标题： 预算赤字的决定因素：聚焦COVID-19危机的影响 显示英文标题

标题： Determinants of budget deficits: Focus on the effects from the COVID-19 crisis

摘要： 本文重新审视了预算平衡决定因素的讨论，并通过利用43个国家的数据和系统广义矩方法，研究了在COVID-19危机背景下这些因素影响的变化。 结果显示，全球大流行病的整体影响导致宏观经济学决定因素对预算平衡的估计效应的幅度不成比例地增加。 然而，我们还发现，更为发达的经济体能够以相对相同的初级平衡水平实施更高规模的刺激计划。 我们认为，影响这一结果的因素之一是它们在国内货币计价的政府债务水平较高。 显示英文摘要

摘要： This paper revisits the discussion on determinants of budget balances and investigates the change in their effect in light of the COVID-19 crisis by utilizing data on 43 countries and a system generalized method of moments approach. The results show that the overall impact of the global pandemic led to a disproportionate increase in the magnitude of the estimated effects of the macroeconomic determinants on the budget balance. However, we also find that more developed economies were able to undertake higher stimulus packages for the relatively same level of primary balance. We believe that one of the factors affecting this outcome is that that they exhibit a higher government debt position in domestic currency denomination.