朱柏铭制作全套配套课件公共经济学理论与应用12.ppt

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1、•I.Conceptofpublicdebtanditsissuance•1.Conceptofpublicdebt•Publicdebt,alsocalledthedebtofthepublic,isthedebtborrowedbythepublicsector.•Nationalbonddoesn’tcertainlyequalcentralgovernmentbond.Federalgovernmentbondiscallednationalbondinfederalstates.Centralgovernmentbondandlocalgovern

2、mentbondcanbothberegardedasnationalbondinunitarystates.•2.Issuanceofbonds•(1)Issuingformsofbonds•Consistofdirectissuanceandindirectissuance.•Directissuanceisthetreasurydepartmentissuesbondsdirectlytothesociety.•(2)Issuingconditionsofbonds•Term:government’sexpenditureneed,expectatio

3、nonfuturemarketinterestrateandthedevelopmentofsecuritymarket.•Interestrate:marketinterestrate,governmentcreditandtheabundanceofsocialfunds.•Issuingprice:atpar,atapremiumandatadiscount.•Measurementofpublicdebtscale•1.Ratioofpublicdebtburden:ratioofbondbalancetoeconomicscale(GDP)inon

4、eyear.•2.Ratioofpublicdebtdependence:ratioofbondincometopublicexpendituresinoneyear.•3.Ratioofpublicdebtrepayment:ratioofbondrepaymenttopublicincomeinoneyear.•1.ContentsofRicardoEquivalenceTheorem•Nomatterthatthegovernmentfinancespublicincomethroughthewayoftaxationorbonds,theimpact

5、onpeople’sconsumingbehaviorsisthesame.•TheRicardo’sopinionwasrediscoveredin1970sandwasnamedasRicardoEquivalenceTheorem.•Thefirstyear•Thefirstyear•Habitants:10billionreductionof•Government:10immediatetaxation.Asbillionbondsinsteadexpectingfuturetaxationisof10billiontaxation,likelyto

6、increase,immediateoneyear,interestconsumptiondoesn’tincreaserate5%.andbondsaresaved.•Thesecondyear•Thesecondyear•Government:10.5•Habitants:futuretaxationincreasesbilliontaxationtoasexpected,10.5billiongainofpayfor10.5bondsprincipalandinterestforholding10(principalandbillionbonds,th

7、ereforefutureinterest).consumptiondoesn’tincrease.•2.PolicyimplicationofRicardoEquivalenceTheorem•Whetherconsumerbehaviorschangeornotundertheconditionofdebtfinancing.Ifthetheoremistrue,itindicatesfiscalpoliciesareinvalid.•Arepublicbondsbadorbeneficialonearth?