欧债问题溯源:偿付危机还是丧失货币主权的危机?  

The Origin of Euro Zone Crisis:the Solvency Crisis or the Crisis of Loss Monetary Sovereignty?

作　　者：刘新华[1] 

机构地区：[1]陕西师范大学国际商学院金融学系

出　　处：《南开学报（哲学社会科学版）》2012年第5期18-24,共7页Nankai Journal:Philosophy,Literature and Social Science Edition

基　　金：教育部人文社科青年项目(09YJC790176);教育部留学回国人员启动基金项目〔教外司留2011(1139)〕;中央高校基本科研业务费专项资金项目(11SZYB35)

摘　　要：金融危机以来,欧元区一些国家的财政赤字政策产生了巨额欧元债务,其偿付危机即所谓"欧债危机"严重影响了欧洲乃至世界经济的复苏。最优货币区理论是欧元货币制度的理论基础,该理论忽视了现代货币的主权内涵。而主权货币理论将货币主权嵌入到对现代货币和宏观经济的理解之中,认为货币主权是一国经济主权的核心,是各国政府有效调控经济、防范风险和治理危机的一项重要制度保障。在欧元货币一体化的制度下,区内各国丧失了货币主权,这使一国本可以因国情不同而自主决定的各种政策"外生化"、"标准化",由此施加给各国难以自主的财政、利率及汇率约束,从而大大削弱了各国政府调控经济的能力。因此,欧债偿付危机的表象下隐藏着深刻的货币制度危机,欧元的非主权制度安排才是问题的根源所在。Since world financial crisis,the Euro zone countries have arisen with huge government debts because of the government＇s budget deficit policies,which is the so-called ＂Euro Debt Crisis＂ and has affected seriously the economic recovery in Europe and the world.The optimal currency area theory is the theoretical basis of the euro currency system which ignores the connotations of the modern monetary sovereignty.While the sovereignty monetary theory embedded in the monetary sovereignty to the understanding of modern monetary and macroeconomic,monetary sovereignty is the core of the sovereignty of a country＇s economy,effective government regulation of the economy,an important system to protect against risk and governance crisis.By the euro currency integration system,the countries of the region have lost the monetary sovereignty,which makes a variety of policy of one country be ＂outside biochemical＂ and ＂standardized＂,which should have been due to different national conditions and independent decision,thus many constraints have been applied to countries in finance,interest rate and exchange rate,which greatly weakened the ability of governments to regulate the economy.Therefore,the appearance of the debt payment crisis is the monetary system crisis,and euro non-sovereign system is the basic cause of the problem.

关 键 词：欧债危机 偿付危机 货币主权 制度根源 

分 类 号：F815[经济管理—财政学]