金融危机冲击下的欧洲经济:表现、成因与前景

2008年秋始于美国的全球性金融危机对欧洲经济造成巨大的冲击,欧洲出现金融动荡、实体经济衰退、国家破产、东欧外债危机乃至拖延全球经济复苏的主权债务危机。相比美国与日本,欧洲经济呈现出恶化程度深、持续时间长、复苏缓慢、国别差异大、失业和主权债务突出、经济社会问题迸发、各方充满博弈等特点。究其原因,主要有美国次贷危机的外来冲击、欧洲相关国家产业结构软肋的拖累和全球化压力下结构转型的失衡、社会市场经济理念和模式的短板、劳动力市场僵化、科研与教育投入不足等长期沉淀的结构性积弊,以及一体化制度设计和实践的不完善等。随着主权债务危机的被动求解和欧洲2020战略的主动实施,危机将推动欧洲经济的结构改革和适应全球化竞争的步伐,欧洲步出危机、继续发展的前景可期。     

欧债危机的战略影响

欧债危机是从一些欧元区国家主权债务危机中折射的欧盟一体化危机,由于发生在欧洲衰落的时代背景下,其溢出效应被放大.从本质上说,欧债危机的爆发是欧洲一些国家产业空心化和国际比较优势下降造成的,是其生产方式无法维继民众生活方式表现出来的政治危机,反映出欧洲地区发展不平衡的恶果,而欧元区及欧盟机制又妨碍了问题的解决.从现实表现看,欧债危机不仅对欧元区经济、欧洲一体化进程、世界格局走向均产生不同程度的冲击,而且加大了德国和欧元区其他成员的矛盾、欧元区与非欧元区国家的矛盾、美国和欧盟的矛盾、欧元区与世界经济的矛盾,使欧盟未来数年内不得不忙于内部事务而非热衷于全球治理,倾向于走务实的地缘经济而非价值观路线,严重削弱了欧盟的硬、软实力.然而,欧盟正借助危机加速推进一体化,其成效将舒缓、但并不能化解欧盟的战略颓势,由此增添了世界多极化进程的复杂性和曲折性.     

东南亚金融危机对河北省财政经济的影响及对策

东南亚金融危机尚在继续,危机的影响后果尚未完全显现出来,但目前看,这场危机对河北省财政的影响主要有以下三个方面。 (一)影响财政收入的增长。财政收入是靠出口、国内生产、生活消费来实现的。由于金融危机造成日韩、东南亚等国家和地区的汇率下降、货币贬值、经济紧缩,使河北省对亚洲国家和地区的出口大幅度下降。去年秋季广交会,河北省与东南亚、日本及港澳地区出口成交比上届分别下降24.3、52.7和3.4个百分点。由于对日、韩和东南亚地区出口占河     

金融危机对德国经济与社会的影响以及德国的对策

肇始于美国的金融危机对德国的经济、社会产生了严重的冲击。在发达国家中，德国属于受冲击程度中等的国家。具体表现为：相较于关英，金融危机对实体经济的影响重于金融；对投资的冲击先于消费；出口和制造业受累较重；总体经济受冲击的程度低于美英，但随着时间推移而逐渐加深。这是德国的制度安排、经济结构、社会发展、改革和欧盟的影响等因素所造成的。本文在就危机对德冲击的路径、影响表现以及成因进行分析的基础上，介绍了德国政府的应对举措和思路，并对危机背景下德国经济的复苏前景进行了预测分析。     

增进中韩合作,恢复东亚经济增长活力

增进中韩合作，恢复东亚经济增长活力汝信东亚地区经济经过９０年代上半期持续增长后，在去年发生了严重的金融危机。这次危机不仅使东南亚各国经济增长率下降，而且使韩国、日本的经济和金融动荡不安。在金融危机的猛烈冲击下，除中国、越南仍保持较快增长速度之外，东亚...     

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

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。     

欧洲主权债务危机与美国债务风险的比较分析

欧洲主权债务危机是1957年《罗马条约》签署以来欧洲面临的最大考验,欧元则遭遇了正式面世10年来最为严重的生存危机。欧洲主权债务危机的爆发,并非仅仅因为其债务问题非常严重,更主要的是因为欧洲的联合中存在着制度性的缺陷。为了克服这些制度性的缺陷,欧洲必须加强对成员国的财政监督、适度地统一管理欧洲的债务、引入惩罚和债务管理机制。一国退出欧元区将面临巨大的经济成本、政治成本和法律、技术方面的障碍。因此,欧元区解体是小概率事件,联合仍然是欧洲政治的主流和传统。和欧洲主权债务危机相比,美国债务问题面临的风险更大。     

美国次贷危机:背景、原因与发展

本文首先从美国金融市场的结构、次贷与证券化的关系两个方面介绍了次贷危机发生的背景,并解释了RMBS、CDO与CDS等在危机中扮演着重要角色的衍生金融产品;在此基础上,本文详细剖析了次贷危机的爆发与传递过程,认为次贷危机迄今为止经历了流动性短缺、信贷紧缩与实体经济萎缩三个阶段;最后,本文总结了次贷危机给全球金融市场、投资者以及中国政府提供的经验教训。本文截稿时,两房危机刚刚浮出水面。发稿时,随着美国保险集团(AIG)频临破产和美国政府7000亿美元救市计划的提出,美国金融危机进入了一个新阶段。美国经济已陷入1929年以来最严重的危机。     

欧洲共同危机管理战略面临的问题和前景

本文旨在阐述欧洲面对全球经济和金融危机而采取的危机管理的特征,包括其在经济一体化和全球化进程背景下显现出来的问题和冲突。为此,本文首先介绍自上世纪80年代形成的新欧洲经济的基本特点,包括其固有的结构性问题;其后简述全球经济和金融危机在欧洲经济区有哪些具体表现,并论述欧洲危机管理的过程和要素。最后本文指出,欧洲共同危机管理具有,临时性特征,且特别强调规制性手段,这同时也彰显了欧洲经济一体化依旧存在的局限性和问题。     

全球金融危机与韩国经济

由美国房地产次贷危机引发的当前之全球金融危机，预计会使世界经济遭遇第二次世界大战之后最严重的经济不景气。韩国经济也受到此次金融危机的影响，外汇市场和股票市场发生急剧变化，导致消费、投资、出口等实物方面的不景气状态。本文通过分析此次全球金融危机给韩国金融市场和实物方面所带来的影响，力图导出一些政策性启示。     

From D-Mark to Euro: the impact of mass media on public opinion in Germany

The introduction of the Euro in cash currency on 1 January 2002 has been one of the most important steps towards European integration since the foundation of the European Union. In Germany public opinion vacillated between rejection and approval. Did the media coverage play any role in the forming of this public opinion? How often and with what bias did television newscasts report on the Euro? To answer these questions, systematic content analyses of television newscasts will be compared with representative opinion polls on the aggregate level. On the individual level, the influence of media use on attitudes towards the Euro will be evaluated by means of a cross-section survey. Up to 2001, public opinion was a reflection of the Euro/US dollar exchange rate. Since then it has coincided rather with media coverage. The individual views regarding the Euro are, however, best explained by general attitudes towards European integration.     

“欧元乐园”的迷失与重建——兼论对东亚区域货币合作的启示

希腊主权债务危机引发的欧元危机是对欧洲区域经济与货币一体化的一次重大考验,深刻反映了欧洲经货联盟成立以来所出现的两大问题:成员国之间经济的不平衡发展以及联盟合作机制的缺陷。欧元危机给东亚区域货币与金融合作的启示是,在以欧盟货币合作为样板的同时,应着重加强区域内信息共享与政策合作,以清迈倡议(CMI)和清迈倡议多边机制(CMIM)为基础加快东亚货币合作机制建设,完善区域监管体系;同时加强区域内各国汇率合作和资本账户自由化,稳步推进区域金融市场一体化进程,逐步缩小各国之间汇率波动的幅度,以此推进东亚区域经济合作向纵深发展。     

金融危机下欧洲国家经济衰退原因比较分析——以欧洲不同住房模式、住房价格变化为视角

本文所探讨的是在全球金融危机环境下,欧洲不同国家经济衰退的原因,将欧洲不同住房模式的抗压性反应与其对应的经济衰退状况进行关联研究,目的是通过实证比较研究证明,不同的住房模式对金融资产泡沫膨胀具有显性的推动或抵御的作用。更为重要的是,当金融危机已经出现后,不同住房模式的抗压反应之差异将影响到不同国家的经济衰退,同时也影响到其对应国家的金融稳定。     

Courting the Voters? Policy Implications of Party Competition for the Reform Output of the Second Merkel Government

Understanding party competition as a ‘political market’, we explore its characteristics during the second Merkel government, 2009–13. On the demand side, analysing opinion polls and the Länder election results, we find that the outcome of the next Bundestag election was uncertain. Thus, electoral competition was likely to be intense. On the supply side, opposition parties presented credible alternatives to government policies with regard to social as well as environmental policy. Regarding the Euro crisis, however, a consensus across the established parties existed. Studying three of the most salient policy issues, we identify party competition as a crucial determinant of decision-making. While the debate on minimum wages was substantially shaped by party competition, resulting in ‘anticipatory obedience’, nuclear energy only became affected by electoral considerations after the ‘Fukushima shock’ which resulted in a major policy shift. Regarding the response to the Euro crisis, however, party competition was essentially suspended.     

A Decade of Lost Growth: Economic Policy in Spain through the Great Recession

In 2008 the Spanish economy sank into recession, returning to growth in 2014. This paper explores the policies that were pursued by two successive governments to escape the recession. It comments on one of the most contentious strategies, that of austerity, and underlines the constraints on policy imposed by membership of the European Monetary Union (EMU) and a decentralised state. The Great Recession and accompanying austerity policy were associated with huge social and economic costs. Policy targets on the debt and deficit were not met. This experience, together with the broader sluggish growth in Europe and the political consequences associated with austerity, pointed to the need for a new policy mix.     

Between a Rock and a Hard Place: The Grand Coalition's Response to the Economic Crisis

The German grand coalition's track record with regard to managing the financial crisis is mixed. The government has spent enormous amounts of money to prevent a breakdown of the banking system and to cushion the effects of the recession. It was at least partially successful as these programmes indeed prevented collapses of banks as well as bank runs, kept unemployment relatively low and somewhat mitigated the recession. Nonetheless, at least some of the crisis policies lacked coherence, particularly with regard to the bank rescue packages. The reason is that even in the face of a systemic banking crisis and a GDP decline of 5 per cent, programmatic differences between the coalition partners have not disappeared and became manifest in government policies.     

'Concentric Circles' at the Periphery of the European Union

After World War II when the governments of several European states attempted to form supranational groupings, colonial obligations posed problems that persist to this day. The article traces immediate postwar history, outlining the present relationship between the EC institutions and what remain of member-state Empires, before proceeding to two case studies. The first concerns the ramifications of 'Euroland' in present or past dependencies after European Monetary Union. The second considers the role of European dependencies in military alliances and analyses how one of the founding Treaties was used in the mid-1990s after the discovery that it applied extra-territorially. The conclusion is that the external border of multi-speed Europe is even more variable than it might otherwise be because of the attachments some member states retain to colonial remnants.     

东南亚地区形势:2009年

2009年,影响东南亚地区形势最重要的外部因素,是全球金融海啸引发的发达国家经济衰退,影响的深度与广度,取决于发达国家的经济衰退持续的时间,刚刚从1997年金融危机中走出来的东南亚国家又将经受一次重大的考验.从政治层面看,东南亚在2009年将会是比较平稳的一年,印尼的大选不会出现大的波澜;泰国在经历了几年的动荡之后,人心思定,街头政治不得人心;马来西亚两大政党联盟--国民阵线和人民联盟争权夺利,但是,这种斗争将会限制在制度范围内.在地区国际关系方面,发达国家忙于国内救火,自顾不暇,而东南亚两个最大的邻居--中国和印度则是风景这边独好,东南亚地区发展进程中的中国因素和印度因素将会进一步凸显.     

Revisiting Transnational European Consociationalism: The European Union a Decade After Lisbon

This article discusses the notion of consociationalism as applied to the EU and assesses whether the institutional and procedural changes introduced by the Treaty of Lisbon (ToL) and by the management of the Euro and refugee crises still warrant considering the EU as a case of consociational democracy. Our contention is that the changes introduced by the ToL bore the promise to strengthen the consociational structural traits of the Union but that the further institutional and procedural changes engendered by the management of the Euro and refugee crises have made the behavioral dimension of consociationalism all the more necessary just as the accommodating orientation of the political elites had begun to evaporate. We support this argument by looking at empirical evidence which allows us to offer a set of propositions on the effects of the recent crises on the attitudes of the European elites towards the future of EU democracy.