所有主权债务危机的根源

发自纽约——希腊债务危机引发了诸多对追问,质疑如不推行一场近乎异想天开的财政政策中央集权的话,欧元这种货币是否还能继续存在下去。还有一个更简单的方法:既然各国政府在国际信用市场的不负责任借款行为需要有同样不负责任的贷款行为才能实现,那么银行监管者只需叫停那些受监管金融机构的这类借款行为就行了。

在许多方面来说,贷款给外国政府都要承受更大的内在风险,甚至比不安全的私人债务或者垃圾债券危险得多。私人借款者通常需要提供房屋等担保物,而这些担保物又减低了贷款者的风险,何况对失去抵押资产的忧虑也会促使借款者谨慎行事。

但是政府可提供不了担保物,而它们还债的基本激励因素——对被国际信贷市场所抛弃的恐惧——其实源自于一个荒谬的依赖行为:只有那些长期无法用国内税收或者国债来满足自身支出需求的政府才会向国外大举借钱。而对那些海外贷款者的渴求往往根源于这些国家内部某些根深蒂固的治理失败问题。

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