本文根据中国经济运行的现实背景对传统的蒙代尔弗莱明模型进行了修正,并在修正的模型框架内,依据不同的假设条件,利用图形分析分别阐述了实施扩张性财政政策与紧缩性货币政策的政策效果与局限性,同时文章依据修正后模型所含方程组提出并证明了两个命题,分别探讨了外国利率变动以及财政融资方式对一国经济增长的不同影响。最后对处于转轨经济背景中的中国经济发展提出了相关政策建议。 Based on the realistic background of China’s economic operation, this paper modifies the traditional Flemish model of Mundell. In the framework of the revised model, it uses the graphic analysis to explain the implementation of the expansionary fiscal policy and the tightening Monetary policy and its limitations. At the same time, the article proposes and proves two propositions according to the equations contained in the revised model, and probes into the different effects of changes in foreign interest rates and financial financing on the economic growth of a country. Finally, some policy recommendations are put forward for China’s economic development in transitional economy.