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Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures. There is no consensus among economists on a precise operational definition for fiscal sustainability, rather different studies use their own, often similar, definitions.〔 Krejdl, A., 2006. Fiscal Sustainability – Definition, Indicators and Assessment of Czech Public Finance Sustainability (Working Papers No. 2006/3). Czech National Bank, Research Department.〕〔Balassone, F. and Franco, D., 2000. Assessing Fiscal Sustainability: A Review of Methods with a View to EMU. In Fiscal Sustainability, ed. Banca d’Italia, 21–60. Rome: Bank of Italy〕〔Theoretical Prerequisites for Fiscal Sustainability Analysis – Burnside, 2005. Chapter. 2 in Craig Burnside, "Fiscal Sustainability in Theory and Practice," World Bank.〕 Many countries and research institutes and have published reports which assess the sustainability of fiscal policies based on long-run projections of country's public finances (see for example,〔European Commission, 2009. Sustainability report 2009. European Commission.〕〔Congressional Budget Office, 2010. The Long-Term Budget Outlook. The United States Congressional Budget Office.〕 and 〔Office for Budget Responsibility (United Kingdom), 2011. Fiscal sustainability report – July 2011.〕). These assessments attempt to determine whether an adjustment to current fiscal policies that is required to reconcile projected revenues with projected expenditures. The size of the required adjustment is given with measures such as the Fiscal gap. ==Government's inter-temporal budget constraint== There is no consensus among economists about the correct criterion/definition to be used for fiscal sustainability. The most commonly used criterion is the government's inter-temporal budget constraint or inter-temporal equilibrium condition: :, where is the stock of public debt, is the interest rate of public debt and is the primary balance (negative of primary deficit or government revenues minus government expenditures excluding interest expenditure). The government's inter-temporal budget constraint states that the initial debt level should be equal to the present value of future surpluses. That is, the government debt must be backed by expected future cash flows. Many economists have voiced grave concerns over using inter-temporal budget constraint as a de facto definition or criterion for fiscal sustainability.〔Bohn, H., 2005. The Sustainability of Fiscal Policy in the United States (CESifo Working Paper Series No. 1446). CESifo Group Munich.〕〔Bagnai, A., 2004. Keynesian And Neoclassical Fiscal Sustainability Indicators, With Applications To Emu Member Countries (Public Economics No. 0411005). EconWPA.〕〔Roubini, N., 2001. Debt Sustainability:How to Assess Whether a Country is Insolvent.〕 Also, it has been shown that under plausible assumptions the inter-temporal budget constraint is in fact not the correct criterion for sustainability.〔〔Persson, T., 1985. Deficits and intergenerational welfare in open economies. Journal of International Economics 19, 67–84.〕〔Wigger, B.U., 2009. A note on public debt, tax-exempt bonds, and Ponzi games. Journal of Macroeconomics 31, 492–99.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Fiscal sustainability」の詳細全文を読む スポンサード リンク
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