那提西银行-全球-宏观理论-政府总是建设性地具有偿债能力么？-20180212-6页.pdfVIP

Flash Economics Are governments always solvent by construction? 12 February 2018 - 141 In theory, governments are solvent and government bonds are risk- free for two reasons that set public debt apart from private debt:  Governments can always increase taxes to restore their fiscal solvency. In a world with tax competition, this is less and less true, especially for countries with a high tax burden, and especially if the fiscal multiplier (the effect of changes in the fiscal deficit on GDP growth) is high, particularly in periods of economic turmoil;  Governments can always monetise public debt to restore their fiscal solvency. But, with independent central banks, governments no longer decide monetisation, and governments in the euro zone even less so. For this argument to remain valid, one must assume there is fiscal dominance (central banks are forced to restore fiscal solvency) over the long run (the government bonds purchased by central banks will be rolled over at maturity).