Study On The Non-Keynesian Effects Of Fiscal Policy

Process of economic growth emerging lack of effective demand, and presenting the cyclical boom and bust has made "market fundamentalism" lost its appeal in the economic practice, the government actively involved in the regulation of market behavior has been recognized by States. As a financial foundation and an important pillar of the state of governance, weak economic growth, insufficient effective demand, through the expansion of the fiscal deficit to expand fiscal expenditure increased, thereby increasing investment and consumption to promote economic growth; while in an overheated economy, investment, consumption and savings appear disorders when reducing the deficit by tightening expenditure increased financial surpluses to adjust the moderate growth in the economy has become a priority selection governments macro-control practices. However, the premise of strict theoretical discourse required the assumption there is a certain gap between the reality of economic life, the theoretical effective fiscal policy can be achieved in reality if its original purpose and is required at different stages of economic performance according to national economies in which specific contradiction may be. After the financial crisis in 2008, China has adopted a "four trillion" massive stimulus plan and 09--15 years introduced a series of "micro-stimulus" expansionary fiscal policy, but now, China’s economy is still in a difficult explore transition among economic growth, enormous pressure, which you can see, the role of fiscal policy to stimulate the economy there is a clear weakening trend. Therefore, based on 2009--2015 years of relevant data as the study object, using the appropriate econometric model to estimate the output gap and the structural budget surplus in order to verify the actual orientation of fiscal policy and fiscal spending based on VAR model and the period within relationship between taxation and economic growth were detected by the associated pulse response. By calculation, the basic conclusions of this article is that, after 2008, of expansionary fiscal policy has a non-Keynesian effects of tax increases on economic growth have a negative effect, while expanding fiscal spending and failed to bring the corresponding economic growth. To explain the huge gap in 2008 after China’s fiscal policy and the effect of previous policy exists, the paper changes in China’s economic environment of view, the difference between 08 and 97 stages of the financial crisis, China’s domestic economic development and external markets were faced comparison, use this as a preliminary exploration of the reasons for the 08 years after the non-Keynesian effects of fiscal policy produced.