西方经济学认为,政府通过发行国债,实施扩张性的财政政策时,由于社会总资金一定,将会影响私人部门可融资金的供给,减少私人资本的投资,从而抵减一部分政策作用,这种由于政府的国债活动而导致的私人资本投资减少的情况就被称为国债的“挤出效应”。西方国家社会各项投资的主体主 Western economics believes that when the government implements the expansionary fiscal policy through the issuance of treasury bonds, the total social capital will affect the supply of privately-financed funds and reduce the investment of private capital, thus offsetting part of the policy role. The reduction of private capital investment due to government bond activities is called the “crowding-out effect” of government bonds. The main body of investment in western countries