由于自然灾害将对生产产生重大影响,并且政府需要重建和救灾支出,因此将对公共财政和债务可持续性产生重大冲击。由此产生的问题是,政府是否能够将金融政策作为缓解或弥补负面财政影响的主要措施。本文将使用一种面板向量自回归模型,根据1975~2008年间年度高、中收入国家进行估计,对债务市场开发和保险渗透在灾后财政响应中的作用进行研究。本文作者发现,债务市场发展程度较高的国家所受到实际灾难后果相对较轻,而在采取缓解性应对措施之后,政府赤字将会扩大。高保险 Natural disasters will have a major impact on production and the government will need to rebuild and disburse relief spending, which will have a major impact on public finances and debt sustainability. The question arises as to whether the government can use financial policies as the primary measure to mitigate or compensate for the negative financial impact. This article will use a panel vector autoregressive model to estimate the role of debt market development and insurance penetration in post-disaster financial response based on annual high and middle-income countries from 1975-2008. The authors find that the real catastrophes in countries with high levels of debt market development are relatively light, and that the government deficit will widen after mitigation measures are taken. High insurance