文献类型：期刊文献

英文题名：The business cycle implications of land financing in China

作者：Guo, Shen[1];Liu, Lezheng[1];Zhao, Yan[2]

机构：[1]Cent Univ Finance & Econ, China Acad Publ Finance & Publ Policy, Beijing 100081, Peoples R China;[2]E China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China

年份：2015

卷号：46

起止页码：225

外文期刊名：ECONOMIC MODELLING

收录：;WOS:【SSCI(收录号:WOS:000351974700020)】；

基金：The authors are grateful to anonymous referees for their constructive comments. Yan Zhao is sponsored by Pujiang Program (No. 13PJC026) and National Natural Science Foundation of China (No.71303078) for this project

语种：英文

外文关键词：Land financing; Government spending; DSGE model; China

摘要：In the past decade, the Chinese government was increasingly relying on revenues from land sales to finance the public spending. This paper examines the impacts of land financing on business cycle fluctuations in China in an estimated DSGE model. The simulation results indicate that the overall effect of land financing is to increase the business cycle fluctuations by 12.6%. However, the impacts of land financing on business cycle fluctuations depend on shocks hitting the economy. The policy implication of this paper is that cutting the direct linkage between the government expenditure and the land sales could mitigate the business cycle fluctuations. (c) 2014 Elsevier B.V. All rights reserved.