Under the dual drivers of global climate governance and carbon neutrality goals,agricultural carbon emission reduction has become a pivotal component of regional green transformation.This study focuses on Guangdong,a ...Under the dual drivers of global climate governance and carbon neutrality goals,agricultural carbon emission reduction has become a pivotal component of regional green transformation.This study focuses on Guangdong,a major province,employing the LMDI decomposition mode to systematically analyze the driving mechanis of agricultural carbon emissions.It reveals that the low ecological compensation standard,industrial path dependence,and high-carbon energy lock-in consti-tute core constraints.The research finds that the absence of ecological compensation standards and the structural imbalance of traditional subsidy policies induce diminishing marginal benefits in carbon reduction due to structural imbalances,while persistent funding shortages in low-carbon technology R&D further weaken emission reduction efficacy,exacerbating compatibility contradictions between emission policies and production practices.Through the comparison of domestic and foreign experiences,it is found that under the global wave of low-carbon transformation in agriculture,the ecological compensation optimization layer should establish a calculation system for the carbon sink value of cultivated land and differentiated compensation standards;the fiscal and taxation policy coordination layer should implement a tiered carbon tax on agricultural inputs and carbon sink pledge financing incentives.Constructing a fiscal expenditure and fiscal and taxation coordination mechanism that suits regional characteristics is the key path to resolving the contradiction between the technical economy and ecological sustainability of emission reduction.展开更多
China’s path to modernization,which embodies a unique developmental model characterized by high-quality development,common prosperity,harmony with nature,and peaceful coexistence,is a multifaceted process that advanc...China’s path to modernization,which embodies a unique developmental model characterized by high-quality development,common prosperity,harmony with nature,and peaceful coexistence,is a multifaceted process that advances progress on multiple fronts.This paper applies two analytical lenses to the study of intergovernmental fiscal relations:multi-level governance,where different levels of government interact,and multi-objective decision-making,where multiple goals are pursued simultaneously.From this perspective,it puts forward three core propositions.First,the evolution of fiscal relations is shaped primarily by the central government’s need to balance incentivization,coordination,and control.Second,these relations are constrained by objective factors such as the output elasticity of loacl government actions,cost coefficients,externalities,and uncertainty.Third,the effectiveness of both central and local governments depends on the design of fiscal relations,as well as on their objectives,the output elasticity of actions,and costs.In essence,effective intergovernmental fiscal relations require a balance between centralized leadership and local initiative.Using this framework,the paper examines how changes in China’s fiscal system have influenced modernization across different historical periods,offering a theoretical model tailored to China’s national context.展开更多
This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local go...This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local government expenditures in science and technology(S&T)and education.Employing a generalized difference-in-differences(generalized-DID)approach and panel data from 271 Chinese prefecture-level and above-level cities spanning 2003–2019,we find that household registration reform driven by this urbanization process significantly increased the absolute level as well as the fiscal share of S&T and education spending.Mechanism analyses indicate that rural migrant urbanization promotes these expenditures through two channels:increasing the overall local fiscal revenue and encouraging a greater proportion of the fiscal resources to be allocated to these sectors.The findings uncover the current evolving trends in fiscal resource allocation due to rural migrant urbanization and provide empirical evidence for optimizing the provision of public services and enhancing the potential of long-term economic development.展开更多
In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a sign...In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a significant policy innovation of macroeconomic management in the Chinese modernization.Although there are notable distinctions between the Western“Keynesian”and the“nonKeynesian”schools of thought,both of these approaches’core policy goals and methodological roots are the same,composing the traditional Western macro-fiscal approach.This approach faces increasing real dilemmas.China’s proactive fiscal policy,however,places greater emphasis on future potential growth rates in addition to equilibrium between supply and demand,achieving a fiscal policy transformation with a new approach.In this paper we argue that with such a new approach,China should reconsider the nature and reasonable level of the fiscal deficit,the function and risk assessment criteria of government debt,the scope and effects of reductions in taxes and fees,its approach and focus of demand management,and the costs and resulting efficiencies of policies in order to develop a new fiscal policy paradigm that is more in line with its stated goals.展开更多
As two main tools of macroeconomic policies,coordination and conflict between fiscal and monetary policies have been paid considerable attention by researchers.Under a structural vector autoregressive model that incor...As two main tools of macroeconomic policies,coordination and conflict between fiscal and monetary policies have been paid considerable attention by researchers.Under a structural vector autoregressive model that incorporates fiscal and monetary policies,this paper analyzes the monetary policy response to fiscal shocks.Our study finds that during the occurrence of a fiscal shock,the growth rate of broad money supply M2 substantially increased,indicating the adoption of an expansionary monetary policy by the monetary authority to fiscal policy expansion.Based on this empirical finding,this paper improves the dynamic stochastic general equilibrium model to investigate the fiscal policy effects under China’s monetary policy coordination.Our analysis shows that monetary policy coordination will significantly boost the economic stimulus effect of fiscal policy,generating a fiscal crowding-in effect.From the perspective of China’s institutional strength,this conclusion offers a theoretical explanation on the empirical fact of the fiscal crowdingin effect uncovered in the research literature,and offers a policy reference for making the proactive fiscal policy more efficient and effective.This paper suggests that China’s policymakers give full play to the country’s institutional strength by coordinating fiscal and monetary policies for high-quality economic development.展开更多
Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessme...Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessment of the progress of China's new round of fiscal and tax reforms from November 2013 to October 2016 with the following findings. Reform of the budgetary management system has yielded initial results yet remains in the preliminary stage. While progress has been made in reforming indirect taxes, the reform of direct taxes is slow and presents a major obstacle. Despite breakthroughs, the progress of public finance reforms remains slow and impedes reforms on other fronts. Fiscal and tax reforms are uneven and should be implemented in coordination. Fiscal and tax reforms should more vigorously support overall reforms.展开更多
The fiscal system is an important part of national economic management and deals with the division of financial responsibility and power,regulates and defines the fiscal activities among different levels of government...The fiscal system is an important part of national economic management and deals with the division of financial responsibility and power,regulates and defines the fiscal activities among different levels of governments.The changes in economic system and economic structure decide the changes of fiscal function and fiscal structure,which results in the changes in intergovernmental distribution form and local government behavior.This paper takes a look at the stages of China's fiscal reform process and the impacts on local government behavior,and tries to find measures for perfecting the fiscal system reform to optimize local government behavior and guarantee a healthy national economy.展开更多
The crisis of the Greek economy underlined the structural deficiency of the domestic growth model that was depicted to the wide ＂twin-deficit＂ problem of a statist market economy. The core of the domestic growth mod...The crisis of the Greek economy underlined the structural deficiency of the domestic growth model that was depicted to the wide ＂twin-deficit＂ problem of a statist market economy. The core of the domestic growth model is the role of the public sector which, inter alia, was characterized by high and permanent fiscal deficits, low efficiency, and steady divergence from an advanced welfare state. During the 2010-2015 adjustment effort, fiscal adjustment was the critical dimension of the effort in order to stabilize public finances at a sustainable level and significantly reduce the financial needs. The sustainability, however, of public finance stabilization is determined by the structural reforms in the fiscal policy framework and the public financial management framework. One of the structural fiscal reforms was the new law for the establishment of the Hellenic Fiscal Council in 2014 following the European institutional framework. The paper discusses the strong harmonization of electoral cycle and fiscal deterioration and analyses the scenario of enhancing the Fiscal Council＇s responsibilities in Greece with the evaluation of the pre-election platforms. In particular, the paper, taking into account the characteristics of the Greek political economy, focuses on the critical prerequisites so as this scenario to become a real structural reform. These institutional and political prerequisites are institutional independence, political independence, functional independence, broad political acceptance, ＂adjustment period＂, and clarity of rules and evaluation procedures. So, even though the evaluation ofpre-election economic programs seems ultra-difficult for the case of Greece, it should not be set aside as unachievable in the long run.展开更多
While Uganda is considered to be at low risk of debt distress,the stagnant tax effort and large planned capital expenditures might significantly alter this position.This paper employs the Dynamic Stochastic General Eq...While Uganda is considered to be at low risk of debt distress,the stagnant tax effort and large planned capital expenditures might significantly alter this position.This paper employs the Dynamic Stochastic General Equilibrium(DSGE)model to examine tax design issues that arise in addressing debt increases.The results suggest that Uganda may improve it debt position by permanently increasing tax rates by 5%point.However,an increase of consumption tax rates(Value Added Tax(VAT)and Excise)by this magnitude to meet debt reduction is found to be relatively more distortionary affecting consumption,especially for the poor households,in both the short and long run leading to large temporary reductions in the Gross Domestic Product(GDP).展开更多
In this present-day global pandemic that has not been completely resolved,health is a major concern among people,and correspondingly,people are demanding higher standards for public health products and services provid...In this present-day global pandemic that has not been completely resolved,health is a major concern among people,and correspondingly,people are demanding higher standards for public health products and services provided by the government.In this paper,we measure the technical efficiency of public health expenditure in each province by using the data envelopment analysis(DEA)model,and examine the impact of decentralization on the efficiency of public health expenditure under the fiscal decentralization system using the panel data from 31 provinces from 2012-2019 in a panel model subject to fixed effects.展开更多
While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China&...While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.展开更多
Based on the analysis methods of non-parametric Malmquist index and spatial econometrics as well as the provincial panel data in 2007-2010, this paper estimates the efficiency of fiscal expenditure from local governme...Based on the analysis methods of non-parametric Malmquist index and spatial econometrics as well as the provincial panel data in 2007-2010, this paper estimates the efficiency of fiscal expenditure from local governments in china in terms of reducing the income gap between urban and rural residents for the first time and evaluates the spatial correlation and heterogeneity of this efficiency. The results have shown that the fiscal expenditure of most provinces is of low efficiency in reducing the income gap between urban and rural residents, and the expenditure efficiency of local governments is not relevant to their levels of economic development. Besides, the efficiency on reducing the urban-rural income gap between different regions of China has a tendency of convergence. But this is mainly reflected inside the regional economic belt. There is significant difference between the efficiency of each economic belt. The central region has the highest efficiency in a rising trend, the western region has the lowest efficiency in a downward trend, while the eastern region is relatively stable.展开更多
According to the relevant data of China Statistical Yearbook and Chinese Rural Statistical Yearbook in the year of 2009,the changes of grey correlation degree of farmers' net income,various items of incomes,nation...According to the relevant data of China Statistical Yearbook and Chinese Rural Statistical Yearbook in the year of 2009,the changes of grey correlation degree of farmers' net income,various items of incomes,national gross agriculture-supporting expenditure and various items of expenditures,farmers' net income and various items of fiscal agriculture-supporting expenditure in the Eighth Five-Year Plan,Ninth Five-Year Plan and Tenth Five-Year Plan by using grey correlation degree and the by choosing seven indicators covering income from wage and salary,income from household business,transfer income and property income,agricultural production-supporting expenditure,agricultural basic construction expenditure,expenses of three items of agricultural technology and the fee of rural relief.The results show that the grey correlation degree of each time period and household net income shows the downward trend;from overall perspective,the grey correlation degree of national gross agriculture-supporting expenditure,agricultural basic construction expenditure and agricultural production-supporting expenditure shows the descending trend;the grey correlation degree of fiscal agricultural supporting expenditure and the expenditure of three items of agricultural technology and fee of rural relief show the upward trend;the influence of agricultural production-supporting expenditure on farmers' income shows downward trend;the influence of agricultural basic construction on farmers' income shows upward trend;the fee of rural relief play an active role in the promoting the farmers' income increase;the role played by fee of rural relief in promoting farmers' income increase should be further increased;the increase of farmers' income shows great reliance on agricultural science and technology.In the end,the relevant suggestions on establishing stable increase mechanism of fiscal agricultural support and insisting on the dynamic adjustment of the structure of fiscal agricultural supporting capital are put forward.展开更多
This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expendi...This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner＇s stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual＇s stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy.展开更多
Agents response equilibrium (ARE) model has been taken advantage of to build a multi-agent system for analyzing fiscal policy effect. Through establishing various types of economic entities and endowing them with abil...Agents response equilibrium (ARE) model has been taken advantage of to build a multi-agent system for analyzing fiscal policy effect. Through establishing various types of economic entities and endowing them with abilities to react and make decision, the whole system will evolve to new conditions in response to policy change. Compared with different scenarios, it can be concluded that when raising taxation ratio, sectoral scale will shrink to some extent. But supported by government expenditure, certain sectors could be kept in comparatively larger production scale.展开更多
The developmental status of the Three Gorges Reservoir in the post-migration era is expounded.Firstly,positioning of ecological reservoir is incompatible with its development;secondly,adopting the market selection and...The developmental status of the Three Gorges Reservoir in the post-migration era is expounded.Firstly,positioning of ecological reservoir is incompatible with its development;secondly,adopting the market selection and government-directed migration mode;thirdly,tough task in the post-migration era;fourthly,prevention of geological disasters and environmental management.After the analyses,the adoptable approaches for developing the Three Gorges Reservoir are concluded.The approaches cover supporting migrants and trying to stabilize and enrich them;supporting the development of industries around the reservoir;intensifying the construction of ecological environment in the reservoir;and strengthening the support of central fiscal policies.The policies and suggestions on developing the Three Gorges Reservoir from the perspective of fiscal policies are put forward.Firstly,they include the fiscal and tax measures on prompting ecological migration and stabilizing and enriching migrants.The specific measures include the fiscal and tax measures on promoting the employment of migrants;measures on providing social security for migrants;fiscal subsidies and preferential policies and increasing the input on solving the problems left after reconstruction.Secondly,they are the fiscal and tax measures for promoting the industrial development in the reservoir.The specific contents include displaying the functions of industrial fund to optimize the industrial structure of the reservoir;providing preferential policies on taxes to attract capitals and intensifying the strength of local finance.展开更多
Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate int...Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.展开更多
Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systema...Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.展开更多
After the collapse of the unit-neighborhood system,the communities in China have got a nature of duality,from which a mixed dual duty structure is derived.This structure calls for a re-establishment of the principals ...After the collapse of the unit-neighborhood system,the communities in China have got a nature of duality,from which a mixed dual duty structure is derived.This structure calls for a re-establishment of the principals for community financial system from such aspects as fund raising mode,budget supervision,and allocation program,etc.There exist some defects in the present community financial system,such as one-sided design,insufficient fund resource for community outlay,lower efficiency of fund operation,lacking of coordination in community construction investment,etc.which seriously restrict the functions of modern community.In order to construct a community oriented public fiscal system,we need to clarify the division of responsibilities between the government and the community,give full play to community’s potential in self-governance and construct a comprehensive fund allocation mechanism.展开更多
基金Financial support from Guangdong Science and Technology(20230505)Guangdong Provincial Philosophy and Social Science Planning Project(GD20SQ25)Guangdong Provincial Special Fund for Science and Technology Innovation Strategy in 2024(Cultivation of College Students’Science and Technology Innovation)(pdjh2024a391)during preparation of this manuscript.
文摘Under the dual drivers of global climate governance and carbon neutrality goals,agricultural carbon emission reduction has become a pivotal component of regional green transformation.This study focuses on Guangdong,a major province,employing the LMDI decomposition mode to systematically analyze the driving mechanis of agricultural carbon emissions.It reveals that the low ecological compensation standard,industrial path dependence,and high-carbon energy lock-in consti-tute core constraints.The research finds that the absence of ecological compensation standards and the structural imbalance of traditional subsidy policies induce diminishing marginal benefits in carbon reduction due to structural imbalances,while persistent funding shortages in low-carbon technology R&D further weaken emission reduction efficacy,exacerbating compatibility contradictions between emission policies and production practices.Through the comparison of domestic and foreign experiences,it is found that under the global wave of low-carbon transformation in agriculture,the ecological compensation optimization layer should establish a calculation system for the carbon sink value of cultivated land and differentiated compensation standards;the fiscal and taxation policy coordination layer should implement a tiered carbon tax on agricultural inputs and carbon sink pledge financing incentives.Constructing a fiscal expenditure and fiscal and taxation coordination mechanism that suits regional characteristics is the key path to resolving the contradiction between the technical economy and ecological sustainability of emission reduction.
基金supported by the General Program of the National Natural Science Foundation of China(NSFC)(Grant No.72373148).
文摘China’s path to modernization,which embodies a unique developmental model characterized by high-quality development,common prosperity,harmony with nature,and peaceful coexistence,is a multifaceted process that advances progress on multiple fronts.This paper applies two analytical lenses to the study of intergovernmental fiscal relations:multi-level governance,where different levels of government interact,and multi-objective decision-making,where multiple goals are pursued simultaneously.From this perspective,it puts forward three core propositions.First,the evolution of fiscal relations is shaped primarily by the central government’s need to balance incentivization,coordination,and control.Second,these relations are constrained by objective factors such as the output elasticity of loacl government actions,cost coefficients,externalities,and uncertainty.Third,the effectiveness of both central and local governments depends on the design of fiscal relations,as well as on their objectives,the output elasticity of actions,and costs.In essence,effective intergovernmental fiscal relations require a balance between centralized leadership and local initiative.Using this framework,the paper examines how changes in China’s fiscal system have influenced modernization across different historical periods,offering a theoretical model tailored to China’s national context.
基金supported by the National Natural Science Foundation of China Youth Project“Research on the Mechanism and Policy Design of the Impact of Rural Migrant Urbanization on Local Government Education Investment”(Grant No.72103034)the Distinguished Young Scholar Funding Project of the University of International Business and Economics(Grant No.21JQ11).
文摘This paper leverages the Opinions of the State Council on Further Promoting the Reform of the Household Registration System as a quasi-natural experiment to examine the impact of rural migrant urbanization on local government expenditures in science and technology(S&T)and education.Employing a generalized difference-in-differences(generalized-DID)approach and panel data from 271 Chinese prefecture-level and above-level cities spanning 2003–2019,we find that household registration reform driven by this urbanization process significantly increased the absolute level as well as the fiscal share of S&T and education spending.Mechanism analyses indicate that rural migrant urbanization promotes these expenditures through two channels:increasing the overall local fiscal revenue and encouraging a greater proportion of the fiscal resources to be allocated to these sectors.The findings uncover the current evolving trends in fiscal resource allocation due to rural migrant urbanization and provide empirical evidence for optimizing the provision of public services and enhancing the potential of long-term economic development.
文摘In contrast to the traditional Western approach to macro-fiscal management,China’s proactive fiscal policy is founded on a people-centered development philosophy and,with distinctive Chinese characteristics,is a significant policy innovation of macroeconomic management in the Chinese modernization.Although there are notable distinctions between the Western“Keynesian”and the“nonKeynesian”schools of thought,both of these approaches’core policy goals and methodological roots are the same,composing the traditional Western macro-fiscal approach.This approach faces increasing real dilemmas.China’s proactive fiscal policy,however,places greater emphasis on future potential growth rates in addition to equilibrium between supply and demand,achieving a fiscal policy transformation with a new approach.In this paper we argue that with such a new approach,China should reconsider the nature and reasonable level of the fiscal deficit,the function and risk assessment criteria of government debt,the scope and effects of reductions in taxes and fees,its approach and focus of demand management,and the costs and resulting efficiencies of policies in order to develop a new fiscal policy paradigm that is more in line with its stated goals.
基金a result of the Major Project of the National Social Science Fund of China (NSSFC)“Study on Monetary Policy and Fiscal Policy Coordination under the Dual Economic Circulations”(Grant No.20&ZD104)
文摘As two main tools of macroeconomic policies,coordination and conflict between fiscal and monetary policies have been paid considerable attention by researchers.Under a structural vector autoregressive model that incorporates fiscal and monetary policies,this paper analyzes the monetary policy response to fiscal shocks.Our study finds that during the occurrence of a fiscal shock,the growth rate of broad money supply M2 substantially increased,indicating the adoption of an expansionary monetary policy by the monetary authority to fiscal policy expansion.Based on this empirical finding,this paper improves the dynamic stochastic general equilibrium model to investigate the fiscal policy effects under China’s monetary policy coordination.Our analysis shows that monetary policy coordination will significantly boost the economic stimulus effect of fiscal policy,generating a fiscal crowding-in effect.From the perspective of China’s institutional strength,this conclusion offers a theoretical explanation on the empirical fact of the fiscal crowdingin effect uncovered in the research literature,and offers a policy reference for making the proactive fiscal policy more efficient and effective.This paper suggests that China’s policymakers give full play to the country’s institutional strength by coordinating fiscal and monetary policies for high-quality economic development.
文摘Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessment of the progress of China's new round of fiscal and tax reforms from November 2013 to October 2016 with the following findings. Reform of the budgetary management system has yielded initial results yet remains in the preliminary stage. While progress has been made in reforming indirect taxes, the reform of direct taxes is slow and presents a major obstacle. Despite breakthroughs, the progress of public finance reforms remains slow and impedes reforms on other fronts. Fiscal and tax reforms are uneven and should be implemented in coordination. Fiscal and tax reforms should more vigorously support overall reforms.
基金This paper is supported by National Natural Science Foundation of China(No.70373051).The authors are grateful to Penny Prime for helpful discussion.
文摘The fiscal system is an important part of national economic management and deals with the division of financial responsibility and power,regulates and defines the fiscal activities among different levels of governments.The changes in economic system and economic structure decide the changes of fiscal function and fiscal structure,which results in the changes in intergovernmental distribution form and local government behavior.This paper takes a look at the stages of China's fiscal reform process and the impacts on local government behavior,and tries to find measures for perfecting the fiscal system reform to optimize local government behavior and guarantee a healthy national economy.
文摘The crisis of the Greek economy underlined the structural deficiency of the domestic growth model that was depicted to the wide ＂twin-deficit＂ problem of a statist market economy. The core of the domestic growth model is the role of the public sector which, inter alia, was characterized by high and permanent fiscal deficits, low efficiency, and steady divergence from an advanced welfare state. During the 2010-2015 adjustment effort, fiscal adjustment was the critical dimension of the effort in order to stabilize public finances at a sustainable level and significantly reduce the financial needs. The sustainability, however, of public finance stabilization is determined by the structural reforms in the fiscal policy framework and the public financial management framework. One of the structural fiscal reforms was the new law for the establishment of the Hellenic Fiscal Council in 2014 following the European institutional framework. The paper discusses the strong harmonization of electoral cycle and fiscal deterioration and analyses the scenario of enhancing the Fiscal Council＇s responsibilities in Greece with the evaluation of the pre-election platforms. In particular, the paper, taking into account the characteristics of the Greek political economy, focuses on the critical prerequisites so as this scenario to become a real structural reform. These institutional and political prerequisites are institutional independence, political independence, functional independence, broad political acceptance, ＂adjustment period＂, and clarity of rules and evaluation procedures. So, even though the evaluation ofpre-election economic programs seems ultra-difficult for the case of Greece, it should not be set aside as unachievable in the long run.
文摘While Uganda is considered to be at low risk of debt distress,the stagnant tax effort and large planned capital expenditures might significantly alter this position.This paper employs the Dynamic Stochastic General Equilibrium(DSGE)model to examine tax design issues that arise in addressing debt increases.The results suggest that Uganda may improve it debt position by permanently increasing tax rates by 5%point.However,an increase of consumption tax rates(Value Added Tax(VAT)and Excise)by this magnitude to meet debt reduction is found to be relatively more distortionary affecting consumption,especially for the poor households,in both the short and long run leading to large temporary reductions in the Gross Domestic Product(GDP).
基金supported by the Foshan Social Science Planning Project in 2022,based on“How to Improve the Enterprise Service System and Promote the Reform of the Foshan Business Enabling Environmental System”(Project Number:2022-ZDA01)Foshan Social Science Planning Major Project in 2022,Foshan Social Science Federation,2022(5)the Student Academic Foundation of Foshan University in 2022,based on“Cultivating a Refreshing‘Soft Environment’to Build‘Hard Power’for Development:A Study on the Influencing Factors and Enhancement of Business Environment in Foshan Oriented on Entrepreneurial Satisfaction”(Project Number:xsjj202214zsa02),Communist Youth League Foshan University Committee,2022(6).
文摘In this present-day global pandemic that has not been completely resolved,health is a major concern among people,and correspondingly,people are demanding higher standards for public health products and services provided by the government.In this paper,we measure the technical efficiency of public health expenditure in each province by using the data envelopment analysis(DEA)model,and examine the impact of decentralization on the efficiency of public health expenditure under the fiscal decentralization system using the panel data from 31 provinces from 2012-2019 in a panel model subject to fixed effects.
文摘While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.
基金Supported by National Science Fund for Distinguished Young Scholars(GrantNo.:70825003)Key Project of National Social Science Foundation(GrantNo.:07AJL002,12AGL008 and 12ASH004)+3 种基金Young Scholar Project of National Social Science Foundation(Grant No.:12CGL063 and 12CJY062)Key Project of Ministry of Education(Grant No.:DFA100209)Social Science Planning Fund of Ministry of Education (Grant No.:07JA790104)Foundation Project for Central Universities-Xiamen University(Grant No. :2009ZK1007)
文摘Based on the analysis methods of non-parametric Malmquist index and spatial econometrics as well as the provincial panel data in 2007-2010, this paper estimates the efficiency of fiscal expenditure from local governments in china in terms of reducing the income gap between urban and rural residents for the first time and evaluates the spatial correlation and heterogeneity of this efficiency. The results have shown that the fiscal expenditure of most provinces is of low efficiency in reducing the income gap between urban and rural residents, and the expenditure efficiency of local governments is not relevant to their levels of economic development. Besides, the efficiency on reducing the urban-rural income gap between different regions of China has a tendency of convergence. But this is mainly reflected inside the regional economic belt. There is significant difference between the efficiency of each economic belt. The central region has the highest efficiency in a rising trend, the western region has the lowest efficiency in a downward trend, while the eastern region is relatively stable.
基金Supported by2007"Chunhui Project"of Ministry of Education (S2007-1-63005)2009 Key Project of Humanity and Social Science of Chongqing Municipal Education Commission(09skm17)
文摘According to the relevant data of China Statistical Yearbook and Chinese Rural Statistical Yearbook in the year of 2009,the changes of grey correlation degree of farmers' net income,various items of incomes,national gross agriculture-supporting expenditure and various items of expenditures,farmers' net income and various items of fiscal agriculture-supporting expenditure in the Eighth Five-Year Plan,Ninth Five-Year Plan and Tenth Five-Year Plan by using grey correlation degree and the by choosing seven indicators covering income from wage and salary,income from household business,transfer income and property income,agricultural production-supporting expenditure,agricultural basic construction expenditure,expenses of three items of agricultural technology and the fee of rural relief.The results show that the grey correlation degree of each time period and household net income shows the downward trend;from overall perspective,the grey correlation degree of national gross agriculture-supporting expenditure,agricultural basic construction expenditure and agricultural production-supporting expenditure shows the descending trend;the grey correlation degree of fiscal agricultural supporting expenditure and the expenditure of three items of agricultural technology and fee of rural relief show the upward trend;the influence of agricultural production-supporting expenditure on farmers' income shows downward trend;the influence of agricultural basic construction on farmers' income shows upward trend;the fee of rural relief play an active role in the promoting the farmers' income increase;the role played by fee of rural relief in promoting farmers' income increase should be further increased;the increase of farmers' income shows great reliance on agricultural science and technology.In the end,the relevant suggestions on establishing stable increase mechanism of fiscal agricultural support and insisting on the dynamic adjustment of the structure of fiscal agricultural supporting capital are put forward.
文摘This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner＇s stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual＇s stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy.
文摘Agents response equilibrium (ARE) model has been taken advantage of to build a multi-agent system for analyzing fiscal policy effect. Through establishing various types of economic entities and endowing them with abilities to react and make decision, the whole system will evolve to new conditions in response to policy change. Compared with different scenarios, it can be concluded that when raising taxation ratio, sectoral scale will shrink to some extent. But supported by government expenditure, certain sectors could be kept in comparatively larger production scale.
基金Supported by "Chunhui Project" of Ministry of Education (S2007-1-63002)
文摘The developmental status of the Three Gorges Reservoir in the post-migration era is expounded.Firstly,positioning of ecological reservoir is incompatible with its development;secondly,adopting the market selection and government-directed migration mode;thirdly,tough task in the post-migration era;fourthly,prevention of geological disasters and environmental management.After the analyses,the adoptable approaches for developing the Three Gorges Reservoir are concluded.The approaches cover supporting migrants and trying to stabilize and enrich them;supporting the development of industries around the reservoir;intensifying the construction of ecological environment in the reservoir;and strengthening the support of central fiscal policies.The policies and suggestions on developing the Three Gorges Reservoir from the perspective of fiscal policies are put forward.Firstly,they include the fiscal and tax measures on prompting ecological migration and stabilizing and enriching migrants.The specific measures include the fiscal and tax measures on promoting the employment of migrants;measures on providing social security for migrants;fiscal subsidies and preferential policies and increasing the input on solving the problems left after reconstruction.Secondly,they are the fiscal and tax measures for promoting the industrial development in the reservoir.The specific contents include displaying the functions of industrial fund to optimize the industrial structure of the reservoir;providing preferential policies on taxes to attract capitals and intensifying the strength of local finance.
文摘Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.
文摘Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.
文摘After the collapse of the unit-neighborhood system,the communities in China have got a nature of duality,from which a mixed dual duty structure is derived.This structure calls for a re-establishment of the principals for community financial system from such aspects as fund raising mode,budget supervision,and allocation program,etc.There exist some defects in the present community financial system,such as one-sided design,insufficient fund resource for community outlay,lower efficiency of fund operation,lacking of coordination in community construction investment,etc.which seriously restrict the functions of modern community.In order to construct a community oriented public fiscal system,we need to clarify the division of responsibilities between the government and the community,give full play to community’s potential in self-governance and construct a comprehensive fund allocation mechanism.
