crowding out

简明释义

由于政府出售证券而将私人信贷挤出市场

英英释义

例句

1.The expansion of the highway is crowding out local businesses along the route.

高速公路的扩建正在挤占沿线的当地企业。

2.The popularity of streaming services is crowding out traditional cable TV subscriptions.

流媒体服务的普及正在挤占传统有线电视的订阅。

3.High interest rates can crowd out borrowers who need loans.

高利率可能会挤出需要贷款的借款人。

4.The new housing development is crowding out green spaces in the city.

新的住房开发正在挤占城市中的绿地。

5.Increased government spending can sometimes lead to crowding out private investment.

增加的政府支出有时会导致挤出私人投资。

作文

In the realm of economics, the term crowding out refers to a situation where increased public sector spending leads to a reduction in private sector spending. This phenomenon is often discussed in the context of government borrowing and its impact on interest rates. When the government borrows funds to finance its expenditures, it competes with the private sector for available capital. As a result, the demand for funds increases, which can lead to higher interest rates. Higher interest rates can discourage private investment, as businesses may find it more expensive to borrow money for expansion or new projects. This creates a cycle where government spending inadvertently limits the financial resources available for private enterprises, thereby crowding out potential investments in the economy.One of the classic examples of crowding out can be seen during times of economic crisis. For instance, during a recession, governments often increase their spending to stimulate the economy. While this can provide a short-term boost, it can also lead to higher interest rates over time. As the government issues bonds to finance its spending, investors may shift their focus from private sector investments to government bonds, perceiving them as safer options. Consequently, the private sector may struggle to secure funding, resulting in reduced business growth and fewer job opportunities.The implications of crowding out extend beyond mere economic statistics. When private investment is stifled, innovation can slow down, and the overall dynamism of the economy may diminish. Startups and small businesses, which are often the backbone of economic growth, may find it increasingly difficult to access the capital they need to thrive. This can lead to stagnation in certain sectors and a lack of diversity in the marketplace.Critics of government intervention argue that crowding out is a significant risk associated with fiscal policies aimed at stimulating the economy. They contend that rather than fostering growth, increased government spending can lead to inefficiencies and misallocation of resources. The challenge lies in finding a balance between necessary public investment and maintaining an environment conducive to private sector growth.However, proponents of government spending argue that crowding out is not always a foregone conclusion. They suggest that in times of economic downturn, the government’s role is crucial in filling the gap left by hesitant private investors. By investing in infrastructure, education, and technology, the government can create a foundation for future growth. This perspective posits that strategic government spending can lead to a more robust economy in the long run, even if it temporarily affects private investment.Ultimately, understanding the concept of crowding out is essential for policymakers. It highlights the delicate interplay between government action and private sector vitality. Effective economic policy must consider the potential consequences of public spending on private investment and strive to create an environment where both can coexist and thrive. In conclusion, while crowding out poses challenges, it also opens up discussions about the role of government in the economy and the importance of fostering an ecosystem that supports both public and private initiatives.

在经济学领域，短语crowding out指的是一种情况，即公共部门支出的增加导致私人部门支出的减少。这一现象通常在政府借款及其对利率的影响的背景下进行讨论。当政府借款以资助其开支时，它与私人部门争夺可用资本。因此，资金的需求增加，这可能导致利率上升。较高的利率可能会抑制私人投资，因为企业可能发现借款用于扩张或新项目的成本更高。这就形成了一个循环，政府支出无意中限制了可供私营企业使用的财务资源，从而crowding out了潜在的经济投资。crowding out的经典例子可以在经济危机时期看到。例如，在经济衰退期间，政府通常会增加支出以刺激经济。虽然这可以提供短期的推动，但随着时间的推移，它也可能导致利率上升。当政府发行债券来资助其支出时，投资者可能会将注意力从私营部门投资转向政府债券，认为后者是更安全的选择。因此，私营部门可能会面临融资困难，导致商业增长减缓和就业机会减少。crowding out的影响超出了单纯的经济统计数字。当私人投资受到压制时，创新可能会减缓，经济的整体活力可能会减弱。初创企业和小型企业，通常是经济增长的支柱，可能会发现获得所需资金的难度越来越大。这可能导致某些行业的停滞和市场多样性的缺乏。政府干预的批评者认为，crowding out是与旨在刺激经济的财政政策相关的重大风险。他们主张，增加政府支出可能导致低效和资源配置不当，而不是促进增长。挑战在于找到必要的公共投资与维持有利于私营部门增长的环境之间的平衡。然而，政府支出的支持者则认为，crowding out并不总是一个注定的结局。他们建议，在经济低迷时期，政府的角色对于填补犹豫不决的私人投资者留下的空白至关重要。通过对基础设施、教育和技术的投资，政府可以为未来的增长奠定基础。这种观点认为，战略性政府支出可以在长期内导致更强劲的经济，即使它暂时影响了私人投资。最终，理解crowding out的概念对于政策制定者至关重要。它突显了政府行动与私营部门活力之间微妙的相互作用。有效的经济政策必须考虑公共支出对私人投资的潜在影响，并努力创造一个公共和私营部门都能共存和繁荣的环境。总之，尽管crowding out带来了挑战，但它也开启了关于政府在经济中角色的重要讨论，以及促进支持公共和私人倡议的生态系统的重要性。