Fiscal Dominance: Implications for Bond Markets and Central Banking
本文回顾了财政主导的理论与实证文献，提出一个简单理论解释政府与央行战略互动如何导致财政主导，对理解债券市场和央行政策有参考价值。
Fiscal dominance refers to situations in which monetary policy is constrained by the public sector's budget constraint. Large shifts in the dynamics of sovereign debts, surpluses, and central banks’ balance sheets since the great financial crisis have created the perception of a heightened risk of such fiscal dominance in major jurisdictions. This article reviews the theoretical and empirical literature on fiscal dominance. We offer a simple theory in which fiscal dominance arises as the outcome of strategic interactions between the government and the central bank.