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本文利用VAR模型实证研究发现,我国地方和中央财政政策对货币政策影响存在明显差异,地方财政政策对货币政策影响较中央财政政策更大;通过进一步分析我国财政收支结构发现,我国财政收入以中央为主、而财政支出以地方为主的模式,可能是造成我国产能过剩、僵尸企业以及财政与货币政策协同性差的主因。最后,本文给出了完善和提高我国财政与货币政策协同性和效率的政策建议。
In this paper, we use the VAR model empirical study found that the impact of local and central fiscal policy on monetary policy there are significant differences, the local fiscal policy on monetary policy more than the central fiscal policy is greater; by further analysis of China’s fiscal revenue and expenditure structure, China’s fiscal revenue Central government-based, and local fiscal spending model, may be caused by overcapacity in China, zombie enterprises and the main reason for the poor coordination of fiscal and monetary policies. Finally, this article gives some policy recommendations to improve and enhance the synergy and efficiency of China’s fiscal and monetary policies.