欧元区主权债务市场的特征分析及启示

Features Analysis on Eurozone Sovereign Debt Market and Its Implications

长久以来,欧元区被认为是迄今为止最成功的货币经济一体化的典范。然而,欧盟统一大市场一直存在着由于成员国经济差异而造成的不对称冲击。此次欧元区主权债务危机的发生也从另一个侧面提出了重新审视欧元区金融市场一体化的要求。本文分析了欧元区主权债务市场的特征和不对称冲击对欧元区主权债务市场的影响,为解读当前发生的欧洲主权债务危机提供了一个更为全面的视野,并指出市场特征对包括中国在内的新兴国家或转轨经济国家主权债务管理的借鉴意义。

Eurozone has been considered as the most successful model for its monetary and economic integration ever since.However,there exists asymmetric shock within EU unified market because of economic differences among member countries.The sovereign debt crisis occured this year in Eurozone indicates a need to rethink about Eurozone financial market integration from other perspective.This paper analyzes the features of Eurozone sovereign debt markets and asymmetric shock to Eurozone sovereign debt market,to provide a more full-scale view of sovereign debt crisis in Eurozone and gives some implications of sovereign debt management for emerging and transitional economies including China.