|
In economics, austerity is a set of policies with the aim of reducing government budget deficits. Policies grouped under the term 'austerity measures' may include spending cuts, tax increases, or a mixture of both,〔(【引用サイトリンク】title=Austerity measure )〕 and may be undertaken to demonstrate the government's fiscal discipline to creditors and credit rating agencies by bringing revenues closer to expenditures. In most macroeconomic models austerity measures generally increase unemployment as government spending falls, reducing jobs in the public and/or private sector, while tax increases reduce household disposable income, and thus reducing consumption. As government spending contributes to the Gross Domestic Product (GDP), so reducing the spending may result in a higher debt-to-GDP ratio, a key measure of the debt burden borne by a country and its citizens. When an economy is operating at near capacity, higher short-term deficit spending (stimulus) can cause interest rates to rise, resulting in a reduction in private investment, which in turn reduces economic growth. However, where there is excess capacity, the stimulus can result in an increase in employment and output. In the aftermath of the Great Recession, the results of austerity measures in many European countries fell: unemployment rose to higher levels and debt-to-GDP ratios increased despite reductions in budget deficits (relative to GDP). ==Justifications== Austerity measures are typically pursued if there is a threat that a government cannot honour its debt obligations. This may occur when a government has borrowed in foreign currencies (that it has no right to issue), or if it has been legally forbidden from issuing its own currency. In such a situation, banks and investors may lose confidence in a government's ability and/or willingness to pay, and either refuse to roll over existing debts, or demand extremely high interest rates. International financial institutions such as the International Monetary Fund (IMF) may demand austerity measures as part of Structural Adjustment Programmes when acting as lender of last resort. Austerity policies may also appeal to the wealthier class of creditors, who prefer low inflation and the higher probability of payback on their government securities by less profligate governments. More recently austerity has been pursued after governments became highly indebted by assuming private debts following banking crises. (This occurred after Ireland assumed the debts of its private banking sector during the European debt crisis. This rescue of the private sector resulted in calls to cut back the profligacy of the public sector.) According to Mark Blyth, the theories and sensibilities about the role of the state and capitalist markets which underline austerity emerged in the 17th century, but the concept of austerity emerged in the 20th century, when large states acquired sizable budgets. Austerity is grounded in liberal economists' views that state and sovereign debt are deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's theories on economic growth and taxes. On the basis of classic liberal ideas austerity emerged as a doctrine of neoliberalism in the 20th Century. Economist David M Kotz suggests that the implementation of austerity measures following the financial crisis of 2007–08 was an attempt to preserve the "neoliberal capitalist model".〔David M Kotz, ''(The Rise and Fall of Neoliberal Capitalism ),'' (Harvard University Press, 2015), ISBN 0674725654〕 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「austerity」の詳細全文を読む スポンサード リンク
|