当一经济体财政空间消耗殆尽时会发生什么?如果公共债务超过某一限度,金融信心将会崩溃,随之造成利率上升、货币敗值以及公众恐慌。对于拥有大量外币标价公共债务或者正处于政治动荡期的经济体来说,以上情形很可能发生。就公共债务过多所引发的问题而言,日本情形有所不同。日本新任首相安倍晋三在推出财政刺激计划时应该注意到这一点。20年来,日本的公共债务不断上 What happens when an economy’s fiscal space is depleted? If public debt exceeds a certain limit, financial confidence will collapse, with consequent increases in interest rates, currency losses and public panic. The above scenario is likely to happen for economies that have large amounts of foreign currency denominated public debt or are in a period of political turmoil. The situation in Japan is different in the light of the problems raised by excessive public debt. Japan’s new prime minister, Shinzo Abe, should pay attention to this when launching a fiscal stimulus package. For 20 years Japan’s public debt has been on the rise