【cfa考试一级】财政政策工具

        R110‐3 Fiscal Policy Tools: Spending Tools, Revenue Tools & Desirable attributes of tax policy

        R111‐3 Spending Tools:

        ◆Transfer payments: redistribute wealth, taxing some and making payments to others,

        transfer payments are not included in GDP computations.

        ◆Current spending: government purchases of goods and services on an ongoing and

        routine basis.

        ◆Capital spending: government spending on infrastructure such as roads, schools,

        bridges, and hospitals

        R112‐3 Revenue Tools

        ◆Direct taxes are levied on income or wealth. These include income taxes, taxes on

        income for national insurance, wealth taxes, estate taxes, corporate taxes, capital gains taxes, and Social Security taxes

        ◆Indirect taxes are levied on goods and services. These include sales taxes, value‐added

        taxes (VATs), and excise taxes.

        ◆间接税的执行速度较快

        R113‐3 Advantages of fiscal policy tools

        ◆Social policies such as discouraging tobacco use can be implemented very quickly via

        indirect taxes

        ◆Quick implementation of indirect taxes also means that government revenues can be

        increased without significant additional costs

        R114‐3 Disadvantages of fiscal policy tools

        ◆Direct taxes and transfer payments take time to implement, delaying the impact of fiscal policy

        ◆Capital spending also takes a long time to implement. The economy may have recovered by the time its impact is felt.

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