那提西银行-全球-宏观理论-政府总是建设性地具有偿债能力么？-20180212-6页

FlashEconomics12February2018-141PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comAregovernmentsalwayssolventbyconstruction?Intheory,governmentsaresolventandgovernmentbondsarerisk-freefortworeasonsthatsetpublicdebtapartfromprivatedebt:?Governmentscanalwaysincreasetaxestorestoretheirfiscalsolvency.Inaworldwithtaxcompetition,thisislessandlesstrue,especiallyforcountrieswithahightaxburden,andespeciallyifthefiscalmultiplier(theeffectofchangesinthefiscaldeficitonGDPgrowth)ishigh,particularlyinperiodsofeconomicturmoil;?Governmentscanalwaysmonetisepublicdebttorestoretheirfiscalsolvency.But,withindependentcentralbanks,governmentsnolongerdecidemonetisation,andgovernmentsintheeurozoneevenlessso.Forthisargumenttoremainvalid,onemustassumethereisfiscaldominance(centralbanksareforcedtorestorefis