欧洲主权债务危机形成根源及对我国的启示  

The Root of European Sovereign Debt Crisis and Implication for China

作　　者：唐钰蔚[1] 

机构地区：[1]华东师范大学商学院

出　　处：《江西科技学院学报》2014年第4期55-61,共7页Journal of Jiangxi University of Technology

摘　　要：利用M—F模型对欧债危机形成根源进行分析，研究发现欧债危机产生的根源是欧元区制度缺陷．进而导致政府过度实施扩张性财政政策，不断增加财政支出，最终导致了主权债务危机。因此，欧债危机的治理必须从欧元区制度改革入手，才能从源头上解决主权债务问题。利用1999—2012年欧元区17个成员国的经济数据进行面板分析，验证了上述结论。此外，我国必须控制财政预算、投资规模，加强对外债和的地方债管理，以避免我国主权债务危机的发生。The European sovereign debt crisis broke out in 2009, which had a serious impact on the world economy recovery. Based on the M-F Model, the article makes in-depth theoretical analysis of the reason of the European sovereign debt crisis. The article concludes that the euro area system deficiencies are the root of European sovereign debt crisis. Deficiencies in the system lead to government expansionary fiscal policy, increasing fiscal expenditure, worsening current account, the accumulation of debt and eventually the sovereign debt crisis. Therefore, the reform of the euro area system is the key to solve the European sovereign debt crisis. Based on economic data of the 17 member states of the euro area in 1999-2012, the article makes panel analysis to verify the conclusion. Finally, to avoid the debt crisis in China, the article makes some policy suggestions, such as controlling financial budgets and the scale of investment, and strengthening the management of external debt and local government debt.

关 键 词：欧债危机 蒙代尔-弗莱明模型 制度缺陷 面板分析 地方债 

分 类 号：F812.4[经济管理—财政学]