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An Empirical Analysis on the Fiscal Risk from the Use of Fiscal Policy and Monetary Policy

Zhang Bi

Abstract

This paper identifies fiscal policy and monetary policy fiscal risks through the theoretical analysis,and test the dynamic effects of fiscal policy and monetary policy to fiscal risks by using dynamic econometric model.The result shows that: in the short term,fiscal policy would lead to increased fiscal risks,and monetary policy would partly lessen fiscal risks;in terms of the strength of the influence,fiscal policy can more cause fiscal risks than monetary policy,however they are not the main reason of fiscal risks.

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Key concepts: Fiscal policy, Economics, Fiscal union, Monetary policy, Monetary economics, Macroeconomics, Fiscal imbalance