Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure
- https://doi.org/10.2991/aebmr.k.201128.005How to use a DOI?
- financial revenue and expenditure, empirical analysis, COVID-19, fiscal policy, Error Correction Model (ECM), Granger Test, Augmented Dicky-Fuller (ADF) Test
The monthly data of China’s national financial revenue and expenditure from January, 2012 to December, 2019 have been collected in this thesis. ADF Test, Johansen Test and Granger Test based on the monthly data have been investigated and the Error Correction Model have been set up. Results show that a long-term equilibrium exists in the national financial revenue and expenditure in the corresponding period from January 2012 to December 2019. When short-term fluctuations of fiscal revenue and expenditure deviating from the long-term equilibrium, the ECM Model could provide an adjustment at the rate of -0.3359. The existence of the two-way causality between national financial expenditure and revenue implies that the series of fiscal policies focusing on tax-break and lowering cost issued since the Eighteenth National Congress of the CPC have provided an inner initiative in the growth of economic growth, resulting in positive effects on stimulating the growth of national economy and increasing the national financial revenue to certain extent. To restart the economy restrained by the COVID-19, it would be effective to issue the fiscal policy concerning an increase in financial expenditure.
- © 2020, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Zhenlan Yao PY - 2020 DA - 2020/11/30 TI - Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure BT - Proceedings of the 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI 2020) PB - Atlantis Press SP - 24 EP - 28 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.201128.005 DO - https://doi.org/10.2991/aebmr.k.201128.005 ID - Yao2020 ER -