本文利用內生成長模型來探討租稅融通政策、貨幣融通政策與赤字融通政策對經濟成長與社會福利可能產生的影響。我們發現，倘若如Barro(1990)所假設的，政府是利用所得稅來融通它的支出時，政府支出對於經濟成長與社會福利的影響並不確定，必須看生產性政府支出的外部性大小以及所得稅率兩種力量的相對大小。本文即是以Barro(1990)為架構出發，分別設定模型，將具有生產性功能的政府支出納入生產函數，討論貨幣融通與赤字融通的經濟成長與福利效果。我們發現，當政府支出具有生產性的功能時，租稅融通與貨幣融通對經濟成長的影響均不確定；赤字融通的措施則有利於經濟成長。但是當政府支出不具生產性的功能時，租稅融通與貨幣融通對經濟體系呈現負面的效果；而赤字融通對經濟體系則沒有影響。另外，貨幣融通與赤字融通對於社會福利的影響迥然不同於租稅融通，扭轉了Barro(1990)關於經濟成長極大目標與社會福利極大目標一致的結論。

In this thesis, we try to examine the effects of tax finance, money finance and debt finance polices. We find that, infrastructure spending has an ambiguous impacts on the growth rate and the social welfare if government runs a balanced budget financed by income tax or inflation tax. However, an increase in infrastructure spending will stimulate the rate of economic growth if government finances its expenditure by issuing new bond. In addition, we also show that the welfare effect of government spending is ambiguous.

第一章 緒論1
第一節 研究動機與研究背景1
第二節 文獻回顧 6
壹、經濟成長6
貳、貨幣融通7
參、債券融通8
第三節 本文架構8
第二章 租稅融通之總體經濟效果分析10
第一節 模型分析 10
第二節 福利效果 13
第三章 貨幣融通之總體經濟效果分析 16
第一節 代表性個人 17
第二節 政府行為 19
第三節 動態傳遞過程與靜止均衡分析 20
第四節 福利效果 24
第四章 債券融通之總體經濟效果分析 28
第一節 代表性個人 29
第二節 政府行為 30
第三節 動態傳遞過程與靜止均衡分析 31
第四節 福利效果 35
第五章 結論與建議 38
參考文獻 39
附錄 42

表目錄
表一 各國振興經濟財政預算 2
表二 中央政府財政赤字佔GDP比重 (單位：%) 4
表三 歐盟財政統計摘要，2006 - 2009年 4
表四 三種融通方式之效果 42

圖目錄
圖一 OECD國家政府支出佔GDP的比重 1
圖 二 稅率、經濟成長率與福利的關係 15
圖 三 貨幣成長率、經濟成長率與福利的關係 27
圖 四OECD國家政府赤字佔GDP的比重 28
圖 五 OECD國家政府公債佔GDP的比重 29
圖 六 赤字比例、經濟成長率與福利的關係 37
圖 七 產出成長率 與名目貨幣供給成長率 之間的變動關係 43
圖 八 當政府支出不具外部性時：貨幣供給成長率與經濟成長率的關係 43
圖 九 當政府支出不具外部性時：貨幣供給成長率與通貨膨脹率的關係 44

壹、中文
賴景昌，2004， 『總體經濟學』，第十四章，台北市：雙葉書廊
賴景昌，2003， 「貨幣與內生成長」，行政院國家科學委員會經濟學術研習營講稿。
貳、英文
Barro, R. J. (1990), “Government Spending in a Simple Model of Endogeneous Growth, ” Journal of Political Economy 98:103-125.
Barro, R. J. and X. Sala-i-Martin (1995), Economic Growth. New York:McGraw-Hill.
Cass, G. A. (1978), “On Indeterminacy of Interest Rates and Wages with Perfect Foresight, ” Journal of Economic Theory 19: 321-337.
Chang, W. Y. and Lai, C. C. (2000), “Anticipated Inflation in a Monetary Economy with Endogenous Growth, ” Economica 67: 399-417.
Chen, S. H. and Gou, J. T. (2008), “Velocity of Money, Equilibrium (in)determinacy and Endogenous Growth, ” Journal of Macroeconomics, forthcoming.
Futagami, K., Iwaisako, T. and Ohdoi, R. (2008), “Debt Policy Rule, Productive Government Spending, and multiple Growth Paths,” Macroeconomic Dynamics 12:445–462.
Futagami, K., Morita, Y. and Shibata, A. (1993), “Dynamic Analysis of an Endogenous Growth Model with Public Capital,” The Scandinavian Journal of Economics 95:607-625.
Greiner, A. (2006), “Progressive Taxation, Public Capital, and Endogenous Growth,”Public Finance Analysis 62:353-366.
Groneck, M. (2010), “A Golden Rule of Public Finance or a Fixed Deficit Regime? Growth and Welfare Effects of Budget Rules,” Economic Modelling 27:523-534.
Haliassos, M. and J. Tobin(1990), “The Macroeconomics of Government Finance,” Handbook of Monetary Economics, Amsterdam: North Holland.
Kehoe,T.J. and Levine, D. K. (1985), “Comparative Statics and Perfect Foresight in Infinite Horizon Economies, ” Econometrica 53:433-453.
Levhari, D. and D. Patinkin (1968), “The Role of Money in a Simple Growth Model, ” American Economic Review 58:713-753.
Lucas, R. E. (1980), “Equilibrium in a Pure Currency Economy,” Economic Inquiry 18:203-220.
Lucas, R. E. (1988), “On the Mechanics of Development,” Journal of Monetary Economics 22: 3-42.
Minea, A. and P. Villieu, (2005), “Persistent Deficit, Growth and Indeterminacy： the “Golden Rule”of Public Finance Revisited, ” University of Orleans (LEO).
Minea, A. (2008), “ The Role of Public Spending in the Growth Theory Evolution, ”
Romanian Journal of Economic Forecasting.
Palivos, T., Yip, C. K. (1995), “Government Expenditure Financing in an Endogenous Growth Model: A Comparison, ” Journal of Money, Credit and Banking 27: 1159- 1178.
Romer, P. M. (1986), “Increasing Returns and Long Run Growth,”Journal of Political Economy 94:1002-1037.
Ramsey, F. P. (1928), “A Mathematical Theory of Saving,” The Economic Journal 38:543-559.
Stockman, A. C. (1981), “Anticipated Inflation and the Capital Stock in a Cash-in-Advance Economy. ” Journal of Monetary Economics 8:387-393.
Sidrauski, M. (1967), “Rational Choice and Patterns of Growth in a Monetary Economy, ” American Economic Review 57:449-462.
Suen, M. H. and Yip C. K. (2005), “Superneutrality, Indeterminacy and Endogenous Growth,” Journal of Macroeconomics 27: 579-595.
Solow, R. (1956), “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics 70: 65-94.
Turnovsky (1992), “Alternative Forms of Government Expenditure Financing： A Comparative Welfare Analysis,” Economica 59:235-252.
Van der Ploeg, F. and Alogoskoufis G. S. (1994), “Money and Endogenous Growth, ” Journal of Money, Credit, and Banking 26:771-791.
Wang, P. , and Yip, C. K. (1992), “Examining the Long-Run Effect of Money on Economic Growth. ” Journal of Macroeconomics14:359-369.
Zhang, J. (2000), “Inflation and Growth: Pecuniary Transactions Costs and Qualitative Equialence,” Journal of Money, Credit, and Banking 32:1-12.