巴德学院利维经济研究所：2024汇率稳定导致生产领域恶化并破坏发展中经济体的稳定（英文版）

An important point made by Modern Money Theory (MMT)1 is that a sovereign government that controls its currency and works with a flexible exchange rate has no financial limits on its spending. That combination allows the government to lower interest rates and increase public spending in ways that favor growth. If the government does so, it can spend on anything sold in its own currency, as long as it does so without exceeding the level of spending needed for full employment. Hence, public spe