问题描述：
英语翻译
The first case goes back to Ricardo and has been revived recently by Barro
(1988).According to this viewpoint,the changes in budget deficits cause offsetting
the changes in private saving through anticipations of changes in future taxation.
Therefore,they have no effect on national savings and,consequently,on the current
external account.The second “extreme” view is the one related to the New
Cambridge Group (Fetherston and Godley,1978) and is derived from the UK
empirical evidence.According to it,the private sector’s (household and corporate
sector) net acquisition of financial assets is zero.That is,the private disposable
income is equal to the private consumption and investment expenditure.Therefore,
the national income identity implies that a government budget deficit must be
matched by an equal current account deficit (and a change in the government budget
deficit by an equal change in the current account deficit).This view is also consistent
with the Mundell-Fleming model under perfect capital mobility and a floating
exchange rate.
We present in Appendix 4 the relevant evidence for Romania regarding the
evolution of the general government financial balance,the current account balance,
private savings,investment,etc.,all relative to GDP and on a national accounts basis.
Dividing the whole period 1990-1998 in three equal periods,that can be
characterised as being relatively homogeneously,and taking the average ratios for
the three periods,we obtained the tables 4a and 4b,which are different versions of
the same identity.
Table 4a is based on a version of the national income identity,expressed by
equation (12),which presents separately the general government financial surplus
separately from the private savings (PS) and private investment (PI).GGFS includes
the current and investment expenditures in the expenditure side.Such a presentation
is helpful if the objective is to separate the budget deficit from the private sector’s
saving-investment gap:
GGFS + PS – PI = CAS,(12)
where CAS is the current account surplus on a national accounts basis (“net
lending”).On the other hand,Table 4b is based on another version of the same
identity:
NS – NI = CAS (13)
which presents the CAS as the difference between the national gross savings (NS)
and investment (NI).
The first case goes back to Ricardo and has been revived recently by Barro
(1988).According to this viewpoint,the changes in budget deficits cause offsetting
the changes in private saving through anticipations of changes in future taxation.
Therefore,they have no effect on national savings and,consequently,on the current
external account.The second “extreme” view is the one related to the New
Cambridge Group (Fetherston and Godley,1978) and is derived from the UK
empirical evidence.According to it,the private sector’s (household and corporate
sector) net acquisition of financial assets is zero.That is,the private disposable
income is equal to the private consumption and investment expenditure.Therefore,
the national income identity implies that a government budget deficit must be
matched by an equal current account deficit (and a change in the government budget
deficit by an equal change in the current account deficit).This view is also consistent
with the Mundell-Fleming model under perfect capital mobility and a floating
exchange rate.
We present in Appendix 4 the relevant evidence for Romania regarding the
evolution of the general government financial balance,the current account balance,
private savings,investment,etc.,all relative to GDP and on a national accounts basis.
Dividing the whole period 1990-1998 in three equal periods,that can be
characterised as being relatively homogeneously,and taking the average ratios for
the three periods,we obtained the tables 4a and 4b,which are different versions of
the same identity.
Table 4a is based on a version of the national income identity,expressed by
equation (12),which presents separately the general government financial surplus
separately from the private savings (PS) and private investment (PI).GGFS includes
the current and investment expenditures in the expenditure side.Such a presentation
is helpful if the objective is to separate the budget deficit from the private sector’s
saving-investment gap:
GGFS + PS – PI = CAS,(12)
where CAS is the current account surplus on a national accounts basis (“net
lending”).On the other hand,Table 4b is based on another version of the same
identity:
NS – NI = CAS (13)
which presents the CAS as the difference between the national gross savings (NS)
and investment (NI).
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