Good debt scrabble economy www.gotcredit.com/Flickr

财政政策的资产负债表方法

华盛顿—所有人都在谈论债务,援引着强烈影响全球公共政策争论的巨大的名义数字。但并非所有的债务都生而平等。

首先,对于公共债务,总值和净值区别很大。比如,日本的总公共债务达到了GDP的246%,但代表政府内债务的净债务为GDP的127%。

此外,真正影响一国公债负担的是预期年债务维持成本。丹尼尔·格罗斯(Daniel Gros)最近指出,可以以零利率无限展期的债务根本就不是债务。这是一个极端的例子;但固定利率越接近于零、期限越长,债务存量的负担也就越轻。

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