|
|
|
| Optimal Fiscal Transfer Rule in Regions |
| XING Shuguang, HUANG Meibo
|
Economic Research Institute,Peking University;
School of Economics, Xiamen University |
|
|
|
|
Abstract This paper constructs a two-region New Keynesian model with sticky prices and wages to study the optimal fiscal transfer rule in regions of a country. This paper finds that the optimal transfer rule should eliminate the output gap difference of regions. Welfare analysis shows that fiscal transfer improves the welfare of country, and welfare gain increases with regional home bias increasing. The optimal rule is better than that targeting difference in consumption gap, price inflation, wage inflation, and government spending. This paper also compares the welfares of debt aid and fiscal transfer. When the aid receiver repays partial debt and interest, the effect of debt aid is same as that of fiscal transfer; when the interest rate of debt is higher than risk-free interest rate, the welfare of debt aid is less than that of fiscal transfer.
|
|
Received: 28 December 2014
Published: 19 April 2018
|
|
|
|
|
| [1] |
范子英和张军,2010,《财政分权、转移支付与国内市场整合》,《经济研究》第3期,第53~64页。
|
| [2] |
付文林和沈坤荣,2012,《均等化转移支付与地方财政支出结构》,《经济研究》第5期,第45~57页。
|
| [3] |
傅勇和张晏,2007,《中国式分权与财政支出结构偏向:为增长而竞争的代价》,《管理世界》第3期,第4~22页。
|
| [4] |
郭长林、胡永刚和李艳鹤,2013,《财政政策扩张、偿债方式与居民消费》,《管理世界》第2期,第64~77页。
|
| [5] |
郭庆旺和贾俊雪,2008,《中央财政转移支付与地方公共服务提供》,《世界经济》第9期,第74~84页。
|
| [6] |
简志宏、朱柏松和李霜,2012,《动态通胀目标、货币供应机制与中国经济波动:基于动态随机一般均衡的分析》,《中国管理科学》第1期,第30~42页。
|
| [7] |
李涛和周业安,2009,《中国地方政府间支出竞争研究:基于中国省级面板数据的经验证据》,《管理世界》第2期,第12~22页。
|
| [8] |
马拴友和于红霞,2003,《转移支付与地区经济收敛》,《经济研究》第3期,第26~33页。
|
| [9] |
乔宝云、范剑勇和彭骥鸣,2006,《政府间转移支付与地方财政努力》,《管理世界》第3期,第50~56页。
|
| [10] |
宋小宁、陈斌和梁若冰,2012,《一般性转移支付:能否促进基本公共服务供给？》,《数量经济与技术经济》第7期,第23~33页。
|
| [11] |
杨钧和罗俊芬,2002,《风险积聚下信贷的转移支付效应:农牧区乡镇政府高负债分析》,《金融研究》第7期,第126~129页。
|
| [12] |
尹恒、康琳琳和王丽娟,2007,《政府间转移支付的财力均等化效应:基于中国县级数据的研究》,《管理世界》第1期,第48~55页。
|
| [13] |
赵子乐和黄少安,2013,《二元社会保障养老体系下的转移支付》,《金融研究》第2期,第33~45页。
|
| [14] |
周黎安,2007,《中国地方官员的晋升锦标赛模式研究》,《经济研究》第7期,第36~50页。
|
| [15] |
Calvo, G.. 1983. “Staggered Prices in a Utility Maximizing Framework,” Journal of Monetary Economics,12(3):383~395.
|
| [16] |
Cole, H. and, M. Obstfeld. 1991. “Commodity Trade and International Risk Sharing: How Much do Financial Markets Matter?” Journal of Monetary Economics, 28(1):3~24.
|
| [17] |
Corsetti, G., and P. Pesenti. 2005. “International Dimensions of Optimal Monetary Policy,” Journal of Monetary Economics, 52(2):281~305.
|
| [18] |
Dmitriev, M., and J. Hoddenbagh. 2013. “The Optimal Design of a Fiscal Union,” MPRA Paper No.46166.
|
| [19] |
Engler, P., and S. Voigts. 2013. “A Transfer Mechanism for a Monetary Union,” SFB 649 Discussion Paper, No. 2013~013.
|
| [20] |
Erceg, C.. 2000. “Optimal Monetary Policy with Staggered Wage and Price Contracts,” Journal of Monetary Economics, 46(2):281~313.
|
| [21] |
Evers, M.. 2006. “Federal Fiscal Transfers in Monetary Unions: A NOEM Approach,” International Tax and Public Finance, 13(4):463~488.
|
| [22] |
Evers, M.. 2012. “Federal Fiscal Transfer Rules in Monetary Union,” European Economic Review, 56(3):507~525.
|
| [23] |
Farhi, E., and I. Werning. 2012. “Fiscal Unions,” MIT Department of Economics Working paper 12~20.
|
| [24] |
Gali, J.. 2008. Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton, NJ: Princeton University Press.
|
| [25] |
Ingram, J.. 1959. “State and Regional Payments Mechanisms,” Quarterly Journal of Economics, 73(4):619~632.
|
| [26] |
Kenen, P.B.. 1969. “The Optimum Currency Area: An Eclectic View,” in Monetary Problems of the International Economy, Eds by Mundell, R.A. and A. Swoboda, 41~60.
|
| [27] |
Kletzer, K., and J. von Hagen. 2001. “Monetary Union and Fiscal Federalism,” in The Impact of EMU on Europe and the Developing Countries, Eds by Charles, W., 17~39.
|
| [28] |
McKinnon, R.I.. 1963. “Optimum Currency Areas,” American Economic Review, 53(4):717~725.
|
| [29] |
Meade, J.E.. 1957. “The Balance of Payments Problems of a Free Trade Area,” Economic Journal,67(267):379~396.
|
| [30] |
Obstfeld, M., and K. Rogoff. 2002. “Global Implication of Self-oriented National Monetary Rules,” Quarterly Journal of Economics, 117(2):503~535.
|
| [31] |
Woodford, M.. 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton, NJ: Princeton University Press.
|
| [32] |
Zhang, W.. 2009. “China’s Monetary Policy: Quantity Versus Price Rules,” Journal of Macroeconomics,31(3):473~484.
|
|
|
|
