正在确认阅读权限…
The Fiscal Ontology of Public Debt — Why Accounting Conventions Obscure Intergenerational Equity Analysis
公共债务的财政本体论——会计惯例如何掩盖代际公平分析
-
Public debt accounting treats all liabilities identically, regardless of whether they finance productive infrastructure or recurrent consumption.公共债务会计将所有负债一视同仁，无论其用于建设生产性基础设施还是日常消费。
-
This homogenization prevents meaningful comparison between investments generating future tax bases and those merely deferring costs.这种同质化处理阻碍了对‘能扩大未来税基的投资’与‘仅推迟成本支出的投资’进行有意义的比较。
-
Intergenerational equity assessments require distinguishing debt servicing from capital formation in budgetary presentation.代际公平评估要求在预算呈现中区分债务偿付与资本形成。
-
Current GAAP-based frameworks ignore depreciation schedules, maintenance obligations, and demographic exposure profiles.现行基于公认会计准则（GAAP）的框架忽视折旧安排、维护义务及人口结构风险特征。
-
Sovereign balance sheets increasingly include natural capital and human capital valuations to contextualize debt sustainability.主权资产负债表日益纳入自然资本与人力资本估值，以更全面地判断债务可持续性。
-
Debt-to-GDP ratios become misleading when GDP growth reflects rent extraction rather than value creation.当GDP增长源于租金攫取而非价值创造时，债务占GDP比率便具有误导性。
-
Fiscal rules that cap deficits without specifying expenditure composition systematically favor short-term political incentives.仅设定赤字上限而不限定支出构成的财政规则，系统性地偏向短期政治激励。
-
Emerging 'generational accounting' models estimate lifetime net tax burdens across birth cohorts, revealing hidden transfers.新兴的‘代际会计’模型估算各出生队列终身净税负，揭示隐性代际转移。
-
Transparency mandates now require disclosure of long-term fiscal gap projections under alternative demographic scenarios.透明度新规现要求披露不同人口情景下的长期财政缺口预测。
-
Debt sustainability analyses must integrate climate risk exposure — not just interest rate forecasts — to assess true intertemporal burden.债务可持续性分析必须纳入气候风险暴露——而不仅是利率预测——以真实衡量跨期负担。
-
Accounting reform seeks to replace cash-basis orthodoxy with accrual-based, stock-flow consistent public financial reporting.会计改革旨在以权责发生制、存量—流量一致的公共财务报告，取代收付实现制正统。
-
True fiscal responsibility begins not with debt ceilings, but with ontological clarity about what debt represents.真正的财政责任起点并非债务上限，而是对‘债务究竟代表什么’这一本质问题的清晰界定。