In recent years,due to the limitation of traditional monetary policy and other problems,countercyclical fiscal policies are receiving much more attention than ever before.The function of countercyclical fiscal policy is realized mainly through discretionary fiscal policy and automatic stabilizer.Most developed countries have relatively strong automatic stabilizers in general,also they recently combined some advantages of the two countercyclical fiscal policy to design and apply a new mechanism,i.e.,the second generation of automatic fiscal stabilizer in order to enhance their ability to combat deep economic recession.Confined by historical and realistic conditions,automatic stabilizers in China are underdeveloped so that discretionary fiscal policies are major tools being used to stabilize economic fluctuations.This has affected the efficiency of fiscal policy and caused economic and social problems such as policy dependence.With the advent of risk society,the excessive reliance on the traditional discretionary fiscal policy does not conform to the trend of countercyclical fiscal mechanisms in major economies,nor can it meet the requirement of resisting risks and constructing the certainty of economic and social development.This paper tries to summarize the system design and functional mechanisms of automatic fiscal stabilizer in major developed countries with a hope to provide some reference for China to enhance the function of automatic fiscal stabilizer in building a dual fiscal regulation system.
Key words
Countercyclical regulation /
Fiscal policy /
Discretionary Policy /
Automatic stabilizer
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