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Public Finance in the Era of Polycrisis: An Integrated Approach to the Challenges of Multiple Crisis Factors

多危機時代の公共財政:複合的な危機要因への統合的アプローチ (AI 翻訳)

Tatjana Dragičević Radičević

Ars Aequi📚 査読済 / ジャーナル2026-03-31#政策Origin: Global
DOI: 10.61801/arsaequi.2025.134
原典: https://doi.org/10.61801/arsaequi.2025.134

🤖 gxceed AI 要約

日本語

本稿は、多危機(気候変動、エネルギー不安、健康危機、地政学的緊張)が公共財政に与える影響を分析。従来の短期的な財政対応の限界を指摘し、統合的で適応的かつ透明性の高い財政枠組みの必要性を主張。複合的なリスクに対処するための国際的に調整された柔軟な財政アプローチを提案する。

English

This paper examines the impact of polycrisis (climate change, energy insecurity, health emergencies, geopolitical tensions) on public finance. It highlights limitations of traditional short-term fiscal responses and argues for integrated, adaptive, and transparent fiscal frameworks. Proposes flexible, internationally coordinated fiscal approaches to address complex, interconnected risks.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では気候変動関連支出の増加やGX推進に伴う財政負担が課題。本稿の多危機対応の統合的財政枠組みの議論は、日本のGX政策と財政健全化の両立を考える上で示唆に富む。

In the global GX context

Global context: polycrisis challenges fiscal stability; paper contributes to debates on integrating climate transition into fiscal frameworks. Relevant for TCFD/ISSB discussions on resilience and for policymakers designing green fiscal policies.

👥 読者別の含意

🔬研究者:Provides a conceptual framework linking polycrisis theory to public finance, suggesting avenues for empirical research on fiscal resilience.

🏢実務担当者:Offers insights for corporate sustainability teams on the fiscal environment affecting transition risks and opportunities.

🏛政策担当者:Argues for adaptive, integrated fiscal approaches; relevant for ministries of finance and central banks designing climate-responsive fiscal policies.

📄 Abstract(原文)

This paper explores the concept of polycrisis through its implications for public finance, focusing on the challenges that multiple and interconnected crisis factors pose for fiscal stability and policy design. From early industrialization to the contemporary phase of globalization and digitalization, economic expansion and technological advancement have intensified systemic interdependence and increased exposure to multidimensional shocks. Climate change, energy insecurity, health emergencies, and geopolitical tensions now emerge simultaneously and mutually amplify their effects, creating persistent fiscal pressures on governments. Rising expenditures related to healthcare, social protection, and climate transition policies, combined with declining revenues during economic downturns, contribute to growing public debt and fiscal instability. Recent events, particularly the COVID-19 pandemic, have highlighted the limitations of traditional short-term fiscal responses to systemic crises. In this context, the paper argues that managing public finance in the era of polycrisis requires integrated, adaptive, and transparent fiscal frameworks capable of addressing complex and interconnected risks. The study advances the hypothesis that fiscal stability under conditions of polycrisis depends on the development of flexible and internationally coordinated fiscal approaches. Recognizing the synergistic interactions among crisis factors and adopting multidimensional policy responses can strengthen fiscal resilience and support sustainable economic and social stability.

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