Solving the Financial and Sovereign Debt Crisis in Europe

Solving the Financial and Sovereign Debt Crisis in Europe

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時間:2019-07-11

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1、SolvingtheFinancialandSovereignDebtCrisisinEuropeby*AdrianBlundell-WignallThispaperexaminesthepoliciesthathavebeenproposedtosolvethefinancialandsovereigndebtcrisisinEurope,againstthebackdropofwhattherealunderlyingproblemsare:extremedifferencesincompetitiveness

2、;theabsenceofagrowthstrategy;sovereign,householdandcorporatedebtathighlevelsintheverycountriesthatareleastcompetitive;andbanksthathavebecometoolarge,drivenbydangeroustrendsin‘capitalmarketsbanking’.Thepaperexplainshowcounterpartyriskspreadsbetweenbanksandhowth

3、esovereignandbankingcrisesareservingtoexacerbateeachother.Ofallthepoliciesproposed,thepaperhighlightsthosethatarecoherentandthemagnitudesinvolvediftheeuroisnottofracture.JELClassification:E58,F32,F34,F36,G01,G15,G18,G21,G24,G28,H30,H60,H63.Keywords:Europecrisi

4、s,structuraladjustment,financialreform,counterpartyrisk,re-hypothecation,collateral,sovereigncrisis,Vickers,ECB,EFSF,ESM,euro,derivatives,debt,cross-borderexposure.*AdrianBlundell-WignallistheSpecialAdvisortotheOECDSecretaryGeneralonFinancialMarketsandDeputyDi

5、rectoroftheDirectorateforFinancialandEnterpriseAffairs(DAF).TheauthorisgratefultoPatrickSlovik,analyst/economistinDAF,whoprovidedthedataforTables2,3,4and5andofferedvaluablecommentsontheissuestherein.ThepaperhasbenefittedfromdiscussionswithPaulAtkinson,SeniorRe

6、searchFellowatGrouped’EconomieMondialedeSciencesPo.Theauthorissolelyresponsibleforanyremainingerrors.ThisworkispublishedontheresponsibilityoftheSecretary-GeneraloftheOECD.Theopinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficialviewsofth

7、eOrganisationorthegovernmentsofitsmembercountries.1SOLVINGTHEFINANCIALANDSOVEREIGNDEBTCRISISINEUROPEI.IntroductionandexecutivesummaryWhilethecurrentfinancialcrisisisglobalinnature,Europehasitsownspecialbrandofinstitutionalarrangementsthatarebeingtestedintheext

8、remeandwhichhaveexacerbatedthefinancialcrisis.Themonetaryunionisbeingsubjectedtoasymmetricrealshocksthroughexternalcompetivenessandtrade.Withtheinabilitytoadjustexchangerates,these

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