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Proactive Fiscal Policy: Theory, Practice and Lessons

【Authors】
XUE Jianpo & ZHANG Wang
【WorkUnit】
School of Finance, Renmin University of China, 100872.
【Abstract】

Proactive or expansionary fiscal policy has taken the center stage of debate among the financial circle ever since it was proposed in the 1990s. This paper reviews the attempts of implementing proactive fiscal policy in China from both theoretical and empirical points of view. By evaluating the policy impacts from different aspects such as the option and aims of policy instruments, combination of fiscal and monetary policy regimes, expectation management, as well as government and market relations, we summarize six lessons from the implementation of proactive fiscal policy, which would contribute to better design and operation of such policy in the future.

JEL:E62, E63, N15

【KeyWords】
Fiscal Policy, Government Expenditure, Taxation Structure, National Debt, Deficit, Monetary Policy, Expectation Management