We empirically investigate fiscal sustainability by comparing countries in the different economic groups with a dataset covering 180 countries during the period from 1980 to 2015. As the OECD countries have higher international debt ratio than other countries, they have higher probability to be exposed to global risk factors. Non-OECD countries turn out to be more fiscally solvent than OECD countries due to their limited access to international financial market. However, we also find that better access to international liquidity increases fiscal sustainability within the sample of OECD countries, while it does not improve the fiscal solvency in case of non-OECD countries.

我们通过比较不同经济组中的国家与1980年至2015年期间覆盖180个国家的数据集，以实证研究财政可持续性。由于OECD国家的国际债务比率高于其他国家，因此它们承受全球风险的可能性更高。因素。非经合组织国家由于其进入国际金融市场的机会有限，因此在财政上比经合组织国家更具偿付能力。但是，我们还发现，更好地获得国际流动性可以提高经合组织国家样本中的财政可持续性，而对于非经合组织国家而言，并不能提高财政偿付能力。