Toru Yamanaka/Stringer

Znovuobjevování fiskální politiky v G7

ALŽÍR – V japonské Ise-Šimě se sjíždějí lídři skupiny G7 a největší obavy vyvolává křehkost globální ekonomiky. Místo soustředěnosti na měnové války by ale lídři předních vyspělých ekonomik měli diskutovat o fiskální politice, která by za současných podmínek byla ve snaze povzbudit ekonomickou aktivitu výkonnějším nástrojem než politika měnová. Vždyť dnes by, na rozdíl od běžných časů, účinky fiskální politiky neomezovaly příliš vysoké úrokové sazby, nedostatečná soukromá poptávka, silně podvázané kapacity ani přílišná inflace.

Ekonomové odmítají fiskální politiku zejména proto, že je „politicky svázaná“. To však není dobrý důvod se jí vzdát. Právě naopak, jestliže politický proces plodí problematické fiskální politiky, jak je tomu dnes, ekonomové mají tím větší důvod vyjádřit své obavy.

Aktivistická fiskální politika zažila rozkvět před půlstoletím. Většina vyspělých zemí se držela kontracyklického přístupu, takže během period hospodářského rozmachu držela výdaje a výši daní zkrátka a během recesí uskutečňovala stimulační politiky. Ekonomického ducha doby vystihl bonmot „dnes jsme všichni keynesiánci,“ připisovaný Miltonu Friedmanovi v roce 1965 a Richardu Nixonovi v roce 1971.

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