阿根廷债务技术性违约的根源与影响

发布时间：2018-06-08 03:15

本文选题：阿根廷 + 债务违约　；参考：《拉丁美洲研究》2014年06期

【摘要】：2014年下半年,阿根廷陷入2001年以来的第二次主权债务违约,此次债务违约是一种技术性违约,其直接原因是美国最高法院判决阿根廷政府必须向NML资本管理公司等少数"钉子户"债权人履行全额支付责任,而阿根廷不愿对这部分债权人进行支付,同时因技术原因而无法对其他债权人履行债务支付责任。阿根廷债务违约的发生源于明显的体制机制弊端,如债务重组的机制不完善、对债权人的差异化处置机制以及债务重组中"门栓法"、同等权益条款以及未来权益追溯权等条款导致的法律问题。此次债务违约可能重创阿根廷财政与经济稳健性,并使得全球性主权债务重组机制面临新的制度性冲击,然而,它对全球经济和国际金融体系的影响较为有限。阿根廷债务困局带来的启示是应高度重视财政预算的稳健性及主权债务处置的审慎性。
[Abstract]:In the second half of 2014, Argentina fell into a second sovereign debt default since 2001. The debt default was a technical default, the direct reason that the United States Supreme Court decided that the Argentina government had to fulfill full payment responsibility to a few "nail household" creditors, such as NML capital management, and Argentina was reluctant to pay for this part of the creditor. The default of Argentina debt is due to obvious institutional mechanisms, such as imperfect mechanism of debt restructuring, differential disposal mechanism for creditors, "gate bolt", equal rights and interests and future rights and interests. The debt default may seriously hurt Argentina's financial and economic robustness, and make the global sovereign debt restructuring mechanism face new institutional shocks. However, it has a limited impact on the global economy and the international financial system. The inspiration from the Argentina debt dilemma is to attach great importance to the budget. Prudence and prudence in the disposal of sovereign debt.
【作者单位】：中国社会科学院金融研究所;财政部亚太财经与发展中心北京分部;
【基金】：国家社科基金青年项目“西方国家金融危机与制度弊端分析研究”(项目批准号14CJL017)、国家社科基金重点项目“我国金融体系的系统性风险与金融监管改革研究”(项目批准号13 AJY018) 中国社会科学院金融研究所重点课题“债务危机演进机制研究”的阶段性研究成果
【分类号】：D978.3

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