Taxation remains the dominant source of government revenue in most developed countries. But the role of debt finance has been growing – and, with it, the need to refinance old debt when total expenditure, including debt service, exceeds total revenue.
在大多数发达国，税款依然是政府收入的主要来源。但债务融资所扮演的角色也在不断扩大——而随着该项目的发展，当政府总支出（包括征税行为）超出总收入时为旧债务重新融资的需求也不断扩大。