欧元区央行间资金融通与国际收支失衡调整及危机应对

发布时间：2018-01-15 13:09

本文关键词：欧元区央行间资金融通与国际收支失衡调整及危机应对　出处：《国际经济评论》2012年03期 　论文类型：期刊论文

【摘要】：欧债危机爆发以来,由于私人资本流入急剧下降、银行间市场萎缩,希腊等国只能通过官方渠道弥补国际收支失衡,其中一个重要渠道是TARGET2。德央行与希腊等边缘经济体央行分别是TARGET2项下的债权方、债务方。这一渠道的资金融通,超过了欧盟和IMF对希腊等国的救助规模,对欧元区国际收支失衡调整和欧债危机应对,发挥了重要作用。今后一段时期,TARGET2失衡可能会继续扩大。在欧元区经济金融联系减弱、财政联盟和经济治理没有实质进展情况下,未来顺差国持续提供融资的动力可能减弱,TARGET2下央行间大额资金融通将难以为继,其对欧元区经济金融稳定的影响值得关注。
[Abstract]:Since the outbreak of the European debt crisis, as private capital inflows have plummeted and the interbank market has shrunk, countries such as Greece have had to make up for the balance of payments imbalances through official channels. One of the important channels is TARGET2.The German central bank is a creditor under the TARGET2 and the central bank of a marginal economy such as Greece is a debtor. Beyond the size of the European Union and IMF to Greece and other countries, the adjustment of the balance of payments in the euro zone and the response to the European debt crisis, played an important role in the coming period. TARGET2 imbalances are likely to continue to widen. In the absence of substantial progress in fiscal union and governance in the eurozone, the momentum for continued financing in the future surplus countries is likely to wane. The impact on the euro zone's economic and financial stability will be a cause for concern for the TARGET2, which will be hard to sustain.
【作者单位】：中国世界经济学会;中国人民银行法兰克福代表处;
【分类号】：F835;F831.6
【正文快照】： 本质上,欧债危机也是欧元区国际收支危机。尽管作为一个整体,欧元区经常项目基本平衡,但与本国GDP相比,区内德国、荷兰等国存在巨大顺差,而希腊、爱尔兰、葡萄牙、西班牙及意大利等存在较大逆差。欧债危机前,经常项目逆差国主要依靠国外私人资本流入弥补储蓄—投资缺口;危机后

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