Debt Revenue and the Sustainability of Public Debt
Debt Revenue and the Sustainability of Public Debt
复制标题
债务收入和公共债务的可持续性
DOI：
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发表时间：
2022
影响因子：
8.4
通讯作者：
R. Reis
中科院分区：
文献类型：
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作者：
R. Reis
虽然公共债务在过去20年中有所上升，但它为投资者提供的回报却下降了，特别是相对于私人投资回报而言。这为政府创造了收入，因为政府提供了公共债券所提供的特殊服务，包括价值储存、安全性、流动性和缓解压迫。这一债务收入的现值相对于公债存量而言很大，即使在基本余额的现值为零或负值的情况下，也能保持其可持续性。与传统的基本平衡分析相比，它产生了不同的政策权衡，并就紧缩的影响、最佳债务额或货币政策与财政政策之间的溢出效应提出了不同的建议。
While public debt has risen in the last two decades, the return that it offers to investors has fallen, especially relative to the return on private investment. This creates a revenue for the government as the supplier of the special services offered by public bonds, which include storage of value, safety, liquidity, and reprieve from repression. The present value of this debt revenue is large relative to the stock of public debt, keeping it sustainable even as the present value of primary balances is zero or negative. It gives rise to different policy tradeoffs than the conventional analysis of primary balances and makes different recommendation on the effects of austerity, the optimal amount of debt, or the spillovers between monetary and fiscal policy.