从李嘉图等价定理看欧洲债务危机的成因与未来发展趋向

The Future Trend and the Reasons of European of Debt Crisis From Ricardian Equivalence Theorem

本文在分析李嘉图等价定理的基础上,探讨了公共债务的本质,发现欧洲债务危机的主要成因是:公共选择中的未来人缺位和信息不对称下的道德风险。单一货币体系和福利制度并不是主要原因,希腊等国家退出欧元区将无助于危机的解决。

From the analysis of the Ricardian Equivalence Theorem, we discuss the nature of public debt, and find that future people absent in public choice and the moral risk due to asymmetric information are two important reasons of European debt crisis. A single currency system and welfare system are not the main reasons, so it would not solve the crisis if Greece and other countries get out of the euro area.