财政能力:资产定价视角

IF 5 3区 经济学 Q1 BUSINESS, FINANCE
Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, M. Xiaolan
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引用次数: 2

摘要

这篇综述使用资产定价的现代工具重新审视了有关财政能力的文献。我们发现,对总风险进行适当核算会大大降低财政能力。在这种环境下,无风险利率与预期增长率之间的差距并不能充分统计财政能力。当总增长有风险时,要以无风险利率借款,政府需要要求纳税人为债券持有人投保总风险,但发达经济体的政府倾向于为纳税人投保总风险。我们利用这一资产定价视角来审查文献中探讨的提高财政能力的替代机制。《金融经济学年度评论》第15卷预计最终在线出版日期为2023年11月。请参阅http://www.annualreviews.org/page/journal/pubdates用于修订估算。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Fiscal Capacity: An Asset Pricing Perspective
This review revisits the literature on fiscal capacity using modern tools from asset pricing. We find that properly accounting for aggregate risk substantially reduces fiscal capacity. In this environment, the gap between the risk-free rate and the expected growth rate is not a sufficient statistic for fiscal capacity. To borrow at the risk-free rate when aggregate growth is risky, governments need to ask taxpayers to insure bondholders against aggregate risk, but governments in advanced economies tend to insure taxpayers against aggregate risk. We use this asset pricing perspective to review alternative mechanisms to boost fiscal capacity that have been explored in the literature. Expected final online publication date for the Annual Review of Financial Economics, Volume 15 is November 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
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来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
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