1、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 economy of Sri Lanka in the context o
2、f 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 budget deficits are not primarily th
3、e 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 outlays has declined over time. This could
4、 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 growth, reducing the current defici
5、ts 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 and government debt squeeze out the g
6、rowth 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 been interested in reducing Governm
7、ent 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 the analysis of data on Government f
8、inances 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, education, health and similar areas.In a de
9、veloping 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 objective was to create an environme
10、nt 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 public expenditures as well as increasing
11、 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 in ways that did not limit the prospec
12、ts.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 the future growth potential rather t
13、han 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 a given target ratio of fiscal defic
14、it 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 economists claim that permanent reduct
15、ions 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 developing Asian economy, such as India.Any
16、 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
17、actually in excess of its current consumption of final goods and services.Reducing final consumption expenditures may not guarantee a matching increase in private final consumption, due to imperfections in the market. Government investment, which is crucial for growth, is on the decline as a proport
18、ion of the budget deficit. Government investment as a proportion of the excess of current revenue over current consumption is also on the decline. Under such circumstances, the Government should try to augment resources for public investment so that the private sector may feel encouraged to particip
19、ate.It is widely believed that uneconomic Government expenditure lies behind many of the problems of macroeconomic management in developing economies. We began with the proposition that total investment has two components: domestic and foreign. It emerged that domestic investment was not operating u
20、nder an accelerator-type of mechanism, because the coefficient of lagged GDP was statistically insignificant even at the 10 per cent level. Export demand for the countrys products was not found to be dependent on real income of the world. The estimated form omits the income-effect supposed to be ope
21、rating through world-GDP because its coefficient was statistically insignificant. Integrating the real and monetary sectors. In the macroeconometric sub-model, we wanted to take into account both real and monetary factors in the economy. The proposed integration was attempted through the real rate o
22、f interest, which in turn was modelled as the money rate of interest net of the inflation rate. However, neither the consumption nor investment functions estimated showed significant coefficients for the real rate of interest. Consumption. Four main categories were identified: (a) food, beverages and tobacco； (b) textiles, clothing and footwear； (c) electricity, water and gas； and (d) other manufactured products. All four were found to be strongly related to
