中文摘要：

结合我国经济运行的基本特征,纳入人民币国际地位因素,构建了一个关于财政政策独立性的理论框架。在此框架下,分析了扩张性财政政策的不可持续性和财政政策两难问题,并在考虑国际货币地位的情况下,利用动态规划法对存在两难时的最优财政政策路径进行了分析,使用动态面板门限模型对考虑国际货币地位条件下合理的赤字和债务水平进行了深入研究。研究的结论是,在考虑国际债券份额时,一国应尽量保持财政盈余,并将债务水平控制在65.6%以下;在考虑国际储备份额时,赤字和债务水平应分别为1.88%和61.2%。

英文摘要：

Considering the features of economic operation in China, the paper constructs a framework for fiscal policy independence including RMB international status factors. In this framework, the paper first analyzes expansionary fiscal policy＇s unsustainability and dilemma optimal fiscal policy path through dynamic programming method when dilemma exist. Based on this, the paper analyzes the reasonable fiscal deficit and debt levels considering RMB international status through dynamic panel threshold model. The conclusion is that one country should keep fiscal surplus and control the debt level under 65.6% when considering the share of international bond,and when considering the share of international reserves the optimal level are 1.88% and 61.2% respectively.