摘要
财政风险金融化的政府行为不但可以化解和抑制财政风险,而且这种行为将财政政策与货币政策交织在一起,可以在改善外商投资者的投资环境的同时,提高其投资的名义收益率。而有管理的浮动汇率制度则在客观上巩固人民币必然升值的稳定预期,从而助长各类国际游资涌入中国市场的投机心理。因此,财政风险金融化的政策举措必将在长期内刺激FDI涌入中国,并对中国经济的内外均衡产生冲击。基于VEC模型的实证研究表明,在长期内财政支出、税收和汇率都会发挥吸引FDI流入的作用,而货币供给则因通货膨胀吸引会抑制FDI的流入。
Financialization of fiscal risks （FFR） guards against and defuses fiscal risks, and it intertwines fiscal policy and monetary policy. Besides, it can improve foreign investment environment and enhance nominal revenue rate. The managed floating exchange rate system objectively consolidates the stability of the RMB appreciation expectations, contributing to various international hot money into China market speculation. Therefore, such actions of FFR will in the long term stimulate FDI into China ,which would make an impact on China＇s external economic balance. The results of VEC model analysis have shown that expenditure,tax and exchange rate will play a role in attracting FDI inflows in the long run, while money supply defuses FDI inflows due to inflation.
出处
《石家庄学院学报》
2013年第4期5-15,共11页
Journal of Shijiazhuang University
关键词
财政收入
财政支出
货币供给
汇率
FDI
fiscal revenue
fiscal expenditure
money supply
exchange rate
FDI
