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Using the amended IS LM model, this paper analyses the fiscal impact of national bond issues and the crowding out effect which is caused by interest rate raising with the issues. The crowding out effect makes the private investment drop and the GNP level lower. The central bank may eliminate the crowding out effect through issuance of paper money and simultaneous control of inflation under a close economic condition. And under the open economic condition, foreign capital may flow into the country to eliminate... Using the amended IS LM model, this paper analyses the fiscal impact of national bond issues and the crowding out effect which is caused by interest rate raising with the issues. The crowding out effect makes the private investment drop and the GNP level lower. The central bank may eliminate the crowding out effect through issuance of paper money and simultaneous control of inflation under a close economic condition. And under the open economic condition, foreign capital may flow into the country to eliminate the crowding out effect, and in this way, we should pay attention not only to the effect of replacing domestic investment with oversea capital but also to our international debt paying ability and the unstability of finance economy. 利用产品市场与货币市场均衡的IS-LM模型,分析了国债发行的财政效果以及由此带来的利率提高所产生的挤出效应.挤出效应使民间部门投资减少,国民收入水平降低.在封闭经济的条件下,可通过中央银行增发货币来解消挤出效应,但要注意防止通货膨胀的发生.在开放经济的条件下,高利率使得国际资本流入,会抵消挤出效应,但要注意海外资本对国内投资的替代作用以及国际债务的负担和金融经济的不稳定性 There are many pionts of view on what kinds of financial policies and monetary policies should our country carry out.This article analysises it from closed economies and open economies aspect.Then it analysises the situations of Chinese economy and raise the suggestion that we should carry out the positive financial policies and appropriate monetary policies. 关于我国应实行什么样的货币和财政政策 ,社会上观点很多。本文从封闭经济和开放经济两个角度对此进行了分析 ,并结合我国经济的实际情况提出了实施积极的财政和适当放松的货币政策的建议。
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