Paul Lachine

欧洲的恶性循环

伯克利——欧元危机还没有显示出停止迹象。2011年本应是欧洲领导人最终掌控大局之年,但欧元区的问题反而更加恶化了。希腊危机演变成南欧危机,继而又发展成泛欧洲危机。事实上,到年底的时候,银行和政府一开始为货币联盟的崩溃做准备了。

所有这些都不是不可避免的。相反,这反映出欧洲领导人在中止一对恶性循环方面的无能。

恶性循环之一是公债-银行-公债。对政府是否有能力偿还债务的担忧导致借贷成本飙升、债券价格暴跌。但是,最关键的是,债务危机破坏了人们对手握大量可以债券的欧洲银行的信心。无法借到钱,银行自然也无法发放贷款。经济随之疲软,因此财政整合前景也变得更加虚弱。这造成债券价格进一步下跌,给欧洲银行造成更多的伤害。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/QVZDt16/zh;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.