本文以長期經濟成長率及社會福利的觀點，比較所得稅融通與公債融通的優劣。本模型為一個生產具有外部性的兩部門內生成長模型。經濟體系由廠商、家計單位及政府三個不同的個體所組成，並假設經濟體系沒有貨幣，是一個以物易物的社會，且所有市場均符合完全競爭的特性。 This study develops a two-sector endogenous growth model to discusses the relative merits of income tax financing and bond financing from the point of view of long-term economic growth and social welfare. We find that which financings get a higher economic growth rate depends on the interest rate and bond growth rate. Moreover, income tax financing is superior to bond financing from the perspective of welfare.
(1)From the point of view of long-term economic growth,the best financing policy is decided on the weights of bond interest and growth rate of bond issue. (2)We also find that income tax financing that maximizes welfare is better than bond financing, no matter whether the productivity have Externalities or not.