固定汇率、经济危机与流动性陷阱——从历史视角看希腊危机

欧洲中央银行宽松的货币政策,对债务危机与金融危机交织在一起业已跌入流动性陷阱的南欧各国经济没有起到任何作用。追溯20世纪30年代的全球经济大萧条、1997年东南亚金融危机以及2002年阿根廷债务危机可以发现,僵化的汇率制度只是经济危机的导火索,失衡的财政支出和经济结构才是危机根源。当前,欧元区各国经济复苏只能在紧缩财政支出、改革经济结构和财政预算的基础上,通过货币财政政策合作解决。

Fixed Exchange Rate, Economic Crisis and Liquidity Trap——A Historical Perspective of Greek Debt Crisis

The ECB’s monetary policies have proved to be a failure,because Greece has fallen into a liquidity trap.The Great Depression,the Asian financial crisis and the debt crisis in Argentina showed that a rigid exchange rate system is only the fuse of the economic crisis,which is rooted in fiscal spending and economic structural imbalance.The Euro zone economic recovery can only be realized by tightening the fiscal spending and reforming the economic structure and budget before the use of monetary-fiscal policy.