| 公共财政与中国国民收入的高储蓄倾向(英文) |
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| 引用本文： | 张雪春.公共财政与中国国民收入的高储蓄倾向(英文)[J].Social Sciences in China,2012(1):166-187. |
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| 作者姓名： | 张雪春 |
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| 作者单位： | Financial Research Institute, People’s Bank of China |
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| 摘 要： | 本文将国有企业从“企业部门”中分离出来，与“政府部门”合并为“公共部门”，其储蓄率称为“公共部门储蓄率”；并将非国有企业与居民合并为“私人部门”，其储蓄率称为“私人部门储蓄率”。据此提出的中国高储蓄率的公共财政假说认为：2000年以来中国储蓄率持续高涨，是由政府的赢利性动机及其对公共财政职能产生的挤出效应推动的，并带来了公共支出的不足。结果，居民和非国有企业不得不增加预防性储蓄。利用我国1996--2006年30个省面板实证检验的结果验证了此假说。
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| 关 键 词： | 储蓄率 公共支出 政府赢利性动机 |
Public Finance and the High Savings Rate in China |
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| Zhang Xuechun.Public Finance and the High Savings Rate in China[J].中国社会科学(英文版),2012(1):166-187. |
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| Authors: | Zhang Xuechun |
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| Institution: | Zhang Xuechun,a Xu Zhong,b Ding Zhijie,c and Tang Tiand a Financial Research Institute, People’s Bank of China b Financial Market Department, People’s Bank of China c UIBE School of Banking and Finance, University of International Business and Economics d Financial Research Institute, People’s Bank of China Zhang Xuechun |
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| Abstract: | The paper examines the micro-mechanism for the high savings rate in China from public finance view. We find that the self-interest of government has played an important role in the rising national savings rate since 2000. The improved SOE profitability has enhanced the government incentive to save for the investment. This has crowded out public expenditures on technology, education, medicare and social safety net. As a result, the private sector has to increase precautionary savings. The empirical study based on panel data of 30 provinces from 1996 to 2006 demonstrates that the savings rate of the public sector is positively related to SOE profitability, and the private sector savings rate is negatively related to the ratio of public expenditures to the disposable income of the public sector. |
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| Keywords: | savings rate public expenditures government profit-seeking incentive |
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