The National Debt Economic Performance

The subject research of government debt "frontier" problem is rarely seen in relevant theoretical study literature. And it is the first time to comment on government debt economic performance from the perspective of its economic frontier, which extends its perspective.This dissertation researches government debt "frontier" problem breaking the traditional "critical value" conception into a new conception, called government debt economic frontier. The economic behavior of macroeconomic control with government debt has not only "critical value" in quantity, but behavior limit constrained by regulations and optimal operation route limit to promote management performance. The quality of "frontier" management will directly influence the exertion of economic performance of government debt policy. Therefore, this paper makes a systematic and profound research into the effect government debt "frontier" management has on the economic performance from the angle of economic frontier, and discusses feasible means of improving our economic performance based on that. It has nine chapters, and is largely divided into four parts:The first part consists of the first and second chapter, a summary in fact. The first chapter, as the introduction, states the background information, the dynamics, the study method and thoughts, etc. It puts forward questions, generalizes the whole paper, and lays a basis for the entire research. The second chapter is the literature sum-up, which makes clear the research field and the void into which creative research could be done.The second part comprises the third, the fourth, the fifth, the sixth, the seventh and the eighth chapter. It does a deep research on the influence each mode of "frontier" governance has on the economic performance of the policy. The third chapter, through the construction of policy feasibility boundary and the social preference indiscriminative curve, seeks for the optimal policy operation route, and evaluates the performance reflected from government debt policy theoretically and empirically. The fourth chapter, by use of optimal control theory, explores the theoretical basis of positive fiscal policy "entrance" and "exit", and appraises the performance of positive financial policies in times of deflation based on the theoretical analysis. The fifth and sixth chapter, mainly dealing with the budget "gray" frontier that has occurred in the government debt budget based on "deficitmanagement" system arrangement, probes into enhancing the utility performance of exceeded drawn-in capital between our government debt budget and financial budget. The seventh chapter, analyzes the effect different sorts of government debt policies chosen by different achievement-inclined deciders has on the frontier management of government debt scale, and comments on the performance of the sort of government debt policies in recent years. The eighth chapter chiefly explains the economic effectiveness of government debt, in its multiplicator. It proves in theory and demonstration that the utility boundary of government debt project capital must be held so as to ensure that "domestic demand" be fostered and non-governmental investment be launched.The ninth chapter which draws the conclusion and brings forth the prospect is the third part, and the summing-up of this dissertation. Based on the conclusions in the research above, this dissertation discussed the policy approach to increase the government debt economic performance and put forward the prospect to follow-up research.There are a lot of original viewpoints and conclusions in most of the chapters. The primary innovative points and research results are as follows:Firstly, the study method is new. By means of quantitative analysis it studies government debt budget behavior, and the "gray" boundary in our government debt budget from the perspective of exceeded income and payout of financial budget, so it ends up with the conclusion that China should carry out performance budget for its government debt as soon as possible, which is the first time to be mentioned in relevant literature.Secondly, the study thoughts are creative. This paper uses the research fruits of "frontier" theories in many different subjects for reference, and breaks the traditional theory of quantitative boundary. Then it brings forward the conception of "government debt economic frontier" ranging from government debt policy, the operation to the governance, which extends its research scope. This is the first attempt in the study thoughts of "frontier" theory.Thirdly, the employ of statistics is distinct. For many years the researchful statistics in government debt are mostly limited in figures such as government debt statistical data and the balance and financial deficit data, while this paper cites the figures of the budget and final accounts of government debt and financial deficit, the budget and final accounts of fiscal revenue and payout. Using these data, thisdissertation pushes forward the government debt study from the economic field into political field to a certain extent.Fourthly, the research mode is innovative. The dissertation sets up a possibility boundary of macroscopic readjustment policies in the shock of positive and negative prices, gropes for the optimal policy choice under different circumstances. And for the first time it advances the specific operation route for the application of the concepts of "price shocking factor" and "policy responding factor" in analyzing government debt policy. Besides, it deduces the multiplicator model of government debt policy that government debt financing, currency financing and tax-increasing financing could work together to offset fiscal deficit in an open environment. This multiplicator model includes not only the impact that market factor has on the economic effectiveness, but the impact from the system. In the round it reflects the essence of government debt policy, which is also the first try in relevant literature.Finally, this research is done from a different perspective. It discusses the economic performance of government debt policy from the angle of its economic frontier management. Moreover, it makes an attempt to integrate its economic property with its political property from the avail of achievement, and demonstrates the study of the choice of government debt policy. From all over, it concludes that the aggressive policy has an evident achievement, while the steady policy is propitious to the increase of fiscal revenue and the repayment of capital and payment of interest; and that the two kinds of policies should be harmonized and cooperated in our national economic management. This is an innovation as well.