Skip to main content

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated Cookie policy, Privacy policy and Terms & Conditions

紧缩和债务的现实

美国剑桥—当今世界许多(如果不是所有的话)最重要的宏观经济问题都与各种各样的债务大规模积压有关。在欧洲,外围国的公共债务、银行债务和对外债务相互交错,已经威胁到了欧元区的生存。在大西洋对岸,民主党、茶党和老派共和党之间的僵局不禁让人疑惑:从长期看,美国应该怎样消除占GDP 8%政府预算?日本的预算赤字相当于GDP的10%,即便不断增加的退休群体从日本国债的买入者转变为卖出者。

除了焦躁不安之外,政府应该怎样做?一个极端是简单照搬凯恩斯主义疗法,认为在经济陷入深度衰退时,政府赤字无关紧要,甚至可以说是越大越好。另一个极端是债务上限绝对论,认为政府应该从明天(既然往者不可追)就开始平衡预算。这两种观点都太过轻率。

债务上限绝对论者大大低估了自我发生的债务融资“骤停”所造成的巨大调整成本。这类调整成本正是希腊等缺钱国在金融市场失去信心、资本流突然告竭时出现重大社会和经济混乱的原因。

We hope you're enjoying Project Syndicate.

To continue reading, subscribe now.

Subscribe

Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.

https://prosyn.org/spQnNW5zh;
  1. bildt70_SAUL LOEBAFP via Getty Images_trumpukrainezelensky Saul Loeb/AFP via Getty Images

    Impeachment and the Wider World

    Carl Bildt

    As with the proceedings against former US Presidents Richard Nixon and Bill Clinton, the impeachment inquiry into Donald Trump is ultimately a domestic political issue that will be decided in the US Congress. But, unlike those earlier cases, the Ukraine scandal threatens to jam up the entire machinery of US foreign policy.

    0
  2. krueger21_trumpamericamediocre

    Making America Mediocre

    Anne O. Krueger

    America owes its economic strength to its private sector, which has long benefited from an absence of undue influence by politicians and the state. But under US President Donald Trump's administration, discretionary decisions by policymakers are increasingly giving some companies advantages over others.

    0