英语翻译4.IMPACT OF THE FISCAL POSITION ON DEBT SUSTAINABILITY Another important determinant of the debt dynamics that appears in equation (1) is primary fiscal balance.A permanent increase in the fiscal primary surplus,would improve debt sustain

英语翻译4.IMPACT OF THE FISCAL POSITION ON DEBT SUSTAINABILITY Another important determinant of the debt dynamics that appears in equation (1) is primary fiscal balance.A permanent increase in the fiscal primary surplus,would improve debt sustain
英语翻译
4.IMPACT OF THE FISCAL POSITION ON DEBT SUSTAINABILITY
Another important determinant of the debt dynamics that appears in equation
(1) is primary fiscal balance.A permanent increase in the fiscal primary surplus,
would improve debt sustainability through:(i) reduce the real interest rate by
crowding out reduction; (ii) increase income by increasing efficiencies in resource
allocation and reduced interest rates; (iii) and increasing the demand for the money
base as a result of reduced inflationary expectations (Garcia,1998).Generally,large
primary deficits are the story behind the accumulation of public debts and are in
direct correlation with the development of conventional deficits.
Analysis of both financial position and public debt composition during 1990-
99 is the first step towards finding an answer to the question whether fiscal policy
can strike a balance by fending off debt accumulation,and the extent to which the
current debt can be curtailed through the achievement of a surplus in the future.
Conventional deficits of the central government were kept under control between
1990-98; Romania’s performance in this area is better than that of Hungary or
Bulgaria but worse than that of the Czech Republic,Croatia,Slovakia or Poland (as
set out in the table of Appendix 2).
Moreover,conventional deficits of the non-financial consolidated public
sector posted large swings on an annual basis – ranging from 0.4% to 4.6% of GDP –
which may be regarded as moderate.Behind these developments stood the reform of
the fiscal system that was aimed at alleviating imbalances.Its influence on the
volume and composition of incomes and expenditures is highlighted by data in Table
2 (the yearly data are also presented in Appendix 3).
Figures show that,once primary adjustment has taken place,the imbalance
can take on a life of its own due to large outstanding debts and high interest
payments.In addition,an average decrease in tax revenue by 4.8 percentage point
from 1990-1991 to 1997-1999 led to higher expenditures because government tried
to cover generous social support programmes that replaced high proportions of lost
earnings.The exclusion of more and more people from labour force generated by the
restructuring process (unemployment rate increased to 11.3 in July 1999) means that
fewer workers are supporting a growing number of unemployed and retirees through
higher tax burdens.In 1998,the social welfare deficit balance increased to 0.9% of GDP.Because the change in the tax revenue and in government expenditure had
different effects on the debt sustainability,the composition of fiscal adjustment is a
critical variable.

英语翻译4.IMPACT OF THE FISCAL POSITION ON DEBT SUSTAINABILITY Another important determinant of the debt dynamics that appears in equation (1) is primary fiscal balance.A permanent increase in the fiscal primary surplus,would improve debt sustain
4.影响财政状况对债务可持续性的另一项债务动态显示,在方程（1）基本财政平衡的重要因素.一个主要的财政盈余增加常任理事国,将改善债务可持续性通过：（一）减少了减少拥挤的实际利率;（二）通过提高资源配置和降低利率的效率收益;（三）和增加需求作为减少（加西亚,1998年）通货膨胀的预期导致基础货币.一般来说,大的主要赤字背后的公共债务积累的故事和直接的关系,均与传统的赤字发展.双方的财务状况和公共债务的构成情况分析90年至一九九九年,是为找到答案的问题的第一步财政政策是否能抵御罢工债务累积平衡,并接受其目前的债务,可以通过在将来实现盈余减少的程度.中央政府的常规赤字保持在1990至98年之间的控制;罗马尼亚在这方面的性能优于匈牙利和保加利亚,但比捷克共和国,克罗地亚,斯洛伐克和波兰的差,（如载于附录2表）.此外,传统的赤字对非金融综合公共部门张贴大幅波动在年度基础上-从0.4％到4.6％的国内生产总值-这可能是温和视为不等.站在背后,这些事态发展的财政制度,是缓解失衡的各项改革.它的数量和收入结构和支出的影响突出表2数据（每年的数据也提出了在附录3）.数字显示,一旦主要的调整已经发生,这种不平衡可以在其生命由于拥有大量的未偿债务和高利息.此外,在税收收入平均下降了4.8个百分点,从1990-1991年的支出增加,导致1997-1999年,因为政府试图掩盖慷慨的社会支持的方案,更换损失的收入高比例.从转型的过程中所产生的（劳动人口的失业率越来越多的人上升至11.3排斥1999年7月）,这意味着需要更少的工人正在支持越来越多的失业和退休人员通过更高的税收负担.1998年,社会福利赤字增加到GDP的0.9％.由于在税收的变化和政府开支,对债务可持续性的不同影响,财政调整的组成是一个重要的变数.

4。影响财政状况对债务可持续性

另一个债务动力学方程，在出现的重要因素
（1）基本财政平衡。一个主要的财政盈余增加常任理事国，
要改善债务可持续性通过：（一）降低实际利率
挤出还原;（二）在提高效率的资源增加收入
分配和降低利率;（三）和增加对货币需求
基地的减少，（加西亚，1998年）通货膨胀预期的结果。一般来说，大

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4。影响财政状况对债务可持续性

另一个债务动力学方程，在出现的重要因素
（1）基本财政平衡。一个主要的财政盈余增加常任理事国，
要改善债务可持续性通过：（一）降低实际利率
挤出还原;（二）在提高效率的资源增加收入
分配和降低利率;（三）和增加对货币需求
基地的减少，（加西亚，1998年）通货膨胀预期的结果。一般来说，大
主要赤字背后的公共债务积累的故事，并在
直接关系，与常规赤字的发展。
双方的财务状况和公共债务的构成情况分析1990 -
99是为找到答案的问题，是否财政政策的第一步
罢工可以抵御债务累积的平衡，以及在何种程度上
目前的债务可以减少通过在未来盈余的成就。
中央政府常规赤字受到控制之间
90年至1998年，罗马尼亚在这方面的表现优于或匈牙利
但高于保加利亚，捷克共和国，克罗地亚，斯洛伐克和波兰差（如
载于附录2表）。
此外，传统的赤字非金融综合公共
部门张贴的大幅波动在年度基础上 - 从0.4％到4.6％不等的国内生产总值 -
这可能被视为温和。这些事态发展的背后站在改革
财政系统是旨在缓解失衡。其影响的
数量和收入结构和支出中强调了这一数据表
2（年度数据也列在附件3）。
数字显示，一旦主要的调整已经发生，不平衡
可以在自己的生活，由于大量的未偿债务和高利率
付款。此外，在税收平均降幅为4.8个百分点
从1990-1991年，导致支出增加，因为政府试图1997-1999
以支付慷慨社会支持的替代方案，高比例的损失
收益。从所产生的劳动力越来越多的人被排斥在外
转型的过程中（失业率在1999年7月上升到11.3），是指
减少工人的支持越来越多的失业和退休人员通过
较高的税收负担。 1998年，社会福利赤字增加到GDP的0.9％。由于在税收的变化和政府开支，
关于债务可持续性不同的影响，财政调整的组成是1
关键的变量。

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