成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
歐洲如何走出經(jīng)濟(jì)泥潭?

歐洲如何走出經(jīng)濟(jì)泥潭?

Cyrus Sanati 2014-08-19
市場預(yù)計(jì)歐洲央行將很快增加貨幣刺激,解決核心經(jīng)濟(jì)體增長乏力的問題。但這絲毫無益于于歐洲的長期經(jīng)濟(jì)前景。實(shí)施堅(jiān)定的結(jié)構(gòu)改革以吸引穩(wěn)定的私人投資才是關(guān)鍵。

????歐洲經(jīng)濟(jì)要想擺脫低迷,沒有任何捷徑可走。

????雖然新一輪貨幣刺激可能幫助減緩一些癥狀,帶來短期的好轉(zhuǎn),卻無法真正達(dá)到“治愈”的效果。歐洲要想徹底走出經(jīng)濟(jì)泥潭,必須實(shí)施堅(jiān)定的結(jié)構(gòu)改革以吸引穩(wěn)定的私人投資。要完成這個(gè)任務(wù)并不容易,但也不是不可能的。

????上周四公布的歐洲經(jīng)濟(jì)狀況數(shù)據(jù)描繪出一幅慘淡的圖景。今年第二季度,歐元區(qū)總體經(jīng)濟(jì)增長停滯,結(jié)束了許多人認(rèn)為才剛開始萌芽的經(jīng)濟(jì)復(fù)蘇。經(jīng)濟(jì)表現(xiàn)不佳的國家包括歐洲最大、最靈活的市場——德國。由于消費(fèi)者信心疲弱,工業(yè)生產(chǎn)萎靡,德國經(jīng)濟(jì)比上一季度萎縮了0.2%。

????在其他歐洲國家,雖然一些邊緣國家的表現(xiàn)令人鼓舞,西班牙的GDP有相對(duì)健康的上漲,但總體表現(xiàn)仍令人沮喪。此外,鑒于過去幾年西班牙與其他邊緣國經(jīng)濟(jì)下滑的幅度之大,要想恢復(fù)原有的經(jīng)濟(jì)基礎(chǔ),現(xiàn)在的表現(xiàn)還遠(yuǎn)遠(yuǎn)不夠。

????隨著令人沮喪的經(jīng)濟(jì)數(shù)據(jù)的公布,投資者紛紛逃向安全的市場,歐洲的主權(quán)債券收益率隨之下跌。德國10年期國債的收益率首次低于1%。投資者們認(rèn)為,疲弱的GDP數(shù)據(jù)將促使歐洲央行開始新一輪貨幣刺激,而這一次將通過資產(chǎn)購買計(jì)劃實(shí)施。

????但歐洲央行并未立即做出反應(yīng),這并不意外,因?yàn)槟壳罢麄€(gè)歐洲都處在假期。但投資者相信,歐洲央行很快將采取措施,通過增加刺激,解決歐洲核心經(jīng)濟(jì)體增長乏力的問題。

????這或許是正確的,但對(duì)于歐洲的長期經(jīng)濟(jì)前景沒有任何助益。這種“大劑量”的貨幣刺激可能會(huì)推高利率,但卻無法促進(jìn)經(jīng)濟(jì)增長,尤其是目前歐洲大陸迫切需要的長期增長。

????以日本為例。日本經(jīng)濟(jì)緩慢而痛苦地衰退了25年。因?yàn)槿毡菊J(rèn)為,它可以通過貨幣政策解決經(jīng)濟(jì)問題,期望壞消息很快會(huì)消失。當(dāng)債券收益率低于1%時(shí),日本也開始了一輪接一輪的貨幣刺激和量化寬松,希望能促進(jìn)經(jīng)濟(jì)增長。十年后,日本經(jīng)濟(jì)依舊未見好轉(zhuǎn)。上周二公布的第二季度經(jīng)濟(jì)數(shù)據(jù)顯示,日本當(dāng)季GDP較上一年縮水了6.8%。雖然很大程度上要?dú)w因于日本國內(nèi)消費(fèi)稅上調(diào),但這樣的下降幅度依舊令人意外。

????There is simply no easy fix for Europe’s depressed economy.

????While another healthy dose of monetary stimulus might help bring down the fever and provide some short-term relief, it won’t cure the patient. For that, Europe needs to take on some tough structural reform aimed at attracting a steady stream of private investment. While that’s no easy task, it’s hardly impossible.

????Data released Thursday on the health of Europe’s economy painted a bleak picture. Overall economic growth in the second quarter of the year was flat, effectively ending an economic recovery on the continent some had believed was just in its infancy. Among the economic losers was Germany, Europe’s largest and most resilient market. Its economy contracted 0.2% from the previous quarter on weak consumer sentiment and tepid industrial production.

????As for the rest of the continent, while there was some encouraging news from Europe’s periphery, with Spain posting a relatively healthy uptick in GDP, things, for the most part, were pretty depressing. Given how far the economies of Spain and the rest of the periphery have fallen over the last few years, they’ll need to see much stronger growth if they ever hope to get back on sound economic footing.

????As the sorry economic news hit the tape, sovereign bond yields across the continent fell as investors fled to safety. That increase in demand pushed yields on the German 10-year bond below 1% for the first time ever. Investors were essentially betting that the weak GDP numbers would prod the European Central Bank to set off another round of monetary stimulus, this time through an asset buying program.

????The ECB didn’t react immediately, which isn’t a surprise given that the entire continent is on vacation at the moment. Nevertheless, investors are confident that the central bank will soon move to address the weakness at the heart of Europe’s economy through increased stimulus of some kind.

????That may be true, but it doesn’t shed any light on the fate of Europe’s long-term economic prospects. Such heavy doses of monetary stimulus may move rates, but it won’t foster economic growth on its own, especially the sort of long-term growth needed on the continent.

????Just look at Japan. Its economy has been in a slow and painful decline for the past 25 years. That’s because Japan thought it could solve its economic issues by throwing money at the problem and hoping the bad news would just go away. When bond yields fell below 1%, it too embarked on round after round of monetary stimulus and quantitative easing in the hopes of reigniting growth. A decade later, Japan is no better. It reported a 6.8% (annualized) drop in its GDP on Tuesday for the second quarter. While much of that decrease has been attributed to an increase in the state consumption tax, it remains a sizable move to the downside.

掃描二維碼下載財(cái)富APP
国产高清美女一级毛片久久| 久久国产精品偷导航| 成人va在线一区二区三区四区| 雯雯被四个男人拖进工地| 亚洲AV永久纯肉无码精品动漫| 亚洲精品欧美综合四区| 天天天天躁天天爱天天碰2018| 国内精品国产成人国产三级| 日韩免费精品一区二区三区| 日韩中文在线欧美日韩一区二区| 男女做爽爽爽网站| 精品韩国亚洲AV无码久久品赏| 国产乱人伦中文无无码视频试看| 久久精品国产69国产精品亚洲| 人妻 日韩 欧美 综合 制服国产| 日韩女同中文字幕永久在线| 伊人久久大香线蕉综合电影| 夜鲁鲁鲁夜夜综合视频欧美| 亚洲永久无码7777kkk| 亚洲国产tv在线观看| 囯产极品美女高潮无套久久久| 无码人妻αⅤ免费一区二区三区| 国产一区二区三区影院| 日韩精品成人无码亚洲AV无码| 色天使久久综合给合久久| 午夜精品久久久久久| 二级国产片二级国产毛片| 色悠悠久久久综合88| 国产一级a毛一级a看免费视频视频一区二区三区| 精品日本亚洲一区二区三区| 一色桃花亚洲综合影院| 日韩人妻中文字幕毛片a√| 国产成人午夜福利在线观看视频| 日韩欧美一区二区精品久久第一页| 欧美V国产V亚洲V日韩九九| 久久午夜无码鲁丝片秋霞| 深夜A级毛片免费视频| 亚洲A∨无码一区二区猫咪| 色综合久久久久久久久五月| 久久乐国产精品亚洲综合| 午夜av精品一区二区三区|