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英文文献：Fiscal fatigue and debt sustainability: Empirical evidence from the Eurozone 1980-2013-财政疲劳与债务可持续性:1980-2013年欧元区的经验证据
英文文献作者：Victor Echevarria Icaza
英文文献摘要：
Fiscal fatigue may lead a country to stop adjusting when debt continues rising in spite of a prolonged fiscal adjustment. Once fiscal fatigue sets in, the country may stop adjusting, thus compromising debt sustainability. However, the absence of sufficient adjustment may be the consequence of governments implementing delayed adjustment as a result of the domestic policy-making process. This paper investigates the factors that will lead to delayed adjustment instead of fiscal fatigue in the face of rising debt. Strong institutions and underlying macroeconomic conditions can be useful in averting the fiscal fatigue, and lead to an improvement in the fiscal balance once the debt limit has been reached. Acknowledgements: The author is grateful to Simón Sosvilla for his comments and support. The author also thanks Javier Perez and Seminar participants at Universidad Complutense de Madrid.
财政疲劳可能会导致一个国家在债务持续上升的情况下停止调整，尽管财政调整时间很长。一旦出现财政疲劳，该国可能会停止调整，从而影响债务的可持续性。然而，缺乏充分的调整可能是由于各国政府执行国内决策过程所造成的延迟调整的结果。本文探讨在面对债务上升时，导致财政疲劳而不是延迟调整的因素。强有力的制度和基本的宏观经济条件可能有助于避免财政疲劳，并在达到债务上限后改善财政平衡。感谢:感谢Simon Sosvilla的评论和支持。提交人还感谢Javier Perez和马德里孔普卢腾斯大学的研讨会与会者。
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