财政整顿策略:国际经验分析

Fiscal Consolidation Strategy: An Analysis of the International Experience

在2008年全球金融危机和大衰退之后,大多数国家制定了大量的财政刺激计划,以促进经济活动,但同时也导致许多国家面临巨额赤字和日益增长的债务,出现严重的财政可持续性问题。为了削减财政赤字,降低政府债务规模,各国重新启动了财政整顿计划。本文试图简要比较分析近30余年特别是近年来各国所采取的财政整顿策略及其效果,探讨地方财政整顿的特殊性,以期为我国财政政策的制定和财政整顿措施的选择提供参考。

In the aftermath of the 2008 global financial crisis and great recession,substantial fiscal stimulus packages were introduced on a world-wide scale to promote economic activities,but this measure also led to a prevalence of substantial deficits,growing debt,and series of fiscal sustainability issues. To reduce deficit and unwind government debt,many countries have re-initiated fiscal consolidation programmers. This paper summarizes and analyzes the fiscal consolidation strategies and their respective effects of different countries within the past 30 years,and conducts in-depth discussion upon the uniqueness local government fiscal consolidation. This paper is intended to provide reference for the set-up of fiscal consolidation programmes and the available options to the Chinese government.