从欧洲的希腊违约,到美国的债务上限威胁,到日本200%的负债率,再到中国地方融资平台问题,全球经济正在经历一轮公共债务危机起于2007年的次贷危机,是美国私人债务危机的一次大爆发。这次爆发的后果之一,则是一方面推动私人债务转为政府债务;另一方面造成政府债务问题暴露,并演化为偿付危机。现在,全球经济正在承受一轮 From the Greek default in Europe to the U.S. debt ceiling threat to the Japanese debt ratio of 200% to China’s local financing platform, the global economy is experiencing a round of public debt crisis. The subprime mortgage crisis started in 2007, A big outbreak of the debt crisis. One of the consequences of this outbreak was the promotion of private debt to government debt on the one hand, and the exposure of the government debt problem on the other and the evolution of a crisis of repayments. Now, the global economy is undergoing a round