Assessing Fiscal Sustainability: Based on the Data from 1978-2009 in China
After the financial crisis, fiscal sustainability is renewedly worried about due to the implementation of positive fiscal policy and loose monetary policy. Based on the data from 1978-2009 in China, fiscal sustainability is assessed by method of unit root test and cointegration test. In contrast to much previous research on fiscal sustainability, the influence of seigniorage from money creation on fiscal sustainability is considered. The empirical results show that Chinese fiscal processes are weakly sustainable excluding seigniorage and that the fiscal processes is strongly sustainable including seigniorage. This conclusion is of great significance for how to improve Chinas fiscal sustainability in post-Crisis era.
fiscal sustainabilily revenues expenditures seigniorage
YANG Yu SHEN Kunrong
School of Economics, Nanjing University, P.R.China, 210093
国际会议
威海
英文
489-495
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）