| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25768 |
| 来源ID | Working Paper 25768 |
| Fiscal Space and the Aftermath of Financial Crises: How It Matters and Why | |
| Christina D. Romer; David H. Romer | |
| 发表日期 | 2019-04-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | In OECD countries over the period 1980–2017, countries with lower debt-to-GDP ratios responded to financial distress with much more expansionary fiscal policy and suffered much less severe aftermaths. Two lines of evidence together suggest that the relationship between the debt ratio and the policy response is driven partly by problems with sovereign market access, but even more so by the choices of domestic and international policymakers. First, although there is some relationship between more direct measures of market access and the fiscal response to distress, incorporating the direct measures attenuates the link between the debt ratio and the policy response only slightly. Second, contemporaneous accounts of the policymaking process in episodes of major financial distress show a number of cases where shifts to austerity were driven by problems with market access, but at least as many where the shifts resulted from policymakers’ choices despite an absence of difficulties with market access. These results may have implications for the conduct of policy both in normal times and in the wake of a financial crisis. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy ; Financial Economics ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w25768 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583442 |
| 推荐引用方式 GB/T 7714 | Christina D. Romer,David H. Romer. Fiscal Space and the Aftermath of Financial Crises: How It Matters and Why. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25768.pdf（668KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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