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不平等是如何推动欧元危机的

发自布鲁塞尔——自2007~09年大衰退以来,大多数经济学家都开始将金融视为商业周期的关键驱动力,但对这一动力究竟如何运作方面还是缺乏全面的了解。

例如芝加哥大学的阿米尔·苏菲(Amir Sufi)和普林斯顿大学的阿提夫·米安安(Atif Mian)认为信贷扩张会导致严重的经济衰退,因为一旦大量家庭不论出于何种原因而无法获得所需的融资来偿还债务,衰退就会席卷而来。但是这个论点忽略了一个关键因素,而欧元区危机则可以说明这一点。

欧元的创建伴随着大规模的金融自由化,包括取消资本管制并采用一个新的法律框架以允许任何欧洲银行在海外设立分支机构。这一过程导致银行业竞争加剧,私营银行相对于公营银行的比例逐渐增加。

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