探析欧债危机的传导机制

发布时间：2018-03-08 05:17

本文选题：欧债危机　切入点：贸易传导　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：欧元区国家政府存在的高赤字和高负债将欧洲债务风险扩大，同时欧元区国家之间通过金融机构和金融市场加深了欧债危机的传导。希腊爆发的债务问题成了欧元区中第一张多米诺骨牌，其他国家相继步其后尘，欧元区核心国家的信用也在降低并存在发生债务风险的可能性。本文以希腊债务问题的发生为切入点，研究欧洲债务危机在欧洲尤其是欧元区内的传导机制，指出贸易、密切的银行业务往来和金融市场预期恶化在此次债务危机的传导过程中起了很大作用，特别是金融机构的银行之间业务往来量大，相互交叉持有债务使债务风险在各国金融机构之间传递。同时欧元区金融市场的相互依存随欧洲经济一体化加强而不断加深，金融市场衍生工具不断创新也加深了债务危机的传导，特别是欧债危机中掉期违约互换（CDS）将金融风险在债券交易双方和CDS合约双方之间传递，恶化了欧洲市场预期，国际投机者加大了对欧洲金融市场的炒作，债务危机逐步被放大。本文的目的在于更好的研究如何遏制债务危机在欧洲特别是欧元区的传导，从贸易、金融机构和金融市场三方面控制债务风险在欧元区的扩大，防止欧洲经济继续恶化。在此基础上指出中国在此次欧债危机中得到的启示，认为贸易传导对中国经济的影响是主要的，为中国贸易出口带来负面影响，并且认为通过欧洲债务危机的发生应该及时思考中国地方债务风险，把握地方债务融资的正规性和规范性。
[Abstract]:The high deficits and high indebtedness of eurozone governments increase the risk of European debt. At the same time, financial institutions and financial markets have deepened the transmission of the euro zone's debt crisis. The Greek debt crisis has become the first domino in the euro zone, and other countries have followed suit. Credit in the euro zone's core countries is also eroding and there is a risk of debt risk. This paper studies the transmission mechanism of the European debt crisis in Europe, especially in the euro zone, and points out that trade is the starting point of the Greek debt problem. Close banking transactions and expected deterioration in financial markets have played a significant role in the transmission of the debt crisis, especially in the large volume of inter-bank transactions between financial institutions. Cross-ownership of debt causes debt risk to be transmitted among financial institutions in various countries. At the same time, the interdependence of financial markets in the euro zone is deepening with the strengthening of economic integration in Europe. The constant innovation of derivatives in financial markets has also deepened the transmission of the debt crisis, especially since the European debt crisis, in which swaps and CDSs spread financial risk between bond trading parties and CDS contract parties, worsened European market expectations. International speculators have stepped up speculation on European financial markets, and the debt crisis has been magnified. The purpose of this paper is to better study how to curb the transmission of debt crisis in Europe, especially in the euro zone, and to control the expansion of debt risk in the euro zone from three aspects: trade, financial institutions and financial markets. To prevent the European economy from deteriorating further. On the basis of this, it points out the enlightenment China has received in the European debt crisis. It believes that the impact of trade transmission on China's economy is the main one, and that it has a negative impact on China's trade exports. We should think about the risk of Chinese local debt and grasp the formality and normality of local debt financing through the emergence of European debt crisis.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.59

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