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    Please use this identifier to cite or link to this item: http://ccur.lib.ccu.edu.tw/handle/A095B0000Q/285

    Title: 歐洲主權債務危機的發展與演變:1999~2013;The Dynamics of European Sovereign Debt Crisis: 1999~2013
    Authors: 許庭瑜;HSU, TING-YU
    Contributors: 戰略暨國際事務研究所
    Keywords: 歐洲主權債務危機;歐元;三元悖論;三巨頭;財政公約;European Sovereign Debt Crisis;Euro;the Mundell-Fleming trilemma;Troika;Fiscal Compact
    Date: 2017
    Issue Date: 2019-07-17
    Publisher: 戰略暨國際事務研究所
    Abstract: 本篇論文主要從三元悖論的觀點探討歐洲主權債務危機。歐洲主權債務危機意指2009至2012年間,由希臘、愛爾蘭、葡萄牙、西班牙與義大利等五國爆發之財政赤字與政府公債問題,並因共同貨幣—歐元—的使用,而使個別國家的困境演變為歐元區整體的危機。既有文獻多有將此危機歸因於歐豬五國財政紀律不彰者,但從三元悖論的理論觀之,此一危機在相當程度上亦源自歐元的制度設計。這是因為歐元區成員國參與貨幣整合時,其主要目的之一是促進資本更有效的配置,使得整體經濟效益發揮到極大化。但為了成就「資本自由移動」與「匯率穩定」,各國必須犧牲其「貨幣政策自主性」。本篇論文首先回顧歐元成立的歷史,藉以指出歐元區實現貨幣聯盟卻未能達成有效的財政整合之背景。其次,本文探討歐豬五國爆發危機的過程,指出貨幣自主權的喪失使其無法透過調降匯率的方式(貶值)因應其問題。這導致了三巨頭—歐洲聯盟、國際貨幣基金以及歐洲中央銀行—的干預。本文最後因此指出三巨頭不僅針對爆發危機的國家提出一系列之緊急救援措施與改革方案,也進一步檢視並處理集體與制度的層次問題,而以包括「財政公約」在內的措施以期能解決及預防債務信用危機。
    This thesis looks into the European sovereign debt crisis from a perspective of the Mundell-Fleming trilemma. The European sovereign debt crisis refers to the problems of excessive fiscal deficits and government debt in Greece, Ireland, Portugal, Spain and Italy between 2009 and 2012 which, because of the adoption of common currency, the euro, rendered troubles of individual states to become a crisis of the entire eurozone. Many studies point to weak fiscal discipline as the main cause of the crisis, but a perspective of the Mundell-Fleming trilemma suggests the institutional design of the euro as a more fundamental factor. While one of the purposes for those states to participate in monetary integration was to enable the effective allocation of the capital so as to maximize the overall economic benefits, the achievement of “free flow of the capital” and “exchange rate stability” nevertheless takes as the expense “monetary policy autonomy,” which constrained how states could react when facing fiscal problems. This thesis first reviews the history of the euro, pointing out the background in which the eurozone realized a monetary union but failed to achieve effective fiscal integration. Second, the thesis analyzes the eruption of sovereign debt crisis in each of the five states, indicating how the lack of monetary autonomy prevented them from using depreciation as a policy instrument. The crises of individual member states ultimately called for the intervention of the Troika, i.e., the European Union, International Monetary Fund and the European Central Bank. The thesis in the final part points out that the Troika not only put forth a series of emergency bail-out measures and reform packages for those states in need, but have also come to examine and address issues at the collective and institutional level, with the adoption of the “Fiscal Compact,” among others, as the means to tackle the crisis as well as prevent new ones from happening.
    Appears in Collections:[戰略暨國際事務研究所] 學位論文

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