文章基本信息

标题：The benefits of fiscal consolidation in uncharted waters
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作者：Philipp Rother ; Ludger Schuknecht ; Jürgen Stark 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：This paper looks at fi scal sustainability and fi scal risks from a comprehensive, global perspective. It argues that the benefi ts of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous contingent liabilities across sectors and countries coinciding with strong, non-linear and potentially highly adverse fi scal-fi nancial interlinkages. This suggests that there would be signifi cant benefi ts from fi scal consolidation without delay and that there is a need for caution against excessive faith in fi scal engineering.
关键词：consolidation; defi cits; public debt;fi scal sustainability; fi nancial crisis; tail risks;confi dence; fi scal engineering.