Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.
政府出于好的和坏的理由发行债务。虽然良好的原因 - 跨期税收平滑，财政刺激和资产管理 - 可以解释近年来公共债务的一些增加，但它们无法解释所有观察到的变化。借款的不良原因是由于代际转移，战略操纵和共同池问题导致的政治失败所致。尽管预算制度和财政规则可以在减轻政府过度借贷的倾向方面发挥作用，但这些政治失误是过度借贷的主要原因。虽然很难从高公共债务到低产出增长之间建立明确的因果关系，但有些国家可能会为增长较低和产出波动较大而为过度的债务积累付出代价。