外文翻译政府财政和经济增长以政策的视角看斯里兰卡发展中的经济Word格式.docx

外文翻译政府财政和经济增长以政策的视角看斯里兰卡发展中的经济Word格式.docx

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外文翻译政府财政和经济增长以政策的视角看斯里兰卡发展中的经济@#@中文3655字@#@本科毕业论文外文翻译@#@外文题目：

@#@GovernmentFinancesandEconomicGrowth:

@#@APolicy-PerspectiveonTheDevelopingEconomyofSRILANK@#@出处：

@#@Asia-PacificDevelopmentJournal@#@作者：

@#@ParthaPratimGhosh@#@Inthispaper,weanalysethefiscalpolicyorientationofthedevelopingeconomyofSriLankainthecontextofthegrowthperformanceoftheeconomyduringtheperiod1975-2000,usinganintegratedinput-outputandmacroeconometricmodel.ThepaperdrawsupontheGovernment’spolicyapproachtowardsfastereconomicgrowth.TheempiricalfindingsshowthattheGovernment’sbudgetdeficitsarenotprimarilytheresultofanexcessofconsumptionoverrevenue.Rather,othercurrentexpenses,suchasGovernmenttransfersandinterestpayments,havebeenthemaincauseofthecountry’smountingpublicdebt.TheproportionofGovernmentinvestmentintotalGovernmentoutlayshasdeclinedovertime.Thiscouldbeamajorobstacletoeconomicgrowth.Atthesametime,theGovernment’srecurringbudgetdeficitshaveledtoanescalatingnationaldebt,andthemonetizationofdeficitshascreatedinflationarypressures.Inordertoarrestthesetrendsandencourageeconomicgrowth,reducingthecurrentdeficitsintheGovernmentbudgetsisimperative.Domesticprivateinvestment,foreigndirectinvestmentandGovernmentinvestmenthavetobecombinedascomplementaryforcestoensurerapideconomicgrowthinthecountry.@#@Accordingtoeconomictheory,fiscaldeficitsandgovernmentdebtsqueezeoutthegrowthpotentialofaneconomy（AbelandBernanke,2001）.Thisisnottrueofademand-constrainedeconomy.ItalsodoesnotholdtruewhentheGovernmentrunsadeficittomakeinvestmentexpenditures,sinceinvestmentleadstogrowth.ManydevelopingcountrieshavebeeninterestedinreducingGovernmentactivitiesintherealmofeconomics,consonantwithencouragementtotheprivatesector.Inthispaper,wehaveattemptedtocreateaholisticpictureoftheoverallfiscalscenarioinonesuchdevelopingeconomy,namely,SriLanka.TheresultsobtainedfromtheanalysisofdataonGovernmentfinancesaretheninterpretedwiththehelpofanintegratedinput-outputandmacroeconometricmodeldevelopedforSriLanka,whichisbrieflyoutlinedlaterinthepaper.@#@ModerngrowththeoryencouragesGovernmentinvestmentintheareasofinfrastructure,education,healthandsimilarareas.Inadevelopingeconomythatrequiresahighrateofgrowth,weshouldencouragebothprivateinvestmentandgovernmentinvestment.TheGovernmentstatedthatmeetingthechallengeofbringingthepublicdebtundercontrolrequireddecisiveactionintwoareas.Thefirstobjectivewastocreateanenvironmentwherenationalincomegrewfasterthanthepublicdebt,permittingthecountryto“outgrow”thedebtburden.Thesecondobjectivewastoreducethebudgetdeficittoslowandeventuallyreversetheincreasesinpublicdebt.Thiswouldentailbothreducingpublicexpendituresaswellasincreasingrevenues.Theseadjustmentswereunavoidableandwouldhavetobewellmanagedtoensurethattheburdensweresharedfairlyanddidnotimposeanexcessiveburdenonthemostvulnerablemembersofsociety.Itwasalsoessentialthatthereformsbecarriedoutinwaysthatdidnotlimittheprospects.Forincreasedeconomicgrowth.theGovernment’sviewrightlyexpressedconcernoverthecurrentdeficitratherthantheoveralldeficit,becausecapitalexpendituresbytheGovernmentintheformofbuildinginfrastructureorthroughsimilaractivitiesenhancesthefuturegrowthpotentialratherthanreducingit.AdevelopingeconomytryingtorestructureitsfiscalstanceshouldbecarefulnottobringdownGovernmentpurchasesofgoodsandservicestothepointofcreatingaggregatedemanddeficiencyortoreduceGovernmentinvestmentinordertoachieveagiventargetratiooffiscaldeficittoGDP.Governmentconsumptionisacomponentofaggregatedemandintheeconomy.Reductioninthiscomponentwillaffectcapacityutilizationunlessthereisamatchingincreaseinprivatesectorconsumptionorinvestmentornetexports.@#@AlthoughneoclassicaleconomistsclaimthatpermanentreductionsinGovernmentpurchaseswouldleadtopermanentincreasesindisposableincomeandstimulateprivateconsumption,thereisnoconcreteevidenceofsuchforward-lookingbehaviour,evenindevelopedeconomiessuchastheUnitedStatesofAmericaorinadevelopingAsianeconomy,suchasIndia.AnycutintheexcessofcurrentexpendituresoverGovernmentfinalconsumptionexpenditures,iffeasible,mayaugmentresourcesforinvestmentbytheGovernment,increasingthegrowthpotentialoftheeconomy.ThedifferentcategoriesofdeficitrevealthattheGovernment’staxandnon-taxrevenuesareactuallyinexcessofitscurrentconsumptionoffinalgoodsandservices.Reducingfinalconsumptionexpendituresmaynotguaranteeamatchingincrease