： 本文考察地方政府各种类型财政支出对价格水平的影响。将地方政府财政支出对价格水平的效应分为铸币税效应和财富效应,铸币税效应反映了地方财政支出通过征收铸币税来融资而影响价格水平,而财富效应反映了地方财政支出通过居民金融财富和人力财富的变化以及私人投资的收益率影响总需求和价格水平。回归结果显示,1980～1993年和1994～2006年两个阶段政府支出的"铸币税效应"和"财富效应"都有所下降,这与分税制前后通货膨胀率的结构性变化具有一致性,其原因是地方政府资本支出导致对私人投资具有更强的"挤出效应",一般支出的私人边际预期收益降低,以及"分税制"使得中央政府具有更强的地区收入分配调控能力,降低了财政支出的铸币税效应。 The paper analyzes the effects of kinds of government spending on the price level. The paper divides the total effects of fiscal expenditure on the price level into two parts: seigniorage effect and wealth effect. The seigniorage effect implies that the increase of local government spending leads to the rise of the price level by levying seigniorage, while the wealth effect means that the fiscal expenditure of local government affects the total demand and the price level through the change of financial wealth and human wealth hold by residents and the return of private investment. The regression shows that during 1980～1993 and 1994～2006, both the seigniorage effect and wealth effect of government spending are lower, which is consistent with the typical fact that there happened structural change of inflation before and after tax-sharing system. The reasons are that capital spending of local government has stronger 'crowding effect' on private investment, ordinary spending has lower private marginal expected return, and tax-sharing system lets the central government has more ability to redistribute the income and resources across regions, so as to decrease the seigniorage effect.

关 键 词： 财政支出 财富效应 铸币税效应 价格水平

领　　域： [军事] [军事]