最適政府支出融通政策：銀行與股市金融體系之比較

Abstract

近年來，金融發展可以促進一國的經濟成長已廣為經濟學家們所認同。在此同 時，也有大量的內生經濟成長模型研究政府赤字融通政策對經濟成長率的影 響。本計畫擬進一步將這兩股文獻結合，探討最適的政府融通政策---貨幣融通 或所得稅融通---是否會受到金融體系是以銀行為主或股市為主的影響？基於 下列的兩個原因，我認為，政府的融通政策會受到金融體系是以銀行為主或股 市為主的影響：(一) 銀行的業務受限於法定準備率，而法定準備對於政府的鑄 幣稅稅收有很大的影響；(二) 廠商向銀行借貸的利率可以免除於政府的課稅 (tax deductible), 然而，股利則必須課完稅後才發放。這兩個差異，對於政 府應該用貨幣融通或課稅融通有重要的意涵。由於並沒有文獻研究這個重要議 題，因此本計畫潛在的學術貢獻應該非常顯著。

In recent years, the positive effects of financial development on economic growth have been recognized by a large volume of research. Parallel to this, the effects of government policy of expenditure financing on economic growth have also received much attention on the studies of endogenous growth. This proposed one-year project is intended to integrate these two strands of literature to see if the optimal policy of government expenditure financing (being financed by seigniorage or income taxation---depends on financial systems---being a bank-based system or a market-based one. Based on the following two reasons, I believe that financial systems have important implications for the optimal policy of government expenditure financing. First, the operations of banks are subject to the reserve requirement and this requirement has important effects on government seigniorage revenue. Second, firms’interest payments to the bank are tax deductible; however, dividend payments are not. These two differences between the bank-based and market-based financial systems should have important implications for the optimal policy of expenditure financing. Since there is no study examining this issue, the potential contribution of this proposed study should be significant.