欧债危机“卡米略特之谜”

European Sovereign Debt Crisis “Camelot Mystery”

美国次贷危机引发全球金融危机,进而引爆欧洲主权债务危机,欧债危机又深度演化为社会危机。对欧债危机的制度经济学分析优于数理分析,表面上欧债危机源于美国次贷危机、国际游资和评级机构的推波助澜,实际上,欧洲相关国家政治经济制度性缺陷和经济结构性矛盾才是导致欧债危机的根本原因。本文系统地梳理归纳了欧债危机的制度成因,在指出了导致欧债危机的央行制度、经济制度、社会制度、经济政策、监管制度和国际经济运行设计缺陷的基础上,有针对性地提出了防范和化解我国政府债务风险的相关政策建议,具有一定的现实意义。

The U. S. subprime mortgage crisis triggered the global financial crisis, and then caused the Eu ropean sovereign debt crisis. Evolution of the European debt crisis has become deep social crisis. Institutional e conomics analysis on the Europe debt crisis is better than the mathematical analysis. On the surface, the European debt crisis stemmed from the American subprime mortgage crisis, intensified and strengthened by the international hot money and rating agencies. In fact, institutional defects and economic structural contradictions were the insti tutional reasons that induced and aggravate the European debt crisis. This article systematically combines and summarizes the institutional cause of the European debt crisis, pointing out the reasons that led to the European debt crisis on the aspect of central bank system, economic system, social system, economic policies, regulatory framework and international economic operation, putting forward feasibility policy suggestions on dissolving the debt risk in China, which has some practical significance.