| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w24979
|
| 来源ID | Working Paper 24979
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| Rising Government Debt: Causes and Solutions for a Decades-Old Trend |
| Pierre Yared
|
| 发表日期 | 2018-09-03
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| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | Over the past four decades, government debt as a fraction of GDP has been on an upward trajectory in advanced economies, approaching levels not reached since World War II. While normative macroeconomic theories can explain the increase in the level of debt in certain periods as a response to macroeconomic shocks, they cannot explain the broad-based long-run trend in debt accumulation. In contrast, political economy theories can explain the long-run trend as resulting from an aging population, rising political polarization, and rising electoral uncertainty across advanced economies. These theories emphasize the time-inconsistency in government policymaking, and thus the need for fiscal rules that restrict policymakers. Fiscal rules trade off commitment to not overspend and flexibility to react to shocks. This tradeoff guides design features of optimal rules, such as information dependence, enforcement, cross-country coordination, escape clauses, and instrument vs. target criteria. |
| 主题 | Microeconomics
; Macroeconomics
; Fiscal Policy
; Public Economics
; Taxation
; National Fiscal Issues
|
| URL | https://www.nber.org/papers/w24979
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582653
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推荐引用方式
GB/T 7714 |
Pierre Yared. Rising Government Debt: Causes and Solutions for a Decades-Old Trend. 2018.
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文件名：
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w24979.pdf
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格式：
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Adobe PDF
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