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Greece and the Western Financial Crisis

机译：希腊和西部金融危机

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摘要

Greece and the other crisis nations of the Western financial crisis are, to a large extent, victims of a dysfunctional international monetary system that has caused multiple financial crises since the collapse of the Bretton Woods system in 1973. In the Eurozone, the government bond market allowed the government of Greece to borrow at favorable rates without taking into account the possibility of default until it was too late. The capital from the surplus countries, Germany and the Netherlands being the most prominent, created housing price booms and housing construction in Ireland and Spain, while the public sector borrowed in Portugal and Greece. The problem of the recipient countries was magnified by imperfect institutions, such as inefficient financial supervision or an inefficient or corrupt political establishment. Thus, financial integration magnified local problems and made them take on an international dimension. The burden of adjustment within the Eurozone has been left largely with the debtor countries. The surplus countries have not reduced their current account surpluses. Though macroeconomic and public sector imbalances have been reduced in Greece, the country continues to lose its young through emigration and a vibrant export sector has not emerged.
机译：希腊和西方金融危机的其他危机国家在很大程度上，在1973年布雷顿森林制度崩溃以来，这一功能失调的国际货币基金组织的受害者已经造成了多个金融危机。在欧元区，政府债券市场欧元区允许希腊政府以优惠的价格借用，而不考虑到违约的可能性，直到为时已晚。来自盈余国家，德国和荷兰的资本是爱尔兰和西班牙最突出的，创造的住房价格繁荣和住房建设，而在葡萄牙和希腊借入的公共部门。受援国的问题被不完善的机构放大，例如低效的金融监督或效率低下或腐败的政治企业。因此，金融整合放大了地方问题，并使其承担国际维度。欧元区内调整的负担在很大程度上与债务人国家留下。盈余国家没有减少其经常账户盈余。虽然希腊的宏观经济和公共部门失衡减少，但国家继续通过移民失去年轻人，并没有出现充满活力的出口部门。

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  • 来源
    《Atlantic economic journal》 |2019年第2期|113-126|共14页
  • 作者

    Gylfi Zoega;

  • 作者单位

    Department of Economics University of Iceland 2 Saemundargata 101 Reykjavik Iceland Department of Economics Mathematics and Statistics Birkbeck College University of London Malet St London WC1E 7HX UK;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Capital flows; Current account; Financial crisis;

    机译：资本流动;经常账户;金融危机;

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