生产性公共开支经济中政府债务的福利损失

Abstract

债务问题始终作为经济学领域研究的重要问题。以巴罗——李嘉图等价定理成立与否为出发点展开的最优债务规模讨论引起了国内外经济学者极大的关注,但是,这些文章都没有很好地考虑政府开支在生产中的作用。福利分析是经济学研究中一个重要内容,在中国现实经济中,在政府行为影响生产这样的经济环境中,国债政策发生变化给中国经济带来多大的福利变化?这样的问题显得意义重大。本文立足于保险市场不完善、劳动力存在着冲击、消费者受到借贷限制下,在政府公共开支影响生产的内生经济框架中,研究最优债务规模决定的经济模型,并从中国的样本经济出发,考虑公债政策变化带来的福利损失。

Debt has been an important topic in economic research.The discussion-which takes as it starting point whether Barro-Ricardisn equivalent theory holds water-about the optimal quantity of debt has aroused great concern of economists both home and abroad.But none of the articles concerned has fully considered the role played government expenditure.The analysis of welfare is a significant content in the study of economics.In China's real economy,the government behavior impacts on production.Under such circumstances,the question of how much the change in government debt has altered the welfare in China is a momentous issue.Having fully considered China's intrinsic economic framework(in which the insurance market is imperfect,there are labor shocks,consumers are restricted in borrowing and government expenditure affects production),we have studied the economic model determined by the optimal scale of debt;starting from China's sample economy,we have considered the loss of welfare that the change of government debt policies have brought about.