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公共债务攀升及其对投资者的潜在影响

一个直接的风险是，对债务可持续性的担忧和信用评级下调可能引发债券收益率的周期性波动。

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    • 美国财政部在其发行策略中一直侧重于短期证券，特别是短期国库券（T-bills），以避免锁定当前的高昂长期利率。
    • 美国财政部在其发行策略中一直侧重于短期证券，特别是短期国库券（T-bills），以避免锁定当前的高昂长期利率。 图片来源：路透社

    Kelvin Tay

    Published Tue, Dec 2, 2025 · 02:30 PM

    本文由AI辅助翻译

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    公共债务或称主权债务，是政府为增长和发展投资进行融资的重要方式。然而，政府能否持续偿还债务以及其债务负担是否保持在可持续水平也至关重要。

    国际货币基金组织（IMF）估计，七国集团（G7）的政府总债务今年将达到国内生产总值的约126%，高于二十年前的85%。

    推动公共债务激增的关键因素是持续高企的全球财政赤字，约占GDP的5%。这一激增主要反映了非常规冲击的影响，包括2008年金融危机和冠病大流行期间的补贴和社会支出，以及不断上升的净利息成本。

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