观点萨默斯

Why public investment really is a free lunch
紧缩政策不再是必由之路


美国前财长萨默斯:一向呼吁紧缩政策的IMF最近却表示,经过精心规划的基建投资会减轻而不是加重政府的债务负担。这一结论因何而来?

It has been joked that the letters IMF stand for “it’s mostly fiscal”. The International Monetary Fund has long been a stalwart advocate of austerity as the route out of financial crisis, and every year it chastises dozens of countries for their fiscal indiscipline. Fiscal consolidation – a euphemism for cuts to government spending – is a staple of the fund’s rescue programmes. A year ago the IMF was suggesting that the US had a fiscal gap of as much as 10 per cent of gross domestic product.

国际货币基金组织(IMF)曾被戏称为“以财政为主的组织(it's mostly fiscal)”。长期以来,该组织一直是紧缩政策的忠实拥趸,认为它是走出金融危机的必由之路。每年IMF都会因数十个国家财政上的放纵而谴责它们。“财政整固”(削减政府开支的委婉说法)是IMF众多救援计划的主要内容。一年前,该组织曾暗示美国财政缺口高达其国内生产总值(GDP)的10%。

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