新兴欧洲的去杠杆困境

伦敦—私有化的塞尔维亚汽车轮胎和管道制造商Tigar公司曾经是转型经济体企业整顿的正面典型。然后,欧元区去杠杆化过程来了,如今,这个正面典型陷入了大麻烦。

Tigar将其轮胎部门出售给法国的米其林公司,将所获得的资金全部投入到了新业务中。或许资本支出过于雄心勃勃了,但这笔支出确实让出口有了快速增加,小城派洛特(Pirot)也增加了2 000多个为欧洲渔民和纽约市消防员制造靴子和其他高技术橡胶产品的工作岗位。由于缺乏其他选择,扩张大部分是通过短期贷款融资的。

在塞尔维亚和其他欧洲转型国家,许多银行严重依赖来自欧元区母机购的资金。但是,自全球金融危机爆发以来,欧元区银行的新兴欧洲分支一直在削减其对该地区的风险敞口。2009—2010年,欧洲银行合作计划(European Bank Coordination Initiative),即俗称的“维也纳计划”(Vienna Initiative)通过阻止国有母银行的恐慌性争相退出,避免了一场系统性危机。

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