A general framework for the analysis of fiscal equalisation systems

This paper shows that, despite the existing diversity of models of fiscal equalisation, there is a common underlying structure that links all of them. To this end, a framework of analysis sufficiently general so as to encompass the main schemes present in the literature is developed. This allows to uncover the common features of these schemes and to identify more readily the origin and nature of their differences. The formal approach is complemented with a numerical simulation of the models considered. The paper also shows the usefulness of the approach for reform policy and suggests two new models.JEL Classification: H2, H7I would like to thank three anonymous referees for their helpful comments and suggestions to a previous draft of this article.     

基于层次分析法的科技财政支出绩效评价研究

本文根据科技财政支出的特性，依据层次分析法原理，对科技财政支出的绩效评价建立了具体的评价指标体系，选择了适于反映科技支出效益的指标群，并运用层次分析法对科技财政支出绩效进行了示范性评价计算。     

Fiscal harmonization in the European Union with public inputs

Fiscal harmonization among the European Union member states is a goal involving major difficulties for its implementation. Each country faces a particular trade-off between fiscal revenues generated by taxation and the productive efficiency loss induced by their respective tax code. This paper provides a quantitative analysis of these trade-offs for a number of the European Union (EU-15) member states using a dynamic general equilibrium model with public inputs. Calibration of the model for the EU-15 member states provides the following results: i) the maximum tax revenue level is relatively far from the current tax levels for most countries; ii) the cases of Sweden, Denmark and Finland are anomalous, as productive efficiency can be gained by lowering tax rates without affecting fiscal revenues; iii) in general, countries would obtain efficiency gains without changing fiscal revenues by reducing the capital tax and increasing the labor tax; and iv) capital tax harmonization to the average capital tax rate can be done with quite small changes in both fiscal revenues and output for most countries.     

Is Chinas Fiscal policy Sustainable： An Empirical Research

本文简要回顾了财政可持续性（Fiscal Sustainability）相关研究文献，选择国际标准的计量经济学分析工具，选取适当模型对中国财政可持续性进行检验，并就不同情形下的财政可持续性所对应的赤字率进行模拟分析，具体分析了不同情境下通胀、经济增长、利息支付、铸币税等因素对可持续性财政赤字率的影响。综合分析后可以判断中国目前的财政状况基本属于可持续性状态，中国财政整体上仍处于健康状态，积极财政政策仍有作为的空间，但是对于地方政府债务等需要引起高度重视。最后，本文就财政政策调整提出合理的建议。     

The identification of fiscal and monetary policy in a structural VAR

Good economic management depends on understanding shocks from monetary policy, fiscal policy and other sources affecting the economy and their subsequent interactions. This paper presents a new methodology to disentangle such shocks in a structural VAR framework. The method combines identification via sign restrictions, cointegration and traditional exclusion restrictions within a system which explicitly models stationary and non-stationary variables and accounts for both permanent and temporary shocks. The usefulness of the approach is demonstrated on a small open economy where policy makers are actively considering the interaction between monetary and fiscal policies.     

The timing of exchange rate collapse

Recent episodes of exchange rate collapse have renewed interest in models of speculative attacks. These episodes have been considered by some observers to be inconsistent with “fundamentals” models of attack since there was no prolonged period of policy misalignment and declining reserves, as required by such models. This paper develops a fundamentals model in which collapse is instantaneous at the time of unexpected policy change and/or a change in the expectations of future policy, even for a reserve abundant country.     

THE IMPACT OF GOVERNMENT EXPENDITURE ON GROWTH: EMPIRICAL EVIDENCE FROM A HETEROGENEOUS PANEL

This paper investigates the impact of government expenditure on growth, in a heterogeneous panel, for a sample of developing countries. Using generalized method of moments techniques, we show that countries with substantial government current expenditure have strong growth effects, which vary considerably across the nations.     

实践教学建设与改革对策性思考

目前,实践教学存在制度支持和经费投入不足等问题。政府的政策引导和支持是推动工程实践教育机制创新的重要保障,理念清晰、定位准确、规划科学、行之有效的实践教育体系是加强实践教学的内在要求,构建灵活多样的模式是解决经费实践教学短缺的重要对策。     

FTPL-Perspective on Tradable Deficit Permits in the EMU

The Growth and Stability Pact restricts member states in their fiscal policy but also causes inflexibility in the pursuit of wide-ranging economic and social reforms. Tradable deficit permits allow more flexibility for individual member states and provide a stick for those who exceed the deficit limit but also a carrot to those who stay below it. But does the trade in deficit permits affect the monetary objectives of the European Central Bank (ECB)? We argue that from a perspective of fiscal theory of the price level, trade in deficit permits can lead to higher inflation depending on the growth rate and the debt/GDP ratio of the member states.