General Fund financing, Earmarking, Economic Stabilization and Welfare

淡江大學機構典藏 > 商管學院 > 產業經濟學系暨研究所 > 期刊論文 > Item 987654321/57611

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题名:	General Fund financing, Earmarking, Economic Stabilization and Welfare
作者:	Lee, Shun-fa;Chen, Been-lon
贡献者:	淡江大學產業經濟學系
关键词:	Earmarked tax;General fund finance;Indeterminacy;Welfare
日期:	2009-07-15
上传时间:	2011-09-22 09:06:02 (UTC+8)
出版者:	Sage Publications, Inc.
摘要:	Discussion has been made concerning the pros and cons of financing public projects via either earmarking or a general fund. The article studies the desirability of earmarked and general fund financing based on economic stabilization in a two-sector growth model. Regardless of the nature of public goods, earmarked taxes contribute to aggregate stabilization, while general fund financing may be destabilizing and cause fluctuations. The underlying mechanism in favor of earmarked taxes against general fund financing is that general fund financing creates intersectoral externalities and strategic complementarities that are sufficiently large to exert endogenously persistent and recurring fluctuations in aggregate activities in the absence of shocks to fundamentals. Earmarked taxing generates only sector-specific externalities that are too small to exert local indeterminacy. In a calibrated version, we compute the level of long-run welfare, and the results reflect favorably on the use of earmarked taxing.
關聯:	Public Finance Review 37(5), pp.507-538
DOI:	10.1177/1091142109331634
显示于类别:	[產業經濟學系暨研究所] 期刊論文

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