From the Asian financial crisis in 1998 to the global financial crisis in 2008,to the response to the impact of the COVID-19 and promoting economic recovery in 2020 and beyond,proactive fiscal policy has played a key role in stabilizing the economy,but it has also been widely debated for its sustainability and effectiveness,as well as the economic changes it may bring.Thus,a review of the entire historical context of proactive fiscal policy will help us understand the way in which proactive fiscal policy is currently carrying out on the basis of historical observation.From the perspectives of institutional environment,policy tools,and policy costs,it is not difficult to find that:First,the fiscal system is the key to adapting to and supporting the effective operation of the proactive fiscal policy.The fiscal affordability determines the confidence of the proactive fiscal policy,and the matching of institutions and policies is conducive to improving the efficiency of policy operation.Second,the adoption of different policy tools by the central government will prompt local governments to respond differently,and whether the proactive fiscal policy can be effective depends on the consistency of the goals and actions of the central and local governments.Third,the size of the fiscal policy space depends on the type of policy costs and the extent to which they can be absorbed.This requires that the ultimate purpose of the policy is not to blindly bail out,but to truly transform government finance action into the behavior of cooperating with social subjects to deal with the crisis,so as to develop vitality and absorb the cost of policy.By further integrating the improvement of the effectiveness of the proactive fiscal policy into the thinking of national macroeconomic governance and the response to the global economic crisis,it can be concluded that the future direction of the proactive fiscal policy lies in handling the relationship between institutional reform and policy choice,short-term adjustment and medium-and long-term efforts,and national capacity and social vitality,so as to implement the proactive fiscal policy more powerfully,effectively,orderly,and promisingly.
Proactive Fiscal PolicyPolicy CharacteristicsPolicy EffectsPolicy Space
万方数据
维普
