FISCAL-POLICY, THE TERMS OF TRADE, AND THE EXTERNAL BALANCE
成果类型：
Article
署名作者：
GHOSH, AR
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90052-L
发表日期：
1992
页码：
105-125
关键词：
摘要：
The effects of fiscal policies on the terms of trade and the external balance are analysed. The external balance is decomposed into changes in the ownership of world wealth across residents of each country, and changes in the distribution of world wealth represented by assets located in each country. It is shown that a rise of government expenditure on the foreign good deteriorates the home country's terms of trade but improves its net foreign asset position. Whether a reduction in equity taxes improves or deteriorates the external balance depends upon the magnitude of a fiscal transmission effect.