欧债危机中最后贷款人救助机制探析

发布时间：2018-06-20 01:13

本文选题：欧债危机 + 最后贷款人　；参考：《上海国际问题研究院》2013年硕士论文

【摘要】：2009年底，三大国际评级机构相继调低希腊主权信用评级，希腊政府债务危机爆发，拉开了欧洲主权债务危机的序幕。欧债危机愈演愈烈，导致了欧盟内部的系统性风险，使最后贷款人的救助成为必要。2012年9月、10月，欧洲央行的直接货币交易计划（OMT）和欧盟的欧洲稳定机制（ESM）相继宣告成立，欧洲央行-ESM联合救助机制或成为欧债危机救助体系的基石。本文的出发点是最后贷款人理论。桑顿与巴吉特的思想形成了古典最后贷款人理论的核心，并提出了最后贷款人的政策措施——巴吉特原则。20世纪以来的当代最后贷款人理论从多角度深化了对最后贷款人制度的研究，使最后贷款人制度的理论基础更加接近现代金融环境。最后贷款人理论在此次欧债危机中也获得了新的发展。首先是实施主体的扩展，欧洲央行、欧盟与IMF都不同程度地履行了最后贷款人职能。其次是实施手段的创新，欧洲央行在危机中运用的一系列非常规货币政策，以及欧盟成立的救助基金等都是对传统最后贷款人救助方式的创新。本文落脚点是欧债危机中最后贷款人救助的实践。本文对欧洲央行以及欧盟层面的救助措施进行了梳理和评价，认为欧洲央行及欧盟的最后贷款人救助措施为债务国及金融机构提供了流动性，，稳定了市场信心，降低了债务国国债风险溢价，抑制了危机的扩散。但同时救助措施也存在道德风险等问题，OMT和ESM严格的执行条件很好地起到了防范道德风险的作用。最后，对欧债危机中最后贷款人救助机制的研究，为我国最后贷款人制度的建立和完善提供了启示。与发达国家健全的金融市场相比，我国金融业尚处在发展初期，在各种金融风险防范制度相对不健全的情况下，金融市场更易暴露出脆弱性。当前为保障我国金融命脉安全，稳定经济发展环境和增强国际竞争力，借鉴欧洲经验建立并完善最后贷款人制度及其配套措施也就显得极为重要。
[Abstract]:At the end of 2009, the three major international rating agencies lowered the Greek sovereign credit rating and the Greek government debt crisis broke out, opening the prelude to the European sovereign debt crisis. The European debt crisis intensified, leading to systemic risk within the EU, making the rescue of the lender of last resort necessary in September, October, and the direct currency of the European Central Bank. OMT and EU's European stability mechanism (ESM) have been set up. The ECB -ESM joint relief mechanism has become the cornerstone of the European debt crisis relief system.
The starting point of this article is the lender of last resort theory. Thornton and Bajit's thought formed the core of the classical lender of last resort theory, and put forward the policy measures of the lender of last resort - the modern lender of last resort theory since the.20 century's principle has deepened the research on the most post lender system from many angles, making the lender of last resort The theoretical basis of the system is closer to the modern financial environment. The lender of last resort theory has also gained a new development in the European debt crisis. First, the expansion of the implementation subject, the European Central Bank, the EU and IMF both perform the function of the lender of last resort in varying degrees. Secondly, the innovation of the means of implementation and the part of the ECB used in the crisis. The conventional monetary policy and the relief fund set up by the European Union are all innovations for the traditional lender of last resort.
The end of this article is the practice of the lender of last resort in the European debt crisis. This article combed and evaluated the European Central Bank and the EU level of relief measures. The European Central Bank and the EU's lender of last resort relief measures provided liquidity for the debtor countries and financial institutions, stabilized the market confidence and reduced the risk of debt state debt. The premium has suppressed the spread of the crisis. But at the same time, there are moral risks, such as the rescue measures, and the strict implementation conditions of OMT and ESM have played a good role in preventing moral hazard.
Finally, the study on the rescue mechanism of the lender of last resort in the European debt crisis provides the inspiration for the establishment and improvement of the lender of last lender of China. Compared with the sound financial market in the developed countries, our financial industry is still in the early stages of development, and the financial market is more vulnerable to fragility in the case of the relatively unsound financial risk prevention system. It is very important to establish and improve the lender of last resort and its supporting measures for the security of the lifeblood of our country, the stability of the economic development environment and the enhancement of the international competitiveness.
【学位授予单位】：上海国际问题研究院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F815;F835

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