货币与财政政策之间的差异.ppt

TheDifferencesBetweenFiscalPolicy&MonetaryPolicy,财政政策与货币政策之间的差异,Governmentstrytomanagetheirnationseconomiesthroughtheircontroloffiscalandmonetarypolicy.Fiscalpolicyrelatestogovernmenttaxationandspending,whilemonetarypolicyaffectsanationsmoneysupplyandinterestrates.Fiscalandmonetarypoliciesbothhaveshort-andlong-termeffects.,政府通过其控制的财政和货币政策来管理自己国家的经济。财政政策主要指政府税收和支出，而货币政策则影响一个国家的货币供应量和利率。财政政策和货币政策都有短期和长期影响。,Question1:Whatisthemainimplementationofthefiscalpolicyandmonetarypolicy?财政政策与货币政策的执行主体是什么？,Question2:Whatistheprimarymeansoffiscalpolicyandmonetarypolicyimplementation?财政政策与货币政策的执行的主要手段有哪些？,Question3:Whatisthebiggestdifferenceoffiscalpolicyandmonetarypolicyimpactontheeconomy?财政政策与货币政策对经济的影响最大的不同在哪？,一、财政政策与货币政策的执行主体不同,Ingeneral,thelegislativeandexecutivebranchesofgovernmentcontrolfiscalpolicy,whilecentralbanks(suchasPeoplesBankofChina）areinchargeofmonetarypolicy.,一般来说，由政府的立法和行政部门来控制财政政策，而中央银行（如中国人民银行等）负责货币政策。,二、财政政策与货币政策的功能和执行手段不同,Fiscalpolicyincludesthegovernmentsrangeoftaxationandexpenditureoptionsbywhichitcanaffectthecourseofanationseconomy.Governmentsmay,forexample,attempttostimulateasluggisheconomythroughacombinationoffiscalpolicytoolssuchastaxcutsandspendingincreases.,财政政策包括政府的征税范围和能够影响到国家经济的财政支出方案。政府可能通过结合财政政策工具来刺激增长缓慢的经济，比如减税和增加政府支出。,Monetarypolicyreferstotherangeofpolicyinstrumentsbywhichagovernmenttriestomanagethenationsmoneysupply.Monetarypolicyinstrumentsincludethebuyingandsellingofgovernmentbonds(knownasopenmarketoperations),changingtheproportionofreservesthatbanksarerequiredtoholdagainstdepositsandchangingtheinterestratesthatcentralbankschargememberbanksforloans.Allmonetarypolicyinstrumentscanexpandorcontractthemoneysupply.Allmonetarypolicytoolsstrivetoprotectthevalueofmoneyandpreventinflation.,货币政策是指政府管理全国的货币供应的一系列政策工具。货币政策工具包括购买和出售政府债券（称为公开市场业务），改变存款准备金比例及贷款利率以收紧银根。所有的货币政策工具都可以扩大或收缩货币供应。所有的货币政策工具，目标都是努力防止通货膨胀并保护货币价值。,back,三、财政政策与货币政策对经济的影响效果不同,Governmentsoftenusefiscalpolicytoolsintimesofaweakeconomy.Intimesofaneconomicrecessionordepression,governmentpolicymakershopethatfiscalpolicywillprovideashort-termeconomicstimulusthatleadstolong-termgrowth.Governmentspending,alongwithconsumerspendingandinvestmentbyfirms,isanelementindetermininganationsgrossdomesticproduct,orGDP.TheGDPisakeymeasureofoveralleconomicactivity.Manyeconomistscontendthatgovernmentfiscalpolicyhasamultipliereffect.Asgovernmentincreasesspendingorreducestheamountoftaxespeoplepay,itincreasestheoveralldemandforgoodsandservicesintheeconomy.,在时代经济疲软时，政府经常利用财政政策工具。政府决策者希望，财政政策将提供一个直接的短期经济刺激来引导一个长期的经济增长。与消费者消费和企业投资紧密相关的政府支出，是一个决定国家国内生产总值的重要因素。国内生产总值是衡量整体经济活动的一个关键。许多经济学家认为，政府的财政政策具有乘数效应。政府增加支出或降低税额支付，将乘数增加总需求的商品和服务的经济。,back,三、财政政策与货币政策对经济的影响效果不同,Expansionarymonetarypolicy,suchasbuyinggovernmentbondsfromthepublic,reducingbanksreserverequirementsorcuttingkeyinterestratesexpandthemoneysupplybyputtingmoremoneyintocirculationorincreasingthepercentageofdepositsthatbanksareabletolend.Contractionarymonetarypolicy,suchassellinggovernmentbondstothepublic,raisingreserverequirementsorboostinginterestrates,reducesthemoneysupplybytakingmoneyoutofcirculationandreducinglendingbybanks.Butwhetheritbeanexpansionarymonetarypolicyorancontractionarymonetarypolicymaytakeseveralmonthstoshoweffectsonthewholeeconomy.,扩张性货币政策，如赎回政府债券，降低银行存款准备金率或削减利率，增加货币供应使更多资金进入流通或增加银行存贷百分比。紧缩的货币政策，比如出售政府债券，提高存款准备金率或提高利率，减少货币供应减少货币的流通和减少银行贷款。但是无论是扩张性货币政策还是紧缩的货币政策可能都需要几个月的时间来显现对整个经济的影响。,四、财政政策与货币政策互相影响,Throughfiscalpolicy,suchasspendingoninfrastructureprojects,governmenttriestopumpmoremoneyintotheeconomy.Monetarypolicy,incontrast,canexpandthemoneysupplyorcontractit.Centralbanksusuallyaccomplishthisthroughbuyingandsellinggovernmentbondsandsettingkeyinterestrates.Fiscalandmonetarypolicycanbeatodds.Highergovernmentspendingcanboostinflation,leadingtocontractionarymonetarypolicymeasuresintheformofhigherinterestrates.Economistswarn,however,thatfiscalpolicyhasadownside.Highergovernmentspendingoftenleadstohigherinterestrates,whichreducesinvestmentandoveralldemandforgoodsandservicesbymakingitmoreexpensivetoborrowmoney.Economistscallthisphenomenonthecrowdingouteffect.通过财政政策，