本文区别于以往单独研究财政赤字与公共债务对经济增长的影响机制,首先从动态关系层面探讨了财政赤字与公共债务之间的参数关系,并借此进一步分析了二者的变化对经济增长影响的路径问题。来自中国经济增长的事实得出了以下结论:1财政赤字与公共债务之间呈现相对独立性,但经验数据的结果显示二者存在统计意义上的Granger关系,即经济繁荣时期财政“缺口”的缩小,但公共债务依然可能高位运行;2中国政府财政赤字与公共债务之间对推动经济增长的作用明显,政府债务率的波动由实际利率、初始债务存量、经济增长率内生的决定;3财政赤字、公共债务与经济增长之间存在着紧密的相关关系,赤字率超过了设定的临界值,经济增长的稳态将不会出现,同时伴随着资本增长的连续下降,会对经济增长带来负面影响。 This paper is different from the previous studies on the impact of fiscal deficits and public debt on economic growth. First, the relationship between fiscal deficit and public debt is explored from the perspective of dynamic relations, and then the impact of the changes on the economic growth is analyzed Path problem. The following conclusions emerge from the fact of China’s economic growth: 1 The relative deficit between fiscal deficit and public debt is comparatively independent, but the empirical data show that there is a statistically significant Granger relationship between the fiscal and economic deficit, "However, the public debt may still be running at a high level. 2 The role of the government deficit and public debt in promoting economic growth is obvious. The volatility of the government debt rate is determined by the intrinsic interest rate, the initial debt stock, and the economic growth rate ; 3 there is a close correlation between the fiscal deficit, public debt and economic growth, the deficit rate exceeds the set threshold, the steady state of economic growth will not appear, and at the same time the continuous decline of capital growth will Economic growth has a negative impact.