利息在增长不可持续性中的作用:使用会计模型的分析结果

IF 3.6 Q2 ENVIRONMENTAL STUDIES
Jeroen van den Bergh, Ivan Savin
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引用次数: 0

摘要

长期以来,人们一直在讨论增长与环境之间的关系,特别是严肃的环境政策可能会减缓增长。在这种背景下,人们提出了一个问题,即利率能否与零增长相容。我们开发了一个简单的会计模型,描述了金融部门的增加值与利息收入正相关。这使我们可以正式地推导出利息与单利和复利的零增长是相容的。研究结果表明,利息或复利本身不会增加国内生产总值(GDP)的增长。相反,重要的是储蓄——无论是来自利息还是其他收入——是否被有效地投资了。换句话说,非增长的条件是利息收入要么直接由债权人支出,要么间接由债务人支出,而不是投资于资本扩张、教育或创新。这类投资将导致更有生产力的经济产生经济增长。这些发现概括了以前的研究,并增加了透明度,这些研究使用了更复杂的模型,涉及有关宏观经济运作的特定理论假设。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The role of interest in the unsustainability of growth: analytical findings using an accounting model
In the context of the long-standing debate on growth-versus-environment, notably the possibility that serious environmental policies will slow down growth, the question has been raised if interest can be compatible with zero growth. We develop a simple accounting model that describes the value added of the financial sector being positively associated with interest income. This allows us to derive formally that interest is compatible with zero growth for both simple and compound interest. The findings indicate that on its own, interest or compound interest does not add to the growth of gross domestic product (GDP). What matters instead is whether savings – be it from interest or other income – are invested productively or not. In other words, the condition for non-growth is that interest income is either directly spent by the creditor or indirectly by the debtor, rather than being invested in capital expansion, education, or innovation. Such investments would result in a more productive economy generating economic growth. These findings generalize, and add transparency to, previous studies which used more complicated models involving particular theoretical assumptions about the functioning of the macroeconomy.
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来源期刊
Sustainability: Science, Practice, and Policy
Sustainability: Science, Practice, and Policy Social Sciences-Geography, Planning and Development
CiteScore
12.00
自引率
0.00%
发文量
54
审稿时长
27 weeks
期刊介绍: Sustainability: Science, Practice and Policy is a refereed, open-access journal which recognizes that climate change and other socio-environmental challenges require significant transformation of existing systems of consumption and production. Complex and diverse arrays of societal factors and institutions will in coming decades need to reconfigure agro-food systems, implement renewable energy sources, and reinvent housing, modes of mobility, and lifestyles for the current century and beyond. These innovations will need to be formulated in ways that enhance global equity, reduce unequal access to resources, and enable all people on the planet to lead flourishing lives within biophysical constraints. The journal seeks to advance scientific and political perspectives and to cultivate transdisciplinary discussions involving researchers, policy makers, civic entrepreneurs, and others. The ultimate objective is to encourage the design and deployment of both local experiments and system innovations that contribute to a more sustainable future by empowering individuals and organizations and facilitating processes of social learning.
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