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20世纪90年代以来,我国经济先后遭遇了两次金融危机的冲击,在政府部门的积极应对下,我国经济实现了企稳回升,但同时也伴随着通货膨胀压力的进一步增大。因此,本文以两次金融危机为背景,采用VAR模型来研究我国财政政策的通胀效应。结果表明,由于两次金融危机后政府采用的政策组合方向以及力度的不同,使得政府的融资体系也呈现出不同,进而引发通胀的原因也大相径庭。具体表现在,1998年亚洲金融危机后,由于政府采用积极的财政政策和稳健的货币政策,我国融资体系呈现出以财政政策为主导的非李嘉图制度,而2008年全球金融危机后,政府则将积极的财政政策配合以宽松的货币政策,使得我国融资体系发生了变化,李嘉图制度的特点比较明显。这也进一步说明,不同背景下我国财政政策的通胀效应是有差别的,只有准确分析我国通胀的原因,才能进一步采取有效的应对措施。
Since the 1990s, China’s economy has suffered two financial crises in succession. Under the active response of the government departments, China’s economy has achieved a steady rebound, but at the same time, it has also been accompanied by further increase in the pressure of inflation. Therefore, this article uses two models of financial crisis as the background, using VAR model to study the inflation effect of China’s fiscal policy. The results show that due to the two governments after the financial crisis, the direction of the policy mix and the intensity of the government makes the financing system also showed a difference, which led to inflation for many different reasons. In particular, after the Asian financial crisis of 1998, due to the government adopting a proactive fiscal policy and a prudent monetary policy, China’s financing system showed a non-Ricardo system dominated by fiscal policy. After the global financial crisis in 2008, the government The active fiscal policy cooperates with the loose monetary policy, causes our country financing system to have the change, the Ricardian system characteristic is quite obvious. This further shows that the inflationary effects of China’s fiscal policy are different under different backgrounds. Only by accurately analyzing the causes of inflation in China can we take effective measures to deal with this.