Fiscal Implications of the ECB’s Bond Buying Program
Fiscal Implications of the ECB’s Bond Buying Program
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欧洲央行债券购买计划的财政影响
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Yuemei Ji
中科院分区：
文献类型：
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作者：
Paul De Grauwe;Yuemei Ji
欧洲央行宣布的政府债券购买计划（OMT）可能会给各国（尤其是德国）带来未来的税收负担，这种看法是基于对适用于私人代理而不适用于央行的偿付能力原则的错误应用。我们认为，债权国的纳税人，特别是德国纳税人，将从OMT的实施中获得税收收入。我们还衡量了与价格稳定相容的债券购买计划的规模。事实证明，这一估计在很大程度上取决于欧元区是否仍处于流动性陷阱。今天，由于欧元区仍处于流动性陷阱中，欧洲央行在不引发通胀的情况下购买政府债券的数量是没有限制的。
The perception that the government bond buying program (OMT) announced by the ECB may lead to future tax burdens on countries, in particular on Germany, is based on an erroneous application of solvency principles that apply to private agents, but not to central banks. We argue that the creditor nations’ taxpayers, in particular the German taxpayers, will receive tax revenue from the implementation of the OMT. We also measure the size of the bond-buying program that is compatible with price stability. It turns out that this estimate critically depends on whether the Eurozone stays in a liquidity trap situation or not. Today, as the Eurozone is still in a liquidity trap there is no limit to the amount of government bonds the ECB can buy without triggering inflation.