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学界从不同角度反思了欧洲债务危机的成因,但欧元区成立与制度设计、全球金融危机的外生冲击,更多只能表现为外因和导火索。文章基于新的视角,理论分析了产业空心化通过实体经济停滞、劳动力市场扭曲、对外依存度恶化、资产价格膨胀四条路径引致欧洲债务危机的爆发。对各条作用路径进行的实证检验表明,欧债国家各自传导路径虽有所侧重,但产业空心化才是债务危机的根源;欧债国家产业空心化带来了实体经济停滞、房地产过度投资、失业剧增等一系列结构扭曲;脆弱的实体经济在外部冲击之下陷入了债务泥潭。吸取欧债危机教训,中国应更注重实体产业竞争力的构建,防范产业空心化的出现,实现产业兴邦。
The academic circles reflected the causes of the European debt crisis from different angles. However, the establishment of the Euro-zone and the design of the system, the exogenous shock of the global financial crisis, can only be manifested as external causes and fusers. Based on a new perspective, the article analyzes the outbreak of the European debt crisis caused by industrial hollowing through the four paths of real economy stagnation, labor market distortions, deteriorating dependence on foreign countries and asset price inflation. Empirical tests on various paths of action show that although the respective conduction paths of European debt countries are focused, the hollowing out of industries is the root cause of the debt crisis; the hollowing-out of industries in European debt countries has caused the sluggish real economy, excessive investment in real estate, A series of structural distortions such as a sharp increase in unemployment and the like; the fragile real economy has plunged into debt quagmire under external shocks. Lessons learned from the debt crisis in Europe, China should pay more attention to the construction of the competitiveness of the real industry, to prevent the emergence of industrial hollow, to achieve industry Xingbang.