欧债危机的成因及对中国经济的启示

自2009年12月,欧洲债务危机爆发以来,冰岛、希腊等产生危机国家不断增多,问题不断浮现。虽不及2008年金融危机效果猛烈,但是市场对于欧债问题引发欧元区乃至全球债务危机的担忧不断加剧。过度举债和政府失职等导致了本轮债务危机的发生,而深层的原因在于制度缺失、经济结构和经济模式等方面。通过对于欧债危机原因的深入分析,可以汲取经验教训来规避和防范主权债务危机、银行危机、经济危机乃至政治危机,对于我国产业结构调整与升级、金融回归服务实体经济、经济发展方式转变等方面也有积极的借鉴意义。中国虽债务比率尚未达红线,但是仍需在危机中保持警惕,采取积极应对措施。     

欧债危机对我国外贸企业的影响探析

2010年欧债危机全面爆发,给我国的外贸企业带来了不小的影响,欧元贬值直接影响了我国的对欧出口,降低了外贸企业的利润,直接危害了我国的金融稳定和经济安全。我们有必要采取相关措施促进产业结构升级、稳定人民币汇率、防范政府债务风险来应对欧债危机带来的不利影响。     

欧债危机对我国对外贸易的影响及对策分析

自2009年希腊债务危机爆发以来,欧元区主权债务危机持续发酵,已对全球金融和世界经济造成重大影响.欧盟是我国第一大贸易伙伴,随着欧债危机的蔓延,我国对欧贸易受到越来越明显的冲击,出口增速下滑.通过分析欧债危机的演进及产生原因,欧债危机对我国对外贸易的影响,提出欧债危机下我国政府和企业的应对策略.     

欧债危机路漫漫中欧经贸待考验——剖析欧元区主权债务危机及其影响

2010年5月,希腊爆发主权债务危机后,欧盟为应对和预防债务危机向其他成员国蔓延,从治标和治本两方面进行了经济治理架构的改革.但一年多以来,欧债危机不仅没有平息,反而从希腊向爱尔兰和葡萄牙扩散,并大有将同为“欧猪国家”的意大利和西班牙拉下水的趋势.可以说,欧元区主权债务危机已成为当前全球金融和经济挥之不去的噩梦.     

欧债危机探讨

欧债危机是继2008年全球经济危机后最热的经济话题,也是对全球经济的又一大考验。欧盟各国积极探讨应对方法,并相继出台相关政策,这虽然在一定程度上拖缓了欧债危机蔓延的脚步,但未能彻底解除危机。欧债危机的继续蔓延对全球经济及我国有什么影响,通过分析欧债危机的现状、未来走向及影响,分析应对危机的措施。     

欧债危机的根源、困境与出路

欧债危机已持续蔓延三年之久,可谓积重难返。直至今天,欧洲仍缺乏有效措施从根本上解决债务危机,只能采取各种临时性举措,且行动迟缓,治标不治本,让人无法看到危机尽头,未来主权债务危机的长期持续已成大概率事件。而对于欧债危机产生的根源,目前面临的种种困境以及未来可能的解决方案,都值得人们进一步深入思考,以从中得到启示和借鉴。一、欧债危机的原因分析欧债危机产生和持续蔓延的原     

欧债危机对中国投资欧盟的战略影响

欧洲债务危机是指欧洲主权的债务危机,简称欧债危机,它是发生在2008年美国金融危机之后,部份欧盟国家发生的债务危机。欧债危机的发生带给世界经济重大影响。本文就欧债危机对中国投资欧盟的战略影响开展分析和讨论。     

浅谈如何应对美欧对华光伏“双反”调查

在美国次贷危机及欧州债务危机的影响下,欧美光伏市场容量迅速萎缩,产能过剩矛盾开始凸显,美欧相继对中国光伏企业发起"双反"调查,这对已入寒冬的中国光伏企业将是致命性打击。中国光伏企业该如何应对,本文从微观和宏观的角度,对内外交困之际,如何应对美欧双反调查作出浅析。     

欧洲主权债务危机成因及启示

2009年至今,希腊、爱尔兰、意大利、葡萄牙等国家相继爆发主权债务危机,欧洲乃至全球的经济受到严重影响,欧洲债务问题引起各国广泛关注。本文从金融危机、经济结构和社保制度等方面分析了欧债危机的成因,并提出了两点合理化建议,为我国政府防范债务风险提供了有效对策。     

希腊债务危机对我国地方债处置的启示

当前欧元区众多国家债台高筑,主权债务危机频发,各国纷纷出台措施应对公共债务危机。欧元区和中国类似,实行统一货币政策,而财政独立性相对较强。各成员政府也都面临着发展本地经济和提升民生质量的重任。因此,欧元区债务危机的解决方案对我国地方债处置具有极好的借鉴意义。     

欧债危机对我国对欧出口贸易的影响与因应措施

欧盟是中国最大的贸易伙伴。随着欧债危机逐渐从欧元区外围国家向核心国家蔓延,欧债危机引起的整个欧洲经济增长乏力、欧元贬值等问题势必会使中国对欧出口贸易受到影响。随着欧债危机的深化,相关成员国势必实施严格的紧缩政策,从而将使中国对欧出口遭遇更严峻的形势。鉴于欧元区在中国外贸出口中的重要地位,我们必须尽早设定应对措施,以期减缓欧债危机可能对我国经济造成的冲击。     

中国股市与欧美股市的相关性研究

为了分析次贷危机和欧债危机期间欧美股市对中国股市的影响,利用相关数据,对中国股市与欧美股市的相关性进行研究,并分析它们之间的长期均衡关系和短期波动之间的联动性。研究表明,在两次危机期间,中国股市与欧美股市的相关性在逐步加强,中国股市的开盘价比收盘价更易受到欧美股市的冲击,且美国股市对中国股市的冲击远远大于德国股市。     

“An ungovernable anarchy”: The United States’ response to depression and default, 1837–1848

American commentators have criticized European leaders for failing to deal firmly and swiftly with the eurozone’s sovereign debt crisis. These commentators forget the lessons of American history. The United States experienced a similar crisis following the financial panic of 1837. Eight states defaulted and political turmoil intensified, undermining stability in several states and the federal system itself. The restoration of economic and political order was a prolonged and painful process, as enraged voters confronted the costs of inaction and accepted new constraints on democratic processes. Will the European crisis play out similarly?     

Wie weit ist die Verschuldungskrise in der Europäischen Währungsunion überwunden?

In the first years of the eurozone debt crisis, European governments were busy struggling to achieve short-term financial stabilisation of banks and entire countries. Now, after the OMT programme and other stabilisation measures have calmed investors, attention has shifted to two issues: Firstly, are there signs of recovery in the real economy? Secondly, what will be the long-term institutional structure of the eurozone? This paper argues that the economic situation in the periphery countries is still fragile, despite significant adjustments that have taken place. Moreover, the most important institutional challenge is to avoid a situation in which national control over fiscal policy is combined with mutualisation of government debt.     

Can the Euro Survive?

One of the fascinating aspects of the European debt crisis has been the resilience of the euro. For much of 2011, the euro was a key reserve currency, oblivious to the chaos ravaging European economies. Now, however, the gravity of the crisis is finally dragging down the euro. As the Euro zone debt crisis enters its third uncertain year, the question about whether the euro can survive rises. This paper argues that the euro can survive given policymakers still have in hand various tools. These tools include creating exit rules, implementing new stabilisation rules and instruments, adopting new fiscal policy, introducing conditional Eurobonds, using inflation differentials and providing more independence to the European Central Bank.     

External borrowing,capital formation and growth in developing countries

Since the summer of 1982 the banking community has been faced with an international debt crisis of unprecedented dimensions. The debt rescheduling agreements that have been negotiated since then involve sums totalling no less than $ 100 billion. However, they give the international financial system no more than a breathing-space. The following two articles deal with different aspects of this crisis. Rainer Erbe examines the question as to what growth effects were associated with external borrowing. Can a lack of growth effects be made responsible for the crisis or were other factors more important? This is followed by an article by Anton Konrad who discusses the proposals which have been made for long-term crisis management. What are their chances of success?     

金融危机和欧债危机对我国进出口贸易的冲击效应——基于含结构变化的单位根检验

本文对2005年以来我国的外贸实际进出口额进行了含结构变化的单位根检验。检验结果显示,我国实际进出口增长受金融危机和欧债危机影响,发生了显著的结构变化;且我国实际进出口贸易额是分阶段的趋势平稳过程,而非一阶单位根过程。从冲击效果来看,金融危机后我国进出口贸易的结构性变化表现为贸易额的短期下降和贸易增长趋势的加速恢复。欧债危机后我国进出口贸易的结构性变化表现为贸易额的瞬时性下降和贸易增长趋势的下降。     

Regulierung der EU-Finanzmärkte

In the course of the recent financial, economic and debt crisis significant regulatory efforts have been taken to make financial markets more resilient. Not all of these regulations are effective. For example, it is hard to imagine that the Single Resolution Mechanism (SRM) and the Bank Recovery and Resolution Directive (BRRD) are applicable to the largest of European banks, because the required minimum coverage of losses by shareholders and debtors would most likely trigger a systemic crisis. Furthermore, the many roles of the ECB may lead to severe conflicts of interest. It should be also reconsidered whether the planned Capital Market Union’s focus on the securitisation of loans and the promotion of direct investments by savers in the capital market makes sense.     

欧洲主权债务危机及其影响

2010年2月初以来,随着美国次贷危机对各国经济的影响逐步消退、世界经济复苏越来越明显,欧洲主权债务危机开始进入人们的视野,国际金融市场出现震荡。欧洲主权债务危机对我国的影响主要是间接性的汇率风险,即我国巨额外汇储备中欧元部分的趋势性贬值风险。但是,我国应未雨绸缪,提早做好准备,主动积极应对欧洲主权债务危机。     

基于政府预算方程的希腊债务危机成因实证分析

2009年希腊陷入债务危机,欧盟诸国相继中招,引发了世界经济的动荡。这场欧洲主权债务危机从本质上来说,是欧洲一体化框架的缺陷在经历金融危机冲击后的一次总爆发。本文使用政府预算方程对希腊经济数据进行研究,试图对其债务问题发展及成因进行简要分析与判断,进而得出结论:希腊必须恢复自身造血功能,提振经济、平衡预算,才能使其经济发展重归正常轨道,从而对我国未来经济发展起到借鉴和警示作用。