紧缩财政

这些国家的问题不是只要紧缩财政开支就能得到解决的。

Theirs is not a problem that can be resolved by fiscal austerity alone .

他们可以承诺实行紧缩财政政策，但此举是否有效还要看预期结果：承诺无止境地实行紧缩很少能博得人们的信任。

They can promise fiscal austerity , though whether that helps depends on the expected outcome : a promise of endless austerity rarely breeds credibility .

真正适合实行紧缩财政政策的时机是经济强劲的时候。

The time to tighten fiscal policy will be when the economy is strong .

宽松货币政策与紧缩财政政策的组合拳行之有效。

The mix of a loose monetary policy and a tight fiscal policy has worked .

第二，紧缩财政政策将解决所有问题这种在德国流行的观点显然是错误的。

Second , the view , popular in Germany , that tighter fiscal policy would solve all problems , is clearly wrong .

说它适得其反，是因为如果每个成员国都紧缩财政政策，包括债权国在内的所有国家都将立即陷入贫困。

It is self-defeating , because attempts by every member country to tighten fiscal policy at once will impoverish all , including creditors .

紧缩财政开支的政策也有抑制升值的功能，但与放松资本流出政策相比，其政策效果一般。

Fourthly , fiscal policy also can choke back appreciation , but the effectiveness is weak in comparison with the policy of loosening capital outflows .

巴西、印度和墨西哥三国也开始采取紧缩财政的政策，并计划在今年开始削减财政赤字。

Fiscal policy is also being tightened . Brazil ( see article ), India and Mexico all plan to cut their underlying deficits this year .

原来的希望是其他欧洲国家会达成一项协议，在希腊承诺实施苛刻紧缩财政地前提下保证希腊债务。

The hope was that other European countries would strike a deal , guaranteeing Greek debt in return for a commitment to harsh fiscal austerity .

大部分联邦政府人员也都认为，现在宏观局势比较脆弱，所以通过收缩联邦平衡来紧缩财政是没有意义的。

Most Fed officials agreed that the outlook is weaker , so it no longer made sense to tighten policy by shrinking the Fed 's balance sheet .

紧缩财政，加强税收管理，增加农业投资，调整主要农产品价格，稳定农业生产；

To tighten the monetary policy , strengthen control over taxes , increase investments in agriculture and readjust the prices of major agricultural produce for stabilizing the production ;

德国认为这全是糟糕财政政策的错：改正错误并永远实施紧缩财政政策；随后道德高尚者就会主宰世界。

Germany states that it is all the fault of bad fiscal policies : correct those and bind fiscal policy for all time ; the virtuous will then inherit the earth .

与此同时，尽管欧洲央行的融资足以避免实力较弱国家及其关联银行突然陷入破产，但欧元区各国还是需要迅速紧缩财政。

Meanwhile , the financing from the ECB , though enough to prevent a sudden collapse into insolvency of weak sovereigns and the banks to which they are tied , required rapid fiscal tightening .

通过高利率与低增长的相互作用，紧缩财政政策与严苛货币环境的组合很可能会把意大利和西班牙推入债务陷阱。

There is a high risk that the combination of tight fiscal policies with stringent monetary conditions will push Italy and Spain into debt traps via the interaction of high interest rates with low growth .

与此同时，奥巴马正试图摆出尽可能紧缩财政开支的姿态：对非国防机动开支设置上限、暂停公务员工资上涨，并拿出自己的赤字削减方案。

Mr Obama meanwhile , is trying to appear as fiscally austere as possible – keeping a lid on non-defence discretionary spending , freezing the wages of civil servants and offering his own deficit-reduction plans .

如果不以货币或汇率政策来抵消紧缩财政的影响，那么至少在短期内，产出的降幅很可能会与支出的降幅相当（乘数为1）。

In an economy without monetary or exchange-rate offsets to austerity , any reduction in spending is likely to lead to at least an equivalent short-run reduction in output ( a multiplier of one ) .

上周末，欧洲的决策者们未能就下个月向希腊拨付120亿欧元（170亿美元）救助贷款达成一致，警告称希腊政府必须率先表明其紧缩财政的诚意。

European policymakers this weekend failed to agree to terms on a 12 billion-euro ( $ 17 billion ) bailout loan due next month to Greece , warning that the Greek government must first show it is taking austerity seriously .

在后泡沫时代向通缩演变的这个时期，紧缩财政及货币政策，是一种危险的政策组合&尽管对于面对过高主权债务的政策制定者来说，这样的组合或许对他们的善良天性颇具吸引力。

At this point in the post-bubble transition to deflation , fiscal rectitude and monetary stringency are a dangerous policy combination , as appealing as they may be to the virtuous instincts of policymakers faced with a surfeit of sovereign debt .

过去十年，日本债券市场不仅愚弄了信用评级机构，还愚弄了学术界、冲动的卖空者，以及认为紧缩财政开支本身就是一种美德的政客和官僚们。

For the past decade the Japanese bond market has been making monkeys out of not just the credit rating agencies , but also academics , trigger-happy short sellers and politicians and bureaucrats who see fiscal austerity as a virtue in its own right .

德国政府已经为明年制定了紧缩的财政预算。

The German government has set a tight budget for next year

第一，这些国家实行的紧缩性财政政策对总需求和gdp具有抑制作用，却无法从货币贬值的扩张效应中得到弥补。

First , the contractionary fiscal policies that are decreasing aggregate demand and GDP in these countries cannot be offset by the expansionary effects of currency devaluations .

提高利率，实施紧缩性财政政策，并进行结构性经济改革，推动国内经济的市场化和自由化，这是IMF拯救东亚金融危机方案中的主要措施。

IMF 's rescue program against East Asian financial crisis includes raising interest rate and restricting government expenditure . In the long run , the IMF demands that structural reform be implemented .

它还必须在紧缩的财政预算中找到可支配的资金。

It must also find the cash in a tight budget .

哪一种情况出现在前是私人部门紧缩还是财政赤字？

Which came first - Private retrenchment or fiscal deficits ?

没有预兆显示更加紧缩的财政政策。

No deal implies sharply tighter fiscal policy .

如果各国政府坚持按计划实行紧缩的财政政策，则看来注定会出现这种局面。

If governments persist with planned tightening of fiscal policies , this seems certain .

他们提出的调整方案也大致相同，不外乎紧缩的财政和扩张的货币政策，汇率贬值以及通过贸易政策促使其他国家进行调整。

Their agenda are mostly the same : contracting monetary and budgetary policy , exchange rate depreciation and trade policies .

其结果是，欧元区或许会长期执行过度紧缩的财政及货币政策。

As a result , the eurozone may have ended up with persistently and excessively tight fiscal and monetary policies .

衰退的三个要素分别是：信用崩溃、更加紧缩的财政政策，以及信心的死亡。

Consider the three ingredients for recession : a credit crunch , tighter fiscal policy and a dearth of confidence .

这项协议很可能导致2012年出现更为紧缩的财政政策，而那时美国的经济还依旧独自挣扎在恢复的边缘。

The deal also threatens to tighten fiscal policy further in 2012 , when the recovery is still struggling to establish itself .