统计研究 ›› 2005, Vol. 22 ›› Issue (10): 39-5.

• 论文 • 上一篇    下一篇

政府债务挤出私人投资:国际证据

尹恒;叶海云   

  1. 北京师范大学;武汉大学
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2005-10-15 发布日期:2005-10-15

  • Received:1900-01-01 Revised:1900-01-01 Online:2005-10-15 Published:2005-10-15

关键词: 政府债务, 李嘉图等价性, 私人投资, 挤出效应

Abstract: Abstract:Based on a new panel data, we find a very significant and robust empirical relation:there is distinct crowding out effect of government debt to private investment. After controlling a few variables emphasized by investment literature, the higher government debt-GDP ratio is, the lower private investment rate is. This kind of negative effect of government debt may come from the fluctuation of government debt-GDP ratio. There are enough attritions in the real world that lapse the Ricardian equivalence proposition