Do countries have more room to use counter-cyclical fiscal policy than they used to?

第一，与过去比较，各国现在实行反周期财政政策的空间是否更大？

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China's massive counter-cyclical monetary and fiscal stimulus in early 2009 was appropriate given the threat of a severe downturn.

考虑到经济深度滑坡的威胁，中国2009年初出台的大规模逆周期货币及财政刺激计划是适当的。

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As Willem Buiter of the London School of Economics puts it, only fiscal conservatives can use counter-cyclical fiscal policy well.

伦敦大学的经济学家Willem Buiter指出，只有财政保守人士才可以让反周期波动的财政政策运行良好。

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Some Latin American nations have used counter-cyclical policies to cushion the effects of external shocks.

BBC: Latin America is enjoying the good times - at last

Basel III additional capital buffers are: a mandatory capital conservation buffer of 2.5% and a discretionary counter-cyclical buffer.

FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis

It's a counter-cyclical event that it occurs every time we have a downturn.

NPR: Economy Hurts California's Cities