What happens when an economy runs out of fiscal space? The presumption is embodied in the image of “hitting the wall”. Under this assumption, public debt exceeds a certain limit and financial confidence collapses. As a result, interest rates rise, the currency falls and panic ensues. At times this scenario holds true – for economies with sizeable foreign-denominated public debt or for economies that create political breakdowns.
經濟體缺乏財政空間(fiscal space)會發生什么？這一假定情形體現為一種類似于“生理極點”的現象。在這一情形下，公共債務超過某個限額，金融信心一落千丈。結果，利率出現上升，匯率出現下跌，公眾進而產生恐慌情緒。對有龐大外幣計價公共債務的經濟體或面臨政治崩潰的經濟體來說，這一假定情形有時真的會發生。
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