Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 叶创基教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1007/s001990100225 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/6WOS source URL
其它资讯
摘要In this paper, we develop an endogenous growth model with market regulations on explicitly modeled financial intermediaries to examine the effects of alternative government financing schemes on growth, inflation, and welfare. In the presence of binding regulation, there is always a unique equilibrium. We perform four alternative policy experiments; a change in the seigniorage tax rate, a change in the seigniorage tax base, a change in the income tax and a change in the fiscal-monetary policy mix. We find that in the presence of binding legal reserve requirements, a marginal increase in government spending need not result in a reduction in the rate of economic growth if it is financed with an increase in the seigniorage tax rate. Raising the seigniorage tax base by means of an increase in the reserve requirement retards growth and it has an ambiguous effect on inflation. An increase in income tax financed government spending also suppresses growth and raises inflation although not to the extent that the required seigniorage tax rate alternative would. Switching from seigniorage to income taxation as a source of government finance is growth reducing but deflationary. From a welfare perspective, the least distortionary way of financing an increase in the government spending requirements is by means of a marginal increase in the seigniorage tax rate. Under the specification of logarithmic preferences, the optimal tax structure is indeterminate.
着者Espinosa-Vega MA, Yip CK
期刊名称ECONOMIC THEORY
出版年份2002
月份9
日期1
卷号20
期次2
出版社SPRINGER-VERLAG
页次237 - 257
国际标準期刊号0938-2259
语言英式英语
关键词endogenous growth; financial intermediaries; government financing
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
