| 单词 | inflation-adjusted budget deficit |
| 释义 | inflation-adjusted budget deficit The budget deficit which would result if government expenditure was reckoned as including the real rather than the nominal interest paid out. For example, consider a government whose budget deficit before adjustment for inflation equals 2 per cent of GNP. If net government debt equals half of GNP, and nominal interest rates are 10 per cent but inflation is 5 per cent, then nominal debt interest equals 5 per cent of GNP, while real debt interest equals only 2 1/2 per cent of GNP. In this case a nominal budget deficit equal to 2 per cent of GNP corresponds to an inflation-adjusted budget surplus equal to 1/2 per cent of GNP. |
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