欧洲主权债务危机爆发内在经济因素的实证分析

An Empirical Analysis of Internal Economic Factors to European Sovereign Debt Crisis

欧洲主权债务危机的爆发对欧洲甚至全球金融体系和实体经济都产生了重要的冲击,债务危机的发生有着深层的内部经济原因。文章在债务危机风险模型推导的基础上,对引发欧洲主权债务危机的内在经济因素进行了实证分析,结果发现,国内生产总值增长的下降、单位劳动成本的上升、出口贸易的下降及政府财政赤字的增加是欧洲主权债务危机发生的主要内在经济因素。文章最后进行了总结并提出了对中国地方政府债务管理的启示。

European sovereign debt crisis has a significant impact on European and even global financial system and the real economy, the debt crisis is caused by the internal economic factors. On the basis of the debt crisis risk model, the paper analyzes the internal economic factors to European sove growth, the rise of unit labor costs, the decline of export trade reign and nomic factors of European sovereign debt crisis. At last, the article tions to Chinese local government debt. debt crisis, the results shows that the decline of GDP the increase of fiscal deficit are the major internal eco- make a summary and offers some policy recommenda.