欧债危机的原因(全英)

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这篇文章的重点是A(accountability)R(representation)C(control),我们学的这门课就是ARC这篇文章的目的要从ARC的角度去分析欧债危机的原因和影响。这文章写了features(这就是原因)和影响,但是没有占在ARC的角度去分析。这文章没有对ARC定义这文章最大的问题是虽然写了原因和影响,但是没有结合ARC去分析原因和影响也就是说要把原因和影响跟ARC对应起来哪些原因和影响属于A,哪些属于R,哪些属于C(时间紧个别不能对应别对应也可以)对ARC的定义,和详细介绍我课件里面有,最快的速度只能从课件入手了。每个ppt的后半部分老师都有分析一些观点,那些观点是都有对应的一片article,这些资料,我都有发过去。Conclusion可以写一些对欧债危机的可能的解决方案,时间紧,不写也没关系重点是要把原因和影响跟ARC结合起来,先要对ARC定义一下3.2ARCanalysis这个标题是从ARC去分析但是内容是从三张财务报表(Balancesheet,Profitandlossaccount,Cashflowstatement)去分析了,这财务报表时属于R的范围。这是题目Discusswhethertheconceptsofaccountability,representationandcontrolcanhelpexplaintheEurocrisis.Usecoursematerialsinyouranswer.重点:先定义ARC三个概念是什么,然后通过ARC三个概念去分析原因和影响。Thetotalnumbersofwordsexcludingappendices:2852ShouldEuro-systembeResponsiblefortheEuroCrisis?contents1Introduction................................................................................................32FeaturesoftheEuro-system.....................................................................42.1.Inconsistentcontrolresultedby“Singlecurrency,differentfiscalpolicy”.......................................................................................................52.2.Intoleranceofasymmetricshocks....................................................52.3.Slowreactionunderthecollectivedecisionmechanism...................63TheinfluencecausedbytheEuro-system.................................................73.1.MatthewEffect..................................................................................73.2.ACRanalysis....................................................................................83.2.1Balancesheet:devaluedassets,highliabilities......................83.2.2Profitandlossaccount:out-of-balance.................................103.2.3Cashflowstatement:soaringfinancingcost..........................114Conclusion...............................................................................................121IntroductionTheGreekfiscalcrisisintheautumnof2009createdunprecedentedchallengestoboththegovernanceoftheeuroareaandofGreece.Inresponseofthesubprimecrisisin2008,theGreekgovernmenthelpedthecommercialbanksandfinancialinstitutionsovercomethedifficultiesthroughcontractingaloantoothercountries.Asaresult,untilOctober2009,thesuccessivegovernmentofAthensannouncedthedeficitbudgetandgovernmentobligationswereupto12.7%and113%ofGDPrespectively,whiletheupperboundsstipulatedbyEuropeanCentralBank(ECB)andEuropeanSystemofCentralBanks(ESCB)are3%and60%.WiththeincreasinglydeteriorationofthefiscalpositionofGreek,theglobalcreditratingagenciesjunkeddownthegradeofGreece,whichraiseditsfinancingcostinturnandbeganthecreditcrisis(NewYorkTimes,2010a).Inparallel,Greekhugemarketcrashriskedaworldwideconflagration,alongsidecreatedthe“PIGS”,whichwasreferredtotheeconomicrecessionofPortuguesa,Italy,GreeceandSpain.Thesefourcountriesraisedworldwideattentionandwerefallendownthegrades,meanwhiletriggeringpanicsallovertheworld(Eichengreen,2010).AmericansubprimecrisismaybethetriggeroftheEuroCrisis,butnottheintrinsicfundamentalcause.ThepurposeofthisarticleistofindoutthefoundationstoneofEuroCrisisfromthetermsofACR.Thefiscaldataofseveralcountriesofeuroareaprovideusanewperspectiveoftheirfinancialsituationthattheinevitabilityofthiscrisis,andmaybeeuroitselfanditsoperationsystemisthemainculprit.AsSoros(2012)pointedouttheEuroCrisisisstemmedfromtheeuro,whichisbuiltabovetheflawedfinancialsystemcausedbyAmericansubprimecrisisin2008,webelievetheconstructionofeuromightbemuchresponsibleforthecrisis.Inordertodevelopthistheme,thisarticlebeginswiththeintroductionofeuro’sfeatures;shiftstoananalysisofeuro’seffectonthecrisisfromACRconcepts.2FeaturesoftheEuro-system11euroareacountries’adoptionofasinglecurrency-theeuroon1999meansaneweraofmonetarypolicycalledEMU(EuropeanMonetaryUnion)andthebirthofEuro-system.TheEuro-systemconsistsindefiningandimplementingtheeuroarea'smonetarypolicy.Itsbasictasksincludeachievingpricestability;holdingforeignexchangeoperationsundertheArticle109oftheMaastrichtTreaty;managingtheofficialforeignreservesofparticipatingEUcountries;drivingontheoperationofpaymentsystems;andconductingthepoliciesofgovernmentalresponsiblefortheprudentialsupervisionofcreditinstitutionsandthestabilityofthefinancialsystem(Otmar,1999).Besides,theEuro-systemhasimportantfunctionstoadvisoryaboutnewEUandnationallegislation.However,expectfortheadvantagestheEuro-systemprovidingtheparticipatingcountries,itsdarksidewouldmakethempaytheprice.FromaACRview,theeuroareaisoutofconditiontobetheoptimalcurrencyarea.ThetypicalinstitutionalfeatureofEMUisusingthesinglecurrencybutdifferentfinancialpolicy,whichmeansEMU’smembersusetheeuroastheircurrencyincirculationwhiletheyareindependentinconstitutingthefiscalpolicy.Manyscholarshaveimproveditswitnessesduringeconomicdevelopment.2.1.Inconsistentcontrolresultedby“Singlecurrency,differentfiscalpolicy”Unlikesovereignstates,countriesinEMUcouldconductthefinancialpolicyandexecutionbythemselveseveniftheytransfertheautonomyofmonetarypolicy.Thissystemresultsinaspecialmacro-econom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