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古代的政府债务,主要是为战争筹集资金。但是,债务的战争周期理论解释不了当今世界发达经济体政府债务名义总额以及相对GDP的比例不断上升的现象,尤其是债务上升大多发生在没有战争的和平时期。20世纪30年代大萧条和凯恩斯主义兴起之后,政府债务有了新的功能,即在总需求不足的时期,政府可以通过发债,扩大财政支出,用赤字财政刺激需求增长,实现充分就业。然而,在凯恩斯主义逐渐消退的20世纪70年代和80年代,发达经济体的政府债务水平却开始了持续的上升。那时的政府债务不是为了维持宏观稳定,而是由于不断增长的福利支出。可是,里根和撒切尔夫人降低福利水平的努力并没有有效降低政府债务水平。进入21世纪后,发达经济体经历了繁荣与萧条,经历了在国外作战与从国外撤军,经历了财政扩张与财政整固,但是,只见政府债务水平上升,不见其下降。究其原因,主要还是政府债务形成过程中的自我约束机制在经济社会发展过程中逐步被打破了。这些约束机制包括:预算平衡的机制,明确债务支出项目和特定偿债财源的机制,以及布雷顿森林体系给各国财政赤字施加的约束。政府债务的膨胀史,实际上是约束政府债务的机制一层一层被打破的历史和政府支出一项一项增加的历史。
Ancient government debt, mainly for the war to raise funds. However, the theory of the war cycle of debts can not explain the rising nominal value of government debt and the relative proportion of GDP in advanced economies in the world today. In particular, the rise in debt mostly occurs in a time of peace without war. After the Great Depression and Keynesianism emerged in the 1930s, the government debt has a new function. In the period when the total demand is insufficient, the government can increase employment by issuing bonds, expanding fiscal expenditure and stimulating demand growth with deficit finance. However, in the 1970s and 1980s, where Keynesianism was gradually ebbing, the level of government debt in developed economies began to rise steadily. The government debt at that time was not to maintain macroeconomic stability but rather because of rising welfare spending. However, efforts by Reagan and Thatcher to reduce the level of benefits have not effectively reduced the level of government debt. After entering the 21st century, advanced economies experienced prosperity and depression, experienced operations in foreign countries and withdrawal from foreign countries, experiencing fiscal expansion and fiscal consolidation. However, only the level of government debt saw no decline. The main reason is that the self-restraint mechanism in the process of government debt formation is gradually being broken down in the process of economic and social development. These include: mechanisms for balancing the budget, mechanisms for clarifying debt expenditures and specific debt-service financing, and constraints imposed by the Bretton Woods systems on the fiscal deficits of various countries. The history of the expansion of government debt is actually a historical one-by-one layer that has been broken by the mechanism of restricting government debts and the history of government expenditures increasing by one.