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本文通过重点关注南欧四个遭遇了严重主权债务危机的欧元区国家的制度基础,来研究欧元区危机的起因以及对其作出的反应。本文利用资本主义多样性文献中的基本观点,旨在说明协调市场经济与混合市场经济在制度设立方面的相互作用。本文将欧元区的主权债务危机解释为以下两个特点的结合:第一,共同货币区的制度框架,它为本地区内存在广泛异质性的经济体设立了共同利率;第二,加入欧元区的两种经济体,即协调市场经济和混合市场经济拥有的具体的制度基础。理解这两个因素及其相互作用不仅有助于解释为何南欧国家更易遭受爆发性公共债务的影响,而且可以解释政策制定者在过去两年欧元区危机持续发展的过程中为何坚持选择紧缩政策而非债务重组。
This article examines the causes of and responses to the crisis in the euro area by focusing on the institutional foundations of the four euro-zone countries in South Europe that have experienced serious sovereign debt crises. This article takes advantage of the basic ideas in the literature on capitalism diversity and aims to illustrate the interaction between a market economy and the establishment of a mixed market economy. This article interprets the sovereign debt crisis in the euro area as a combination of two characteristics: first, the institutional framework of the common currency region, which sets a common interest rate for a wide range of heterogeneous economies in the region; and second, the introduction of the euro The two types of economic zones in the region, that is, the specific institutional basis owned by the coordinated market economy and the mixed market economy. Understanding these two factors and their interactions not only helps to explain why southern European countries are more exposed to explosive public debt but also explains why policymakers persist in choosing a policy of austerity over the continued crisis in the euro zone over the past two years Non-debt restructuring.