The Fiscal Anchor Principle: Why Credible Long-Term Budget Frameworks Matter More Than Short-Term Deficits

财政锚定原则：为何可信的长期预算框架比短期赤字更关键

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Fiscal anchors are formal rules or institutions designed to constrain discretionary budget decisions over time.
They include debt brakes, balanced-budget requirements for cyclically adjusted revenues, and multiyear expenditure ceilings.

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