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

1、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：# Government Finances and Economic Growth:#A Policy-Perspective on The Developing Economy of SRI LANK #出 处：# Asia-Pacific Development Journal #作 者：# Partha Pratim Ghosh #In this paper, we analyse the fiscal policy orientation of the developing e

2、conomy of Sri Lanka in the context of the growth performance of the economy during the period 1975-2000, using an integrated input-output and macroeconometric model. The paper draws upon the Governments policy approach towards faster economic growth. The empirical findings show that the Governments

3、budget deficits are not primarily the result of an excess of consumption over revenue. Rather, other current expenses, such as Government transfers and interest payments, have been the main cause of the countrys mounting public debt. The proportion of Government investment in total Government outlay

4、s has declined over time. This could be a major obstacle to economic growth.At the same time, the Governments recurring budget deficits have led to an escalating national debt, and the monetization of deficits has created inflationary pressures. In order to arrest these trends and encourage economic

5、 growth, reducing the current deficits in the Government budgets is imperative. Domestic private investment, foreign direct investment and Government investment have to be combined as complementary forces to ensure rapid economic growth in the country.#According to economic theory, fiscal deficits a

6、nd government debt squeeze out the growth potential of an economy （Abel and Bernanke, 2001）.This is not true of a demand-constrained economy. It also does not hold true when the Government runs a deficit to make investment expenditures, since investment leads to growth.Many developing countries have

7、 been interested in reducing Government activities in the realm of economics, consonant with encouragement to the private sector. In this paper, we have attempted to create a holistic picture of the overall fiscal scenario in one such developing economy, namely, Sri Lanka. The results obtained from

8、the analysis of data on Government finances are then interpreted with the help of an integrated input-output and macroeconometric model developed for Sri Lanka, which is briefly outlined later in the paper. #Modern growth theory encourages Government investment in the areas of infrastructure, educat

9、ion, health and similar areas.In a developing economy that requires a high rate of growth, we should encourage both private investment and government investment.The Government stated that meeting the challenge of bringing the public debt under control required decisive action in two areas. The first

10、 objective was to create an environment where national income grew faster than the public debt, permitting the country to “outgrow” the debt burden. The second objective was to reduce the budget deficit to slow and eventually reverse the increases in public debt. This would entail both reducing publ

11、ic expenditures as well as increasing revenues. These adjustments were unavoidable and would have to be well managed to ensure that the burdens were shared fairly and did not impose an excessive burden on the most vulnerable members of society. It was also essential that the reforms be carried out i

12、n ways that did not limit the prospects.For increased economic growth. the Governments view rightly expressed concern over the current deficit rather than the overall deficit, because capital expenditures by the Government in the form of building infrastructure or through similar activities enhances

13、 the future growth potential rather than reducing it.A developing economy trying to restructure its fiscal stance should be careful not to bring down Government purchases of goods and services to the point of creating aggregate demand deficiency or to reduce Government investment in order to achieve

14、 a given target ratio of fiscal deficit to GDP.Government consumption is a component of aggregate demand in the economy.Reduction in this component will affect capacity utilization unless there is a matching increase in private sector consumption or investment or net exports.#Although neoclassical e

15、conomists claim that permanent reductions in Government purchases would lead to permanent increases in disposable income and stimulate private consumption, there is no concrete evidence of such forward-looking behaviour, even in developed economies such as the United States of America or in a develo

16、ping Asian economy, such as India.Any cut in the excess of current expenditures over Government final consumption expenditures, if feasible, may augment resources for investment by the Government, increasing the growth potential of the economy.The different categories of deficit reveal that the Governments tax and non-tax revenues are actually in excess of its current consumption of final goods and services.Reducing final consumption expenditures may not guarantee a matching increase