赤字融资

与利率相关的风险溢价是一个关键变量：一旦它开始上升，当前的赤字融资利率就会变得不可持续。

The risk premium attached to the interest rate is the critical variable : once it starts rising , the existing rate of deficit financing becomes unsustainable .

于是各国政府使出各种手段来填补缺口，诸如通货膨胀、赤字融资、放松对私人信贷的监管，现在则是在纾困计划中占私人部门资源的便宜。

They filled the gap through various tricks : inflation , deficit financing , deregulated private credit and now the public commandeering of private resources for bail-out programmes .

日本的重建支出预算相当于其国内生产总值（GDP）的4%，而该预算目前并不需要通过发行赤字融资债券来提供资金。

The Japanese budget for reconstruction spending is equivalent to 4 per cent of gross domestic product and is being financed without issuing deficit-financing bonds .

禁止此类盈余可能也有助于让规模太大而无法依靠IMF进行赤字融资的国家遵守准则。

The prohibition of such surpluses might also help discipline a deficit country that is too large to rely on the IMF for deficit financing .

舒瓦洛夫在莫斯科召开的一个闭门会议上告诉投资者，俄罗斯政府拒绝采纳一些经济学家的建议他们曾建议利用外汇储备，为占gdp10%的预算赤字融资，以促进经济增长。

Moscow was rejecting the advice of those economists who had suggested using the reserves to finance a budget deficit of 10 per cent of GDP to promote growth , Mr Shuvalov told investors at a closed-door meeting in Moscow .

同时，各国政府也需要为预算赤字融资。

Coincidentally , governments also need to fund their budget deficits .

然而各国政府也可能依靠这样的购买来为财政赤字融资。

But governments could come to rely on such purchases to finance budget deficits .

所有这些国家都以大量的资本流入为经常账户赤字融资。

In all of them vast current-account deficits were financed by huge capital inflows .

从现在到明年，意大利和西班牙都会成功为财政赤字融资。

Italy and Spain will both manage to fund their fiscal deficits until next year .

反对者认为，该方案加剧了为美国赤字融资的问题。

It is held by its opponents to deepen the problems of financing the US deficit .

货币出现扩张，股市一片繁荣，政府毫无悬念地会为赤字融资，因此公共支出也不断上升。

Money expands , stock markets boom and state spending rises as governments fund deficits without drama .

日本就是一个典型，它不依赖于外国人来为巨额赤字融资。

Japan offers the ultimate example of a country not reliant on foreigners to finance its sizeable deficit .

首先，美国是通过发售战争债券，利用国内储蓄为巨额战时赤字融资的。

First , the US financed its huge wartime deficits from domestic savings , via the sale of war bonds .

除了出售政府证券等组合资产，各国还可通过跨境并购为经常账户赤字融资。

Beyond selling portfolio assets such as government securities , countries can finance current-account deficits via cross-border mergers and acquisitions .

在自动跨境融资缺失的情况下，如果一国无力为外部赤字融资，其国内将爆发信贷危机。

In the absence of automatic cross-border financing , an unfinanceable external deficit will emerge as a domestic credit crisis .

这可能会损害人们对债券市场的信心，而欧洲各国正是依赖这些市场为巨额赤字融资的。

This could erode the confidence of the very debt markets on which European countries rely to finance their large deficits .

无论是哪种方式的投资，巴西都需要通过此类获取国际资金的渠道，为本国每年约500亿美元的经常账户赤字融资。

Either way , Brazil needs this international reach to fund a current account deficit running at about $ 50bn a year .

外国投资者真的已经远离美国资产了吗？如果真是这样，美国如何为其巨额经常账户赤字融资呢？

Have foreigners really stepped away from US assets and if so , how is the us to finance its huge current account deficit ?

为什么即便在各国央行停止购买政府债券后，政府还能如此轻易地为巨额财政赤字融资？

Why should it be so easy to fund such huge fiscal deficits even after central banks have stopped their buying of government bonds ?

在那些没有能力发行附息债券、因此必须通过印钞为赤字融资的发展中国家，这种情况会不可避免地出现。

This inevitably happens in developing countries that do not have the ability to issue interest-bearing debt and must therefore finance their deficits by printing money .

其实，西方应当用务实的态度来评估这些投资对那些依赖中国资金为其外部赤字融资的国家来说尤其如此。

The west should instead assess them with pragmatism . This is especially true for countries that rely on Chinese money to fund their external deficits .

尽管巴西可能对中国投资持怀疑态度，但它需要更多的较长期资金，为其不断增长的经常账户赤字融资。

While Brazil might be suspicious of Chinese investment , it needs additional inflows of longer term financing to help fund its growing current account deficit .

面对上述情况，企业都急着再融资，而欧元区国家则发现，由于收益率降低，他们为赤字融资变得更为容易。

Faced with these conditions , companies are rushing to refinance , while eurozone governments find that with lower yields it is much easier to finance their deficits .

在理想情况下，遭受损失的将是拥有充足准备金的外国机构，但美国可能需要它们为未来的赤字融资。

In the best of worlds , it would be foreigners with ample reserves who suffer the losses , but they may be needed to finance future deficits .

美国长期利率维持高位的另一个原因是，市场担心，外国买家可能不愿继续购买美元债券，为美国巨额经常账户赤字融资。

A further reason long rates remain high is a fear that foreign buyers may not be willing to continue buying dollar bonds to finance a large US current account deficit .

由于转型经济特定的财政状况，国家必须采取金融控制战略，由国家拥有和控制主要的金融机构，实行正的实际存款利率来吸收存款，并以此来为赤字融资。

The article points out that , because of the specific budget deficit during the period , the country must take the financial controlling strategy and finance the deficit with it .

他们明白，美国的财政政策意味着美联储将在今年购入大量国债，因为无论是外国投资者，还是美国国内的私人购买，都不足以为赤字融资。

They understand that US fiscal policy implies big purchases of government bonds by the Fed this year , since neither foreign nor private domestic purchases will suffice to fund the deficit .

目前，爱尔兰经常账户处于盈余状态，因此，对外收支不会对其经济构成拖累，该国政府有能力依靠本国财力为其预算赤字融资。

Ireland is now running a current account surplus – so the foreign balance is not a drag on its economy and the government is able to finance its budget deficit domestically .

第三，把部分计划中的官方金援用于提升新发行公债的信用等级；余下的部分用于以合理的利率为现有的赤字融资。

Third , use some of the planned official support to provide credit enhancements for the new public debt ; use the rest to provide financing for the ongoing deficit at reasonable interest rates .

由于这些国家无法进入国际资本市场，要想为这些赤字融资，它们要么不得不通过来自前苏联其它国家的贷款，要么则需要通过印钞手段。

Because these countries had no access to international capital markets , they had to fund these deficits either through loans from other parts of the former empire or by resorting to printing money .