欧债危机的根源及对策分析——基于最优货币区内生性理论

Causes and Countermeasures of the European Sovereign Debt Crisis:Based on the OCA Endogenous Theory

根据最优货币区内生性理论,加入最优货币区的决定取决于一体化、对称性和劳动力市场弹性三种内生性。美国次贷危机导致欧元区对称性下降,金融一体化、劳动力市场弹性不足和财政转移支付等补偿机制的缺失,使得欧元区未能形成最优货币区。欧元区必须通过要素市场改革和推进财政一体化等措施,才能走出困境。

This paper first explains the 0CA endogenous theory, and it shows that a decision to form a monetary union depending on different endogeneities--integration, symmetry and flexibility. The euro area was not the opti- mum currency area because of the influence of the US loan crisis. If euro area wants to get out of the mess, it should promote the factor market reform and fiscal integration.