县级财政的现状与创新

县级财政是按照“一级政权、一级财政”的原则构建起来的,在基层政权建设,为保证经济发展和社会稳定提供财力支持方面发挥着重要的作用。目前,随着改革的深入,县级财政也面临着一些困难,诸如收入总额偏低,赤字面大,负债多,风险大,部分地区存在财政空转现象等。造成这些困难的因素有很多,既有体制上的,又有管理上的,还有历史原因。为解决县级财政的困难,要理顺机制,培养财源,加强支出管理,构建符合公共财政要求的框架体系。     

Simulation Analysis of Public Debt and Fiscal Deficit in Austria – Optimal Economic Policies for the Past and the Future

The macroeconometric simulation model AMOD1 and the optimization algorithm OPTCON are used to evaluate fiscal policies for Austria since the late seventies. In particular, the question of optimal (debt stabilizing) fiscal policies for the past and for the future is analyzed within the framework of a medium-scaled simulation model. The first set of optimization experiments aims to assess optimal fiscal policies for debt stabilization for the historical period 1978–2000 while trying to maintain reasonable growth rates of approximately 2 percent of real GDP. Optimal values of the instruments and the targets are compared to empirical data for Austria. A second set of simulations calculates optimal paths for the fiscal instruments for the period 2001-2010, particularly with respect to the criteria of the Stability and Growth Pact, which is mandatory for member states of the Euro zone.     

金融自由化与双轨金融体系

经济市场化次序理论和金融约束理论都以财政平衡为改革的前提条件 ,但是 ,为政府寻求新的税收来源 ,建立高效率的金融体系正是发展中国家进行市场化改革所追求的目标之一 ,金融自由化理论颠倒了经济发展与金融抑制之间的因果关系。本文证明了财政压力内生于金融自由化改革 ,并且在对经济市场化次序理论进行评论的基础上 ,讨论了建立双轨金融体系对促进金融自由化改革和经济发展的意义。     

论我国地方财政风险的个性特征

我国地方财政风险，不同于一般的财政风险。从整体考察，它具有分散性、非均衡性和传导性；从结构考察，具有隐蔽性、发展性和内生性，同时它又受外部因素的影响很大。     

Fiscal policy and fiscal reconstruction in Japan

This paper investigates the macroeconomic effect of fiscal policy and the fiscal reconstruction movement in Japan. I first summarize Japanese fiscal policy in the recent years and discuss sustainability of government deficits. Then, I investigate the macroeconomic effect of Japanese fiscal policy and evaluate the plausibility of the Keynesian and non-Keynesian effects. I also analyze political constraints in the fiscal reconstruction attempts and the possibility of crowding-in effect of fiscal reform. Finally, I discuss some measures for the successful fiscal reconstruction reform in the near future. JEL Code H30 · H60     

Revenue Sharing versus Expenditure Sharing in a Federal System

Problems of intergovernmental policy coordination can take many forms and are becoming increasingly important with continuing economic integration. In this paper we focus on the fiscal competition problem where the non-cooperative choice of taxes and transfers among governments typically leads to a suboptimal outcome. We look at the effect of two widely used corrective policies: revenue sharing and expenditure sharing (or intergovernmental matching grants). Our main result is that these two corrective policies have opposite effects depending on the form of competition between governments, namely whether governments compete in taxes or expenditures. More precisely, for any form of competition, revenue sharing is desirable exactly when expenditure sharing is not and vice versa. The implication is that the choice of the optimal corrective policy requires a complete understanding of the underlying non-cooperative behavior among governments. Our second main result is that neither revenue sharing or expenditure sharing can be sustained as a Nash equilibrium among governments, although all governments would benefit from one of these two corrective policies. Central intervention is therefore inevitable unless governments can pre-commit to the optimal corrective policy before setting their fiscal policies.     

Managing and financing metropolitan public services in China: experience of the Pearl River Delta region

Under China’s current fiscal policies and inter-governmental relations, it is a significant challenge to finance and deliver public services across jurisdictions. This challenge was met in the Pearl River Delta region in southern China with a collaborative governance approach. Directives from higher-level governments and horizontal inter-city fiscal arrangements were successfully combined to deliver public services. Effective networks should be developed to improve co-ordination and collaboration in delivering cross-jurisdictional public services.     

Determinants of discretionary fiscal policy in Central and Eastern Europe

This paper explores economic, political and institutional determinants of discretionary fiscal policy in 11 Central and Eastern European (CEE) countries from 2000 to 2013 and compares discretionary fiscal reactions before and during the global economic crisis. We find that fiscal policy was procyclical to the output gap both before and during the crisis, while no fiscal reaction to the absorption gap was captured. Our results also indicate a negative relationship between the level of public debt and deficits over the entire period and the pre-crisis period, suggesting that rising public debt represented a brake on future deficits. We also find that election cycles affect the fiscal deficit, but only during the pre-crisis period, while no evidence of a relationship between fiscal policy and government fragmentation was captured. We find some evidence that in the pre-crisis period the CEE countries with a fixed exchange rate regime ran lower deficits than those with a floating regime, whereas during the crisis no impact of the exchange rate regime on the fiscal deficit was found. There is also some evidence that an arrangement with the IMF was associated with lower deficits for the entire sample period. However, no impact of EU accession on the fiscal stance was identified.     

财政压力、技术创新与绿色全要素生产率

经济社会转型期典型的中国式"压力型"财政，对地方创新活动和绿色可持续发展具有重要影响。运用2004~2017年中国256个地级市面板数据，实证考察了财政压力对绿色全要素生产率的影响以及传导机制。基准检验结果显示，财政压力显著抑制了绿色全要素生产率的提升，技术创新对绿色全要素生产率具有显著的促进作用；中介效应检验发现，财政压力通过抑制技术创新进而阻碍绿色全要素生产率的提升，即验证了财政压力→技术创新→绿色全要素生产率的传导机制；进一步门槛效应检验表明，技术创新对绿色全要素生产率的影响存在基于财政压力的双门槛效应，在财政压力的不同门槛值区间，技术创新对绿色全要素生产率的促进效应呈现出明显的阶梯性降低趋势。未来需综合完善中国式"压力型"财政激励制度，合理控制财政压力的区间范围，助力技术创新以提升城市绿色全要素生产率。     

How Should Slovenia Design Fiscal Policies in the Government Debt Crisis?

We investigate how fiscal policies should be designed in Slovenia during the next few years. Using the SLOPOL model, an econometric model of the Slovenian economy, we analyze the effects of different fiscal policies using simulations and determine optimal fiscal policies for Slovenia. We show that the optimal design of fiscal policies is rather close to the austerity course as detailed in the Slovenian Stability Program, revealing the small scope of possible alternative fiscal stabilization policies available due to the relatively low effectiveness of the fiscal instruments with respect to their influence on the business cycle in the Slovenian economy.