美国巴尔的摩论文代写：财政政策
美国巴尔的摩论文代写：财政政策
我们知道，货币政策是统一的，但同时，财政政策是分散的。一些国家，随着外部盈余的增加和竞争的加剧，实行固定汇率的财政政策，意味着大量的劳动力成本支出。
相反，一些国家，财政赤字高，对房地产泡沫，通过降低利率，降低再融资成本，增加他们的经济。
2008后，世界金融危机，这些逆变器和投机者间差距扩大率在欧盟和削弱单一货币概念。
这种破坏的原因可以从尊重和遵守各项规则不足的动车组是新加坡的约定或稳定增长公约下决心干。缺乏一个有效的工具来解决系统的宏观经济失衡。
烦恼从理论中继承
根据最优货币区的定义，欧元区并不被认为是最优货币区。它是一种地理区域，在该地区单一货币可以产生最大的经济效益。欧元区在资本流动性、劳动力和工资方面缺乏灵活性，因为两者都不存在任何一个因素。一个非常大的共同预算是必不可少的，以面对可能的非对称冲击，其中一些成员的影响。由于一个或多个成员国的债务和支出不成比例，因此需要一个单一的货币政策和共同的财政政策。在不同的增长和通货膨胀的情况下，这个系统有一些反复无常的影响（蒙代尔1961）。
建立欧元区主权债务危机
过去，由于德国、法国和意大利的经济增长缓慢，占欧元区GDP的三分之二，因此欧洲央行保持其干预利率，并以较低的利率回购协议？另一方面，西班牙有更高的利率。这项措施是管理货币市场利率，一个额外的工具，特别是在外汇交易中，以德国为例，目前已由央行干预汇率的趋势的时候，德意志银行正在欣赏的时候贬值。
美国巴尔的摩论文代写：财政政策
As we know, the monetary policy is uniform, however, at the same time, the fiscal policy is decentralized. Some countries, with an increasing external surpluses and being more and more competition, implement the fiscal policy at fixed exchange rate that means, a lot expenditure on the labor cost.
On the contra, some countries, with a highly fiscal deficit and on housing bubbles, increase their economy by using the lower rate of interest, lower cost of refinance.
After 2008, the world financial crisis, those inverters and speculators widened inters rate disparities in EU and weakened the single currency notion.
The reason for this damage may be stem from the respect and insufficient observance of the rules agreed under EMU which are decided in the SGP or the Stability Growth Pact. There is lacking an effective instrument to address systematically macroeconomic imbalances.
Troubles inherit from the theory
Referring to the definition of the optimum currency area, Eurozone is not regarded as an optimum currency area. It is a kind of a geographic area, in the area the single currency can produce the greatest economic benefit. There is lack of flexibility in Eurozone in terms of capital mobility, labor and wage because there is no adherence to either of the two. A very large common budget is essential so as to face the probable asymmetric shocks by which some of the members are impacted. As one or many members raises their debt and spending disproportionately thus there is a need of a single monetary policy together with a common fiscal policy. This system has some capricious effects, in the circumstance of divergent growth and inflation (Mundell 1961).
Build-ups to the Eurozone’s sovereign debt crisis
In past, because Germany, France and Italy were growing slowly, which takes represent the two-thirds of Eurozone GDP, so the ECB was keeping its intervention rates and repurchase agreement at lower rate? On the other hand, Spain has a higher rate. This measure is an additional tool for managing money market interest rates, especially, trading in a foreign exchange rate, take Germany be an example, there has been intervention in the trend of exchange rate by the Bundesbank at times when deutsche bank was appreciating and when it was depreciating.
