“挤出效应”有两种具体的作用过程:一是政府增加财政赤字,用来增加政府投资,并且投资于竞争性领域,就会直接挤出社会投资。二是政府执行扩张性的财政政策,即政府搞赤字财政,增加政府购买(包括消费品的购买和投资品的购买),政府购买增加,社会总需求扩大(包括消费需求和投资需求,投资需求主要表现在对货币的需求上),社会总需求的增加,会导致实际利率的上升,利率上 The “crowding-out effect” has two specific processes: First, the government increases the fiscal deficit to increase government investment, and invests in the competitive realm to directly squeeze social investment. Second, the government implemented expansive fiscal policies, namely, the government engaged in deficit finance, increased government purchases (including purchases of consumer goods and investment products), increased government purchases, and increased aggregate social needs (including consumer demand and investment demand, investment demand mainly Manifested in the demand for money), the increase in the total social demand, will lead to an increase in real interest rates, interest rates