摘要
低增长、高负债、高利率的组合可能给部分国家带来财政问题,不过,近期预期利率上升缓慢、公共债务的期限结构以及经济复苏可能使多数国家避免危机的出现。对日本和意大利而言,财政整顿不可避免,但成熟的政府债券期限结构,可以使其有较充足的时间实施财政整顿计划。而一旦民粹主义加入,则很可能导致财政危机。
The combination of low growth, high debt and high interest rates could pose financial problems for some countries. However, recently, the slow rise in expected interest rate, the term structure of public debt and eco- nomic recovery may prevent most countries from being effected by such crisis.For Japan and Italy, fiscal consolidation is inevitable, but a mature term structure of government debt would give the two countries more time to implement the plan of fiscal consolidation. Once the populism gets involved, it is likely to lead to fiscal crisis
出处
《金融发展研究》
北大核心
2017年第10期59-62,共4页
Journal Of Financial Development Research
