摘要
在加入欧元区之后,欧猪国家在享受低利率红利的同时,却忽略了固定汇率带来的竞争加剧,随着欧猪国家产业竞争力的相对下降,其经济增长日益依赖于信贷的过度扩张,其结果是内需旺盛导致经常项目赤字持续扩大,而这只能通过大量外部融资予以维系。这种经济发展模式较为脆弱,在金融危机的外部冲击下,使得实体经济陷入困境,最终以债务危机的形式表现出来。
After joining in the Euro zone, PIIGGS have neglected the severe competition brought about by fixed exchange rate as they were actually enjoying the benefits from the low interest rate of Euro. Losing industrial competiveness, they have increasingly resorted to excessive credit for economic growth. The imbalances of their economic structures have led to a yawning gap in their current account deficit which could not be narrowed down except for external financing. Such economic development pattern is fragile because the real economy is suffering under the negative impact of financial debt crisis. crisis, which will eventually develop into
出处
《战略决策研究》
2013年第3期42-49,共8页
Journal of Strategy and Decision-Making
