國貿(mào)外文翻譯--不同資本主義體制下的反周期性預算政策比較（節(jié)選）

1、<p>　　700單詞，4000英文字符,1400漢字</p><p>　　出處：Amable B, Azizi K. Counter-cyclical budget policy across varieties of capitalism ☆[J]. Structural Change & Economic Dynamics, 2014, 30:1-9.</p><p&g

2、t;　　Counter-cyclical budget policy across varieties of capitalism</p><p>　　Bruno Amable, Karim Azizi</p><p><b>　　Abstract</b></p><p>　　The role of macroeconomic policy i

3、n the different varieties of capitalism has been largely ignored. Recent contributions to the literature have argued that nonliberal economies, i.e. coordinated market economies, should be expected to have less accommoda

4、ting (i.e. less counter-cyclical) macroeconomic policies than liberal varieties. Using time-series cross-section data on 18 OECD countries between 1980 and 2009, this paper tests that hypothesis and, more particularly, w

5、hether the reaction of dis</p><p>　　Keywords: Varieties of capitalism ;Macroeconomic policy ;Fiscal policy</p><p>　　Macroeconomic policy and varieties of capitalism</p><p>　　Assessi

6、ng the counter-cyclicality of macroeconomic policy</p><p>　　In order to assess whether ?scal policies are pro- or counter-cyclical, one usually relates some indicator of ?scal policy, e.g. the budget balance

7、, to a measure of economic shock. A positive association means that a recession, for instance, leads to a decrease in the budget surplus or an increase in the budget de?cit. In this case, ?scal policy is said to be count

8、er-cyclical since the evolution of the bud- get balance will act in an expansionary way. By contrast, if the correlation between the </p><p>　　acts in a pro-cyclical way. A recession will then lead to a tigh

9、ter budget balance, which will reinforce the initial effect of the negative shock. To sum up, a counter-cyclical policy is expansionary in bad times and contractionary in good times. A pro-cyclical policy is exactly the

10、opposite.</p><p>　　Varieties of macroeconomic policy</p><p>　　The varieties of capitalism (VoC) literature (Hall and Soskice, 2001) differentiates developed economies according to a certain numb

11、er of institutional characteristics: industrial relations, education and vocational training, corporate governance, inter-?rm relations and intra-?rm coordination. It distinguishes mostly two types of capitalism, liberal

12、 market economies (LMEs) and coordinated market economies (CMEs), which differ not only in their institutional features but also in certain macroeco</p><p>　　This literature has mainly focused on long-term,

13、slowly-changing institutional differences between the two archetypal varieties and has paid relatively little attention to short-term policies (Amable, 2009). Would LMEs and CMEs be clearly distinguishable in terms of ma

14、croeconomic policy, either budgetary or monetary? In recent contributions, Soskice (2007), Carlin and Soskice (2009) and Iversen and Soskice (2010) have presented some theoretical and empirical elements in favour of a cl

15、ear differe</p><p>　　Conclusion</p><p>　　This paper has investigated the relationship between macroeconomic shocks and discretionary ?scal policies by distinguishing the type of capitalism which

16、 characterises countries. Indeed, it has recently been proposed in the VoC literature that liberal market economies would be expected to follow accommodating macroeco- nomic policies, whereas nonliberal varieties would a

17、dopt a more conservative stance. Using the standard distinction between LMES and CMEs, as well as taking account of the existen</p><p>　　Our results show that liberal market economies’ ?scal policies are far

18、 less counter-cyclical than coordinated market economies’ and that mixed market economies are a-cyclical. Those results stand in sharp contrast with Soskice (2007)’s prediction according to which LMEs’ ?scal policy shou

19、ld be accommodating and that of CMEs should be conservative. </p><p>　　不同資本主義體制下的反周期性預算政策比較</p><p>　?。˙runo Amable，Karim Azizi，結構變化和經(jīng)濟動態(tài)，第30卷，1-9頁）</p><p><b>　　摘要</b>&

20、lt;/p><p>　　宏觀經(jīng)濟政策在不同資本主義體制下發(fā)揮的作用在很大程度上被忽視了。最近學界有研究報告稱非自由主義經(jīng)濟體（即統(tǒng)籌市場經(jīng)濟）相對于自由主義經(jīng)濟應該有更少的調(diào)節(jié)性宏觀經(jīng)濟政策（即反周期性政策）。本文利用18個經(jīng)合組織國家在1980到2009年之間的時間序列橫截面數(shù)據(jù)，檢驗了這一假設，更為重要的是檢驗了在自由主義和非自由主義的資本主義制度下，斟酌使用的財政政策對宏觀經(jīng)濟的影響是否有所不同。檢驗的結果并沒

21、有支持非自由主義經(jīng)濟體相對于自由主義經(jīng)濟應有更少的反周期性政策的結論。恰恰相反，結果表明，在前一經(jīng)濟體中會有更多的反周期性政策。</p><p>　　關鍵詞:資本主義類型,宏觀經(jīng)濟政策;財政政策</p><p>　　宏觀經(jīng)濟政策與不同的資本主義體制</p><p>　　宏觀經(jīng)濟政策的反周期性的評估</p><p>　　為了評估一項財政政策是有

22、助于經(jīng)濟的周期性波動還是反周期性的，通常需要利用一些財政政策指標（例如預算平衡等），來衡量其對經(jīng)濟的影響。有助于經(jīng)濟的周期性波動的政策（正相關政策）意味著在經(jīng)濟衰退時預算盈余的減少或預算赤字的增加。在這種情況下，因為預算平衡將會向擴張性發(fā)展。與此相反，如果震蕩指標和代表財政政策變量之間是負相關的，財政政策被認為是有助于周期性波動的（負相關政策）。經(jīng)濟衰退將導致一個更緊的預算平衡，并將加強政策初期的對周期性的影響。綜上所述，在經(jīng)濟衰退時反

23、周期性政策是擴張性的，在經(jīng)濟繁榮時反周期性政策是緊縮性的。有助于周期性波動的政策的效果與之正好相反。</p><p><b>　　不同的宏觀經(jīng)濟政策</b></p><p>　　當前的有關資本主義制度的文獻(Hall and Soskice, 2001)大都將不同的發(fā)達經(jīng)濟體按一定的制度特征區(qū)分：勞資關系，教育和職業(yè)培訓，公司治理，企業(yè)間關系和公司內(nèi)部的協(xié)調(diào)。主要將資

24、本主義制度分為兩種類型：自由市場經(jīng)濟（LME）和協(xié)調(diào)的市場經(jīng)濟（CME），這二者不僅有著不同的制度特征，而且在一定的宏觀經(jīng)濟特征，尤其是比較優(yōu)勢和產(chǎn)業(yè)專業(yè)化方面，都有顯著的不同。</p><p>　　這些文獻主要著重于長期的、緩慢演變的兩個經(jīng)濟體模型的差異，相對而言很少注意短期的政策（Amable，2009）。自由市場經(jīng)濟（LME）和協(xié)調(diào)的市場經(jīng)濟（CME）在宏觀經(jīng)濟政策（包括財政政策和貨幣政策）方面是否有顯著的

25、區(qū)別呢？在最近的論文中，索斯凱斯（2007），卡林和索斯凱斯（2009）和艾弗森和索斯凱斯（2010）提出了一些理論和實證研究，針對總需求管理制度（ADMRS）清晰地對比了兩種資本主義經(jīng)濟體制。更具體地說，它認為，如美國這樣的自由的經(jīng)濟體相比德國這樣的非自由經(jīng)濟體，將施行更多的協(xié)調(diào)市場政策和反周期性宏觀經(jīng)濟政策。面臨著同樣的不利的宏觀經(jīng)濟沖擊，一個協(xié)調(diào)的市場經(jīng)濟會實施緊縮的預算政策，以限制赤字，而自由市場經(jīng)濟會選擇擴大預算赤字，以抵消不

26、利的經(jīng)濟形勢對消費活動或失業(yè)水平的影響。不同的總需求管理制度反映各類型的資本主義將面臨不同的約束和機會。</p><p><b>　　結論</b></p><p>　　本文通過對不同類型的資本主義國家作區(qū)分，研究了宏觀經(jīng)濟影響與斟酌使用的財政政策之間的聯(lián)系。事實上，最近在VoC的文獻中提出，自由市場經(jīng)濟預計將采取協(xié)調(diào)性的宏觀經(jīng)濟政策，而非自由市場經(jīng)濟將采取更為保守的立

27、場。本文利用自由市場經(jīng)濟和協(xié)調(diào)的市場經(jīng)濟的標準區(qū)分，并考慮到現(xiàn)有的適中型市場經(jīng)濟，設立模型，檢驗了在過去30年內(nèi)18個經(jīng)合組織國家的財政政策的利周期性與反周期性性質(zhì)。</p><p>　　本檢驗結果表示，自由主義市場經(jīng)濟的財政政策的反周期性要遠遠弱于統(tǒng)籌市場經(jīng)濟，而混合型經(jīng)濟體呈現(xiàn)非周期性。這些結果與索斯凱斯（2007）的預測，即自由主義市場經(jīng)濟的財政政策應該是擴張的而非自由市場經(jīng)濟將采取更為保守的政策，形成了鮮