Can the Central Bank Alleviate Fiscal Burdens?
Can the Central Bank Alleviate Fiscal Burdens?
复制标题
央行能否减轻财政负担？
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
R. Reis
中科院分区：
文献类型：
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作者：
R. Reis
央行通过其政策对公共债务的影响，以及通过其收入、资产组合、负债和自身偿付能力，影响财政当局可用的资源。本章考察了中央银行通过影响不同条件下的政府资源约束来缓解财政负担的能力。它讨论了五个渠道：(I)通胀如何能够(以及不能)降低公共债务的实际负担；(Ii)铸币税是如何产生的，并受到什么约束；(Iii)央行负债是否应计入公共债务；(Iv)央行资产如何产生收入风险，以及这是否威胁到其偿付能力；以及(V)央行资产负债表如何用于财政再分配。总体而言，它得出的结论是，央行降低财政负担的空间有限。
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This chapter inspects the ability of the central bank to alleviate the fiscal burden by influencing different terms in the government resource constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how seigniorage is generated and subject to what constraints, (iii) whether central bank liabilities should count as public debt, (iv) how central bank assets create income risk and whether or not this threatens its solvency, and (v) how the central bank balance sheet can be used for fiscal redistributions. Overall, it concludes that the scope for the central bank to lower the fiscal burden is limited.