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|Other Titles:||Dynamic Effect of Extra-budgetary Fund in Mainland China|
Extra-budgetary Revenue and Expenditure;VECM;Economic Growth
|Issue Date:||2016-07-20 16:12:32 (UTC+8)|
Extra-budgetary fund as the secondary budget system with up to 64,07 billion yuan by 2006, has become a rather special problem in China. Using the vector error correction model (VECM ), this paper tries to analyze the long-term effect of this fund system over the economic growth. We find that budgetary and extra-budgetary revenue produce mutual exclusion effect on GDP. The extra-budgetary expenditure has 3- periods unproductive stimulating effect, yet it still need more materials to confirm their true relation for a long time. To causality, extra-budgetary revenue and expenditure are causes and have significant influence on growth of GDP, but adverse relation doesn’t exist. A series of concrete suggestions were raised in this paper that through dividing the responsibility of the intergovernmental expenditure, offering taxation on local government, legislating fees, government may facilitate the reform this financial system.
|Relation:||東亞研究, 41(2), 41-74|
East Asia Studies
|Appears in Collections:||[東亞研究] 期刊論文|
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