后金融危机时期欧美经济复苏差异比较--以金融结构为视角

A Comparison of the Economic Recovery in Europe and the US-a perspective of the financial structure

本文以金融危机前欧美经济增长趋同性为切入点,在实证分析欧美后金融危机时期经济复苏表现差异化的同时,通过对欧美金融结构差异的数据对比,解释了德国经济表现的例外性;同时分析了美国市场化融资模式对于美国经济复苏的促进作用,指出欧洲缺乏现代市场化融资机制,而以银行为主的融资模式,使其在债务危机发生时对经济体产生了负面影响,并可能使央行的货币政策失灵。文章认为,富有弹性、多层次、市场化的融资模式对于一个经济体的稳定与经济增长十分重要,而欧洲金融模式结构缺陷将使欧洲经济复苏缓慢而痛苦。

The economic growth in Europe and the US had shown convergence before the financial crisis,however,the empirical data indicates divergent economic recovery paths between the two economies after the crisis.By empirically analyzing and comparing the financial structures of Europe and the US,this paper explains the exceptionality of Germany' s economic performances and how the market-based financial system of the US supports its economic recovery.In addition,this paper points out that the lack of a market-based financial system in Europe has not only exerted negative impacts on its economy,but also leads to the failure of the monetary policy of the European Central Bank during the financial crisis.This paper holds that a flexible,multi-level and market-based financial system is essential for the financial security and economic growth of an economy and that the weaknesses of the European financial system make its economic recovery a long and tough journey.