时间：2015年3月27日（周五）14:00

地点：邵逸夫科学馆513

主讲人：严成樑 中央财经大学

题目：Can Intergovernmental Transfer raise Household’s Consumption? Evidence from China

Abstract:The intergovernmental transfer is an important element of the tax-sharing reform in 1994. Intergovernmental transfer plays an important role in balancing the vertical and horizontal fiscal imbalance, and it has become the main income for the local government. The intergovernmental transfer can influence household’s consumption through various channels. This paper constructs an endogenous growth model with central government and local government, and we explore the influence of intergovernmental transfer on household’s consumption. It is found that, intergovernmental transfer can influence the productive expenditure distribution between central government and local government, and it can also influence the local government’s incentive of levying taxation, and the impact of intergovernmental transfers on household’s consumption is uncertain. Additionally, with the panel data of 31 provinces from 1997 to 2012, this paper investigates the impact of intergovernmental transfer on household’s consumption through empirical methods. We find that intergovernmental transfer has negative effect on household’s consumption, and it is due to that the structure of intergovernmental transfer is unreasonable and the using efficiency of intergovernmental transfer is quite low. We also find that the impact of intergovernmental transfer on household’s consumption is quite different among regions, it reduces household’s consumption in the eastern China, whereas it has no significant effect in the central and western China.

Keywords:Intergovernmental Transfer; Household’s Consumption; Economic Growth