摘要
自1970年以来,无论是发达经济体还是新兴市场和发展中国家(EMDEs),债务积累都是一个反复出现的特征。本文以EMDEs为例,研究全球宏观债务浪潮的演变路径。具体地,本文分析了EMDEs发生各轮债务浪潮的异同,归纳了决定与影响债务浪潮演变路径的各项因素,概括了值得警惕的经验教训以及国家当局的应对之策,并提出了政策建议。
Since 1970,debt accumulation has been a recurring feature in both advanced economies and emerging markets and developing countries(EMDEs).This article takes EMDEs as an example to study the evolution path of the global macro debt wave.Specifically,this article analyzes the similarities and differences between the various rounds of debt waves in EMDEs,summarizes the factors that determine and influence the evolution of the debt wave,summarizes the vigilant experience and lessons,and the national authorities’response strategies,and proposes policy recommendations.
作者
曾繁荣
Zeng Fanrong(Ganzhou Central Branch of the People’s Bank of China)
出处
《金融发展评论》
2020年第10期12-28,共17页
Financial Development Review
关键词
宏观债务浪潮
影响因素
经验教训
政策努力
Macro Debt Wave
Influencing Factors
Experience and Lessons
Policy Efforts
