透过危机审视财政政策

What have We Learned about Fiscal Policy from the Crisis?

全球金融危机与经济危机的爆发,使我们不得不重新审视危机前宏观经济政策制定的几个核心原则。同时本次危机改变了我们对财政政策的理解,需要认真反思。对各国财政政策需要从经济短期稳定、财政政策的效率、财政空间和政治因素这四个方面进行重新考虑。

The outbreak of the financial and macroeconomic crisis has shattered some of the core tenets of macroeconomic policymaking. The crisis has also changed our understanding of issues involving fiscal policy, and we have a lot of reflection to do. This paper argues that we should reconsider fiscal policy from four aspects, namely short-run economic stabilization, efficiency of fiscal policy, fiscal space and political economy considerations.