Taking the prevalence of the global green development concept and China's green credit development practice as the background, this paper constructs a theoretical model analysis framework with the incentive policy of green credit as the entry point. First, the impact effect of green credit incentive policy is examined using the BVAR model. The results show that the green credit incentive policy suppresses the output level in the short run through the financing constraint channel, but has a positive contribution to output in the long run due to the adjustment of the production structure and the dynamic adjustment of green investment and R&D. Next, the paper constructs a DSGE model embedded with green credit fiscal and tax incentive policies, which explains the impact mechanisms and comparative effects of fiscal and financial policies driving green credit. The model shows that the re-guarantee policy is the most effective and consensual green credit incentive policy. In terms of the policy combination, the combination of the re-guarantee policy and the income tax policy is the current optimal policy pairing, and its policy is able to produce an amplification effect through the balance sheet channels of commercial banks and enterprises at the same time. In addition, a certain intensity of the above policy combination not only can effectively increase the scale of green credit, but also does not produce significant negative shocks to output and inflation. In summary, the findings of this paper provide a useful reference for the formulation and implementation of green credit incentive policies.

This paper investigates how domestic policy uncertainty stemming from discretionary fiscal policy disrupts the efficient capital allocation across firms. While fiscal policy represents the government’s reaction to economic conditions, its volatility presents firms with considerable uncertainty about conditions affecting their future profitability and consequently disrupts firms’ decisions on investment in the presence of capital adjustment costs. Using firm-level data from Chinese manufacturing industries spanning from 1998 to 2007, we find that reducing fiscal policy volatility leads to a decrease in the dispersion of marginal revenue product of capital, accounting for 8.9 percent of the observed improvement in capital allocation during the sample period. In addition to various fiscal reforms to curb fiscal policy volatility directly, policies contributing to lower capital adjustment costs and lower reliance of firms on government expenditure can alleviate the adverse effects caused by fiscal policy volatility.

This paper firstly discusses alignment of SWFs with macroeconomic policy. We believe that SWFs can become an effective tool for fiscal policy; SWF investments should be made in alignment with the monetary authority, and help stabilize the exchange rate. SWFs also contribute to stability of the national balance sheet. Asset allocation of SWFs has significant impacts on the current and capital accounts of both domestic and international balance sheets. Secondly, this paper explores the impacts of SWFs on the global financial market and its stability, including those on asset bubbles, equity risk premium and financial market stability. We argue that the potential negative impact of SWFs on the global financial market is very limited, and that they are important stabilizing forces in the global financial market. We believe that SWFs contribute to the coordination of macroeconomic policy from a domestic point of view and to the stability of global financial market from an international point of view.

随着我国经济开放度的提高，内部均衡和外部均衡目标相互冲突的情况越来越多。本文以西方20世纪50年代开始发展起来的政策配合理论为工具，分析了亚洲金融危机后我国政策配合的实际情况与效果，得出：在我国汇率事实上是固定汇率的情况下，稳健的货币政策配合积极的财政政策基本实现了调节内外部失衡的目标。最后，针对政策配合中存在的问题，提出应让汇率杠杆发挥更大作用，以增强货币政策自主性，减少对财政政策依赖。 Abstract: Following the increase of openness in China, the conflicts between the targets of interior equilibrium and exterior equilibrium are more and more frequent. With the instrument of the theory of policy mix which developed since 1950s’ in the Occident, we analyze the practice and effect of policy mix in China after the Asian financial crisis. Under the condition of virtual fixed foreign exchange regime, we conclude that the China’s policy mix between the prudent monetary policy and the proactive fiscal policy realize the most task of regulation of interior-exterior disequilibrium. In the end, according to the problem during the policy mix, we suggest that we should let foreign exchange lever play more role to increase the independence of monetary policy, decrease the dependence on fiscal policy.