In The Red —— The Politics Of Public Debt Accumulation In Developed Countries

----- 赤字：发达国家公共债务积累政治

ISBN: 9780472130641 出版年：2018 页码：226 Zsofia University of Michigan Press

Why do rich countries flirt with fiscal disaster? between the 1970s and the 2000s, during times of peace and prosperity, affluent countries--like belgium, greece, italy, and japan--accumulated so much debt that they became vulnerable and exposed themselves to the risk of default. In the past three decades, an extensive scholarly consensus emerged that these problems were created by fiscal indiscipline, the lack of sufficient concern for budgetary constraints from policy makers as they try to please voters. This approach formed the foundation for the fiscal surveillance system that attempted to bring borrowing in european countries under control via a set of fiscal rules. In the red demonstrates that the problem of sustained, large-scale debt accumulation is an adjustment issue rather than a governance failure.