传统理论认为，逆周期的赤字政策会产生诸如“挤出效应”、通货膨胀乃至主权债务危机等问题。基于主权货币理论，以主权货币计价的政府赤字不存在“财政约束”，而具有“准备金”效应，政府赤字支出净增加银行体系准备金，降低市场利率，从而“挤入”私人投资。宏观经济恒等式也表明，政府财政赤字满足了非政府部门的财富需求。，但赤字亦有好坏之别，“好”的政府赤字在于促进充分就业、确保价格稳定、收入分配合理化以及国民经济的可持续增长。%The counter - cyclical deficit policy will cause ＂crowd - out effect＂, high inflation, and sovereign debt crisis and other issues by the traditional economic theory. By the sovereign monetary theory, we believe that there isnt ＂financial constraints＂ in sovereign currency -denominated government deficit because sovereign government deficit has ＂reserve effect＂ which means that the increase government deficit will input the reserves into finaneial banking system and cut down the interest rate to build up the private investment, which is ＂Crowd -in effect＂. Maeroeeonomie equation also shows that the government deficit to meet the needs of non - governmental sector wealth. However, government deficit can be good and bad, ＂good＂ government deficit is to promote full employment, to ensure price stability, and to rationalize the distribution of income and sustainable economic growth.
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