International coordination of fiscal deficits
从动态一般均衡视角分析财政赤字的国际协调，指出在资本自由流动下，一国赤字会通过影响世界利率产生跨国外部性，导致赤字过大、利率过高和福利下降。
Nearly all existing studies of international coordination of fiscal deficits focus on aggregate demand aspects of the problem. In contrast, this paper adopts a dynamic general equilibrium perspective and emphasizes the public finance side of fiscal deficits. In a world with international capital mobility, the fiscal deficit of any single government affects world interest rates and therefore influences intertemporal resource allocation in all countries. The paper shows that these international externalities may result in inefficiently large fiscal deficits, high interest rates, and low levels of welfare if international policy coordination is absent.