{"id":2490,"date":"2011-12-07T19:27:01","date_gmt":"2011-12-07T11:27:01","guid":{"rendered":"http:\/\/cusp.hk\/?p=2490"},"modified":"2012-02-06T00:01:02","modified_gmt":"2012-02-05T16:01:02","slug":"%e3%80%90%e5%9c%8b%e9%9a%9b%e3%80%91%e6%ad%90%e5%82%b5%e8%88%87%e7%84%a1%e4%ba%ba%e8%83%bd%e5%a4%a0%e7%9f%a5%e6%82%89%e7%9a%84%e6%9c%aa%e4%be%86","status":"publish","type":"post","link":"https:\/\/cusp.hk\/?p=2490","title":{"rendered":"\u3010\u570b\u969b\u3011\u6b50\u50b5\u8207\u7121\u4eba\u80fd\u5920\u77e5\u6089\u7684\u672a\u4f86"},"content":{"rendered":"

\"\"<\/p>\n

\u6587\uff1a\u856d<\/p>\n

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11\u6708\u521d\u5e0c\u81d8\u7e3d\u7406\u672c\u6253\u7b97\u5c07\u7dca\u7e2e\u8ca1\u653f\u65b9\u6848\u4ea4\u4e88\u5168\u6c11\u516c\u6295\u6c7a\u5b9a\uff0c\u5f8c\u4f86\u537b\u56e0\u6050\u61fc\u65b9\u6848\u88ab\u5426\u5b9a\u800c\u64a4\u92b7\u516c\u6295\u3002\u73fe\u4eca\u5e0c\u81d8\u8655\u65bc\u4e00\u500b\u6975\u5ea6\u66d6\u6627\u7684\u8655\u5883\u2500\u2500\u8981\u662f\u5979\u4e0d\u63a8\u884c\u7dca\u7e2e\u653f\u7b56\uff0c\u90a3\u9ebc\u5979\u5c31\u5f97\u4e0d\u5230IMF\u7684\u6551\u52a9\u8cb8\u6b3e\uff0c\u4f46\u7919\u65bc\u6c11\u773e\u5c0d\u7dca\u7e2e\u7684\u61a4\u6012\uff0c\u5e0c\u81d8\u653f\u5e9c\u537b\u751a\u9ebc\u90fd\u505a\u4e0d\u4e86\u3002\u770b\u770b\u9019\u5e7e\u500b\u661f\u671f\u8f3f\u8ad6\u7684\u8b8a\u5316\uff0c\u5927\u5bb6\u5df2\u7d93\u4e0d\u518d\u554f\u5e0c\u81d8\u61c9\u5426\u88ab\u6551\u52a9(bailout)\uff0c\u800c\u662f\u554f\u5e0c\u81d8\u61c9\u5426\u88ab\u9010\u51fa\u6b50\u5143\u5340\u3002<\/p>\n

\u63a5\u8457\u706b\u52e2\u8513\u5ef6\u5230\u6b50\u8c6c\u4e94\u570b\u4e4b\u4e00\u7684\u610f\u5927\u5229\uff0c\u66fe\u64d4\u4efb\u7e3d\u740618\u5e74\u7684\u5927\u5546\u5bb6\u8c9d\u76e7\u65af\u79d1\u5c3c\u56e0\u70ba\u7121\u529b\u89e3\u6c7a\u610f\u5927\u5229\u50b5\u52d9\u554f\u984c\u800c\u88ab\u8d95\u4e0b\u53f0\u3002\u610f\u5927\u5229\u570b\u50b5\u6536\u76ca\u7387(yield)\u66f4\u524d\u6240\u672a\u6709\u5730\u5347\u81f37.48%\u7684\u9ad8\u4f4d\uff08\u8a3b\u4e00\uff09\uff0c\u5230\u5e95\u610f\u5927\u5229\u6703\u5426\u51fa\u73fe\u50b5\u52d9\u9055\u7d04\uff1f\u8981\u662f\u610f\u5927\u5229\u9055\u7d04\uff0c\u90a3\u9ebc\u6574\u500b\u6b50\u5143\u5340\u53c8\u6703\u53d7\u5230\u751a\u9ebc\u6253\u64ca\uff1f<\/p>\n

\u6574\u500b\u6b50\u6d32\u9813\u6642\u70cf\u96f2\u5bc6\u4f48\u3002<\/p>\n

\u610f\u5927\u5229\u7684\u9677\u843d
\n<\/strong>
\n\u8b93\u6211\u5011\u5148\u5f9e\u610f\u5927\u5229\u958b\u59cb\u3002\u7d42\u65bc\uff0c\u80cc\u8ca0\u4e0a\u7121\u6578\u6027\u919c\u805e\u3001\u6d89\u5acc\u52fe\u7d50\u9ed1\u624b\u9ee8\u3001\u6372\u5165\u6bd2\u54c1\u4ea4\u6613\u7b49\u7b49\u7684\u8c9d\u76e7\u65af\u79d1\u5c3c\u8981\u8fad\u8077\u4e0b\u53f0\u4e86\u3002\u8ddf\u5e0c\u81d8\u7684\u65b0\u653f\u5e9c\u4e00\u6a23\uff0c\u610f\u5927\u5229\u7684\u65b0\u653f\u5e9c\u540c\u6a23\u4ee5\u6280\u8853\u5b98\u50da(technocrat)\u4e3b\u5c0e\uff08\u8a3b\u4e8c\uff09\uff0c\u65b0\u7e3d\u7406\u662f\u8499\u8482(Mario Monti)\uff0c\u4e00\u4f4d\u524d\u6b50\u76df\u59d4\u54e1\u6703\u6210\u54e1\u4ee5\u53ca\u7d93\u6fdf\u5b78\u5bb6\u3002<\/p>\n

\u666e\u904d\u4f86\u8aaa\uff0c\u5c0d\u8499\u8482\u7684\u7e7c\u4efb\u62b1\u6709\u6a02\u89c0\u614b\u5ea6\u7684\u4eba\u4e26\u4e0d\u591a\uff0c\u4ed6\u63a5\u624b\u7684\u610f\u5927\u5229\u53ef\u662f\u4e00\u500b\u5b9a\u6642\u70b8\u5f48\u3002\u610f\u5927\u5229\u7684\u7d93\u6fdf\u898f\u6a21\u63a5\u8fd12\u842c\u5104\u7f8e\u91d1\uff0c\u5979\u4e5f\u662f\u4e16\u4e0a\u7b2c\u4e09\u5927\u898f\u6a21\u7684\u50b5\u5238\u767c\u884c\u8005\uff0c\u540c\u4e00\u6642\u9593\u5979\u4e5f\u662f\u7576\u4eca\u5168\u7403\u6700\u5371\u96aa\u7684\u7d93\u6fdf\u9ad4\u7cfb\u2500\u2500\u4f60\u8aaa\uff0c\u6b50\u6d32\u5404\u570b\u6709\u9322\u6551\u52a9\u898f\u6a21\u53ea\u67093100\u5104\u7f8e\u5143\u7684\u5e0c\u81d8\uff0c\u4f46\u53c8\u6709\u8ab0\u80fd\u6551\u52a9\u610f\u5927\u5229\uff1f\u610f\u5927\u5229\u5be6\u5728\u662f\u592a\u5927\u4e86\uff0c\u5927\u5230\u4e0d\u80fd\u5012\u3002<\/p>\n

\u96d6\u7136\u5927\u5bb6\u90fd\u8a8d\u70ba\u610f\u5927\u5229\u7684\u5be6\u9ad4\u7d93\u6fdf\u6bd4\u5e0c\u81d8\u5f37\u592a\u591a\uff0c\u610f\u5927\u5229\u6709\u8db3\u5920\u7684\u511f\u4ed8\u80fd\u529b(solvency)\uff0c\u53ea\u662f\u5979\u6c92\u6709\u5e02\u5834\u6d41\u901a\u6027(liquidity)\uff0c\u5979\u6c92\u6709\u73fe\u9322\u53bb\u9084\u50b5\u800c\u5df2\uff0c\u53ef\u662f\u6211\u5011\u4e5f\u4e0d\u80fd\u4f4e\u4f30\u5e02\u5834\u4e0a\u6050\u61fc\u7684\u529b\u91cf\u3002\u8b6c\u5982\u8aaa\u65e9\u524d\u610f\u5927\u5229\u570b\u50b5\u7684\u6536\u76ca\u7387\u8d85\u904e7%\u6642\uff0c\u5c31\u8981\u628a\u5168\u4e16\u754c\u5687\u5f97\u767c\u6296\u4e86\u3002\u91d1\u878d\u5e02\u5834\u672c\u4f86\u5c31\u662f\u4e00\u500b\u81ea\u6211\u5be6\u73fe\u7684\u9810\u8a00\uff0c\u7576\u6536\u76ca\u7387\u4ea6\u5373\u610f\u5927\u5229\u8209\u50b5\u6210\u672c\u8d8a\u4f86\u8d8a\u9ad8\uff0c\u90a3\u610f\u5473\u8457\u610f\u5927\u5229\u5c07\u8d8a\u4f86\u8d8a\u96e3\u9084\u50b5\uff0c\u5728\u5404\u6295\u8cc7\u8005\u7684\u5fc3\u76ee\u4e2d\u4e5f\u5c31\u662f\u8d8a\u4f86\u8d8a\u63a5\u8fd1\u7834\u7522\u4e86\uff0c\u7136\u5f8c\u6536\u76ca\u7387\u53c8\u6703\u8d8a\u4f86\u8d8a\u9ad8\uff0c\u90a3\u9ebc\u8ddd\u96e2\u7834\u7522\u53c8\u8d8a\u4f86\u8d8a\u8fd1\uff0c\u7d50\u679c\u662f\u4e00\u500b\u7121\u7aae\u7121\u76e1\u7684\u60e1\u6027\u5faa\u74b0\u3002<\/p>\n

\u8aaa\u5230\u5e95\u65b0\u5b98\u4e0a\u4efb\u8981\u63a8\u52d5\u7684\u7d93\u6fdf\u6539\u9769\u4e5f\u4e0d\u904e\u5e7e\u62db\uff1a\u524a\u6e1b\u516c\u5171\u958b\u652f\uff0c\u884c\u7dca\u7e2e\u653f\u7b56\uff0c\u4ee5\u53ca\u7528\u76e1\u5404\u7a2e\u8fa6\u6cd5\u4fc3\u9032\u7d93\u6fdf\u589e\u9577\u3002\u4f46\u8499\u8482\u8981\u9762\u5c0d\u610f\u5927\u5229\u570b\u5167\u7684\u5c40\u52e2\u4e5f\u5341\u5206\u56b4\u5cfb\uff0c\u610f\u5927\u5229\u7684\u7d93\u6fdf\u589e\u9577\u505c\u6eef\u591a\u5e74\uff0c\u5e02\u5834\u540c\u6642\u9810\u671f2012\u5e74\u7684\u7d93\u6fdf\u589e\u9577\u50c5\u70ba0.1%\uff0c\u66f4\u4f55\u6cc1\u7dca\u7e2e\u653f\u7b56\u640d\u5bb3\u7fa4\u773e\u5229\u76ca\uff0c\u5176\u53cd\u6297\u53c8\u80fd\u5982\u4f55\u8a08\u91cf\uff1f\u672a\u4f86\u4ecd\u7136\u6697\u6de1\u3002<\/p>\n

\u7121\u80fd\u70ba\u529b\u7684\u6b50\u76df
\n<\/strong>
\n\u8df3\u51fa\u570b\u5bb6\u4e4b\u5167\u7684\u7bc4\u7587\uff0c\u6b50\u6d32\u7684\u8de8\u570b\u5bb6\u7d44\u7e54\u53c8\u6709\u751a\u9ebc\u89e3\u6c7a\u8fa6\u6cd5\u55ce\uff1f\u770b\u4f86\u6c92\u6709\u3002<\/p>\n

2010\u5e748\u6708\uff0c\u6b50\u6d32\u91d1\u878d\u7a69\u5b9a\u57fa\u91d1(EFSF)\u7d42\u65bc\u6295\u5165\u904b\u4f5c\u3002\u9019\u500b\u7531\u6b50\u76df\u53ca\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54(IMF)\u7d44\u6210\u7684\u57fa\u91d1\u662f\u4e00\u6b21\u81e8\u6642\u6027\u7684\u5b89\u6392\uff0c\u5b83\u7684\u4e3b\u8981\u8cac\u4efb\u662f\u5411\u6b50\u76df\u6210\u54e1\u570b\u63d0\u4f9b\u8ca1\u653f\u63f4\u52a9\u53ca\u8cb8\u6b3e\uff0c\u4ee5\u4fdd\u6301\u6b50\u6d32\u91d1\u878d\u9ad4\u7cfb\u7684\u7a69\u5b9a\u3002<\/p>\n

\u5728\u4eca\u5e7411\u6708\u521d\uff0c\u6b50\u5143\u5340\u8ca1\u9577\u6703\u8b70\u88e1\u9054\u6210\u5171\u8b58\uff0c\u5c07\u901a\u904e\u964d\u4f4e\u53d7\u56f0\u570b\u5bb6\u7684\u501f\u6b3e\u6210\u672c\u4ee5\u53ca\u5176\u4ed6\u6295\u8cc7\u5de5\u5177\uff0c\u628a\u57fa\u91d1\u7531\u672c\u4f86\u76844400\u5104\u6b50\u5143\u64f4\u5c55\u81f31\u842c\u5104\u6b50\u5143\u3002\u90a3\u5373\u662f\u8aaa\uff0c\u6b50\u6d32\u5404\u570b\u8981\u4ee5\u66f4\u5927\u529b\u9053\u4f86\u6551\u52a9\u53d7\u50b5\u52d9\u554f\u984c\u56f0\u64fe\u7684\u570b\u5bb6\u3002<\/p>\n

\u53ef\u662f\uff0c\u4eca\u5929\u5e0c\u81d8\u53ca\u610f\u5927\u5229\u7684\u653f\u5c40\u8b8a\u5316\u537b\u5728\u6b50\u6d32\u5404\u570b\u7684\u610f\u6599\u4e4b\u5916\uff0c\u8d8a\u4f86\u8d8a\u6253\u64ca\u6295\u8cc7\u8005\u5c0d\u8a72\u5169\u570b\u7684\u4fe1\u5fc3\uff0c\u4e5f\u5373\u610f\u5473EFSF\u8981\u6551\u52a9\u5169\u570b\u7684\u56f0\u96e3\u66f4\u5927\u4e86\u2500\u2500\u5b83\u8981\u4ed8\u51fa\u66f4\u591a\u7684\u6210\u672c\u4f86\u5438\u5f15\u6295\u8cc7\u8005\u3002<\/p>\n

\u53e6\u4e00\u65b9\u9762\uff0c\u6b50\u76df\u59d4\u54e1\u6703\u6700\u8fd1\u53c8\u63d0\u51fa\u4e86\u4e00\u500b\u65b0\u7684\u89e3\u6c7a\u8fa6\u6cd5\uff1a\u767c\u884c\u6b50\u5143\u50b5\u5238(EuroBond)\u3002<\/p>\n

\u6b50\u76df\u7684\u65b9\u6848\u6709\u4e09\uff1a\u4e00\uff0c\u5c07\u6b50\u76df\u6210\u54e1\u570b\u7684\u6240\u6709\u570b\u50b5\u8f49\u8b8a\u6210\u7d71\u4e00\u7684\u6b50\u5143\u50b5\u5238\uff0c\u7531\u6210\u54e1\u6703\u4e92\u76f8\u627f\u64d4\u5c0d\u65b9\u7684\u50b5\u52d9\uff1b\u4e8c\uff0c\u540c\u65b9\u6848\u4e00\u76f8\u4f3c\uff0c\u4f46\u53ea\u662f\u4ee5\u6b50\u5143\u50b5\u5238\u53d6\u4ee3\u5927\u90e8\u4efd\u539f\u6709\u570b\u50b5\uff0c\u767c\u50b5\u4e26\u8a2d\u6709\u4e0a\u9650\uff0c\u8b6c\u5982GDP\u768460%\uff1b\u4e09\uff0c\u4ee5\u6b50\u5143\u50b5\u5238\u53d6\u4ee3\u5c0f\u90e8\u4efd\u570b\u50b5\uff0c\u800c\u6210\u54e1\u4ea6\u8981\u70ba\u65b0\u50b5\u4f5c\u6709\u9650\u5ea6\u64d4\u4fdd\uff0c\u539f\u4f86\u7684\u570b\u50b5\u4e26\u4e0d\u6d88\u5931\u3002<\/p>\n

\u57fa\u672c\u4e0a\uff0c\u7b2c\u4e00\u53ca\u7b2c\u4e8c\u500b\u65b9\u6848\u662f\u4e0d\u53ef\u884c\u7684\uff0c\u56e0\u70ba\u6b50\u50b5\u554f\u984c\u6975\u4e4b\u8feb\u5207\uff0c\u800c\u6b64\u5169\u65b9\u6848\u5fc5\u9808\u8981\u6210\u54e1\u570b\u81ea\u8eab\u4fee\u6539\u5176\u61b2\u6cd5\uff0c\u5c07\u81ea\u8eab\u7d93\u6fdf\u9ad4\u7cfb\u8207\u6b50\u6d32\u5404\u570b\u7d71\u4e00\uff0c\u53ef\u4ee5\u60f3\u50cf\u8981\u901a\u904e\u6b64\u7b49\u65b9\u6848\u9700\u8981\u591a\u5c11\u6642\u9593\uff1f\u53c8\u6703\u9047\u4e0a\u591a\u5927\u963b\u529b\uff1f<\/p>\n

\u7b2c\u4e09\u500b\u65b9\u6848\u5247\u662f\u63db\u6e6f\u4e0d\u63db\u85e5\uff0c\u56e0\u70ba\u5b83\u53ea\u662f\u5728\u5f62\u5f0f\u4e0a\u6539\u8b8a\u4e86\u767c\u884c\u50b5\u52d9\u7684\u4e3b\u9ad4\uff0c\u800c\u6b50\u6d32\u5404\u570b\u4ecd\u7136\u8981\u70ba\u81ea\u8eab\u7684\u50b5\u52d9\u4f5c\u70ba\u64d4\u4fdd\uff0c\u5b83\u4e26\u4e0d\u5982\u524d\u5169\u500b\u65b9\u6848\u822c\u7531\u6b50\u76df\u6574\u9ad4\u4f86\u4e92\u76f8\u627f\u64d4\u50b5\u52d9\u3002<\/p>\n

\u6211\u5011\u5f9e\u6b64\u53ef\u4ee5\u5f97\u51fa\u4e00\u500b\u7d50\u8ad6\uff1a\u6b50\u76df\u81f3\u4eca\u4ecd\u662f\u4e00\u7c4c\u83ab\u5c55\u3002<\/p>\n

\u300c\u50b2\u6162\u300d\u7684\u5fb7\u570b
\n<\/strong>
\n\u6700\u5f8c\uff0c\u6211\u5011\u4f86\u8ac7\u8ac7\u73fe\u5728\u662f\u6b50\u6d32\u8001\u5927\u54e5\u7684\uff0c\u5fb7\u570b\u3002<\/p>\n

\u5fb7\u570b\u662f\u4eca\u5929\u6b50\u76df\u88e1\u7d93\u6fdf\u5be6\u529b\u6700\u5f37\u7684\u570b\u5bb6\uff0c\u4e5f\u662f\u91d1\u878d\u9ad4\u7cfb\u6700\u7a69\u5b9a\u7684\u570b\u5bb6\uff0c\u5979\u5e7e\u4e4e\u6210\u70ba\u4e86\u6b50\u50b5\u554f\u984c\u7684\u6551\u661f\u3002\u4f46\u662f\uff0c\u5fb7\u570b\u5728\u6b50\u50b5\u554f\u984c\u7684\u8655\u7406\u8fa6\u6cd5\u4e0a\u5247\u4e0d\u65b7\u70ba\u4eba\u8a6c\u75c5\uff0c\u66f4\u88ab\u6307\u8cac\u70ba\u300c\u5fb7\u570b\u6559\u689d\u4e3b\u7fa9\u300d(German dogmatism)\u3002<\/p>\n

\u70ba\u751a\u9ebc\u5462\uff1f\u6700\u8fd1\u5fb7\u570b\u7e3d\u7406\u9ed8\u514b\u723e\u5728\u57fa\u7763\u6559\u6c11\u4e3b\u806f\u76df\u7684\u6703\u8b70\u4e0a\uff0c\u660e\u78ba\u5730\u8868\u660e\u4e86\u5fb7\u570b\u770b\u5f85\u6b50\u50b5\u554f\u984c\u7684\u7acb\u5834\u3002\u5979\u63d0\u51fa\u7684\u65b9\u6848\u5176\u5be6\u8584\u5f31\u5f97\u5f88\uff1a\u589e\u52a0\u5c0d\u91d1\u878d\u9055\u898f\u8005\u7684\u7ba1\u5236\uff0c\u5b8c\uff1b\u5979\u4e26\u6c92\u6709\u63d0\u51fa\u66f4\u591a\u66f4\u6709\u7528\u7684\u8fa6\u6cd5\u3002<\/p>\n

11\u670825\u865f\u7684\u91d1\u878d\u96dc\u8a8c\u7d93\u6fdf\u5b78\u4eba\u88e1\uff0c\u67e5\u7406\u66fc\u5c08\u6b04\u88e1\u6709\u5982\u6b64\u4e00\u6bb5\u5f62\u5bb9\u5fb7\u570b\u7684\u5999\u8a71\uff1a\u300c\u5efa\u7acb\u6b50\u5143\u50b5\u5238\uff1f\u4e0d\uff0c\u9019\u6703\u9f13\u52f5\u8ca0\u50b5\u8005\u56de\u5230\u90aa\u60e1\u7684\u820a\u8def\u3002\u6566\u4fc3\u6b50\u6d32\u4e2d\u592e\u9280\u884c\u6210\u70ba\u90a3\u4e9b\u53d7\u56f0\u7684\u570b\u5bb6\u7684\u6700\u5f8c\u8cb8\u6b3e\u4eba\uff08\u8a3b\u4e09\uff09\uff1f\u4e0d\uff0c\u9019\u6709\u901a\u8139\u7684\u5371\u96aa\u3002\u900f\u904eIMF\u7d66\u4e88\u6b50\u6d32\u5404\u570b\u66f4\u591a\u5132\u5099\u91d1\uff0c\u7136\u5f8c\u52a0\u5f37\u6b50\u5143\u5340\u7684\u6551\u52a9\u57fa\u91d1\uff1f\u4e0d\uff0c\u9019\u7b49\u540c\u65bc\u5f9e\u5fb7\u570b\u4e2d\u592e\u9280\u884c\u88e1\u62ff\u8d70\u9ec3\u91d1\u3002\u300d<\/p>\n

\u4e8b\u5be6\u4e0a\uff0c\u5fb7\u570b\u5805\u6301\u53cd\u5c0d\u52a0\u5f37\u8cfc\u8cb7\u53d7\u56f0\u570b\u5bb6\u50b5\u5238\u7684\u529b\u9053\uff0c\u53c8\u8981\u6c42\u53d7\u56f0\u570b\u5bb6\u56b4\u683c\u5730\u9075\u5f9e\u7dca\u7e2e\u958b\u652f\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0c\u300c\u52e4\u596e\u300d\u7684\u5fb7\u570b\u4eba\u4e0d\u9858\u610f\u4ed8\u51fa\u592a\u591a\u4f86\u5e6b\u52a9\u90a3\u4e9b\u300c\u61f6\u60f0\u300d\u7684\u5e0c\u81d8\u4eba\u3001\u610f\u5927\u5229\u4eba\u3002<\/p>\n

\u6240\u4ee5\uff0c\u6211\u5011\u53ef\u4ee5\u5f97\u51fa\u540c\u6a23\u7684\u7d50\u8ad6\uff1a\u672a\u4f86\u4e00\u7c4c\u83ab\u5c55\u3002<\/p>\n

\u672a\u4f86\u8207\u5c55\u671b
\n<\/strong>
\n\u7121\u8ad6\u662f\u54ea\u4e00\u500b\u6b50\u6d32\u570b\u5bb6\uff0c\u751a\u81f3\u662f\u5168\u4e16\u754c\u54ea\u4e00\u500b\u570b\u5bb6\u90fd\u4e0d\u9858\u610f\u898b\u5230\u6b50\u76df\u89e3\u9ad4\u7684\u7d50\u5c40\u3002\u5047\u5982\u5e0c\u81d8\u3001\u610f\u5927\u5229\u7834\u7522\uff0c\u90a3\u9ebc\u6b50\u5143\u5c31\u6703\u5b8c\u86cb\uff0c\u6b50\u76df\u5c31\u6703\u89e3\u9ad4\uff0c\u7136\u5f8c\u5c0d\u5168\u7403\u7d93\u6fdf\u9ad4\u7cfb\u7684\u6253\u64ca\u53ef\u80fd\u5927\u5f97\u7121\u6cd5\u60f3\u50cf\u3002<\/p>\n

\u53ef\u662f\uff0c\u7919\u65bc\u653f\u6cbb\u5c40\u52e2\u53ca\u570b\u5bb6\u4e4b\u9593\u7684\u5206\u6b67\uff0c\u6b50\u6d32\u5404\u570b\u81f3\u4eca\u4ecd\u7136\u672a\u6709\u4efb\u4f55\u6709\u6548\u7684\u89e3\u6c7a\u65b9\u6848\uff0c\u96d6\u7136\u5404\u570b\u5143\u9996\u3001\u6b50\u76df\u3001\u6b50\u6d32\u4e2d\u592e\u9280\u884c\u7684\u6703\u8b70\u5df2\u7d93\u958b\u4e86\u4e0d\u4e0b\u6578\u5341\u6b21\u3002<\/p>\n

\u8b6c\u5982\u8aaa\uff0c11\u670818\u865f\u82f1\u570b\u9996\u76f8\u5361\u6885\u502b\u524d\u5f80\u67cf\u6797\u8207\u5fb7\u570b\u7e3d\u7406\u9ed8\u514b\u723e\u6703\u8b70\uff0c\u5546\u8a0e\u89e3\u6c7a\u6b50\u50b5\u554f\u984c\u7684\u8fa6\u6cd5\uff0c\u4f46\u7d50\u679c\u751a\u9ebc\u5171\u8b58\u4e5f\u7121\u6cd5\u9054\u6210\uff0c\u5c24\u5176\u5728\u65bc\u5fb5\u6536\u91d1\u878d\u4ea4\u6613\u7a05\u7684\u7acb\u5834\u4e0a\u82f1\u570b\u5f37\u70c8\u53cd\u5c0d\uff0c\u53cd\u4e4b\u5fb7\u570b\u5247\u5f37\u70c8\u652f\u6301\u3002<\/p>\n

\u90a3\u9ebc\uff0c\u5728\u5982\u6b64\u7a98\u5c40\u4e4b\u4e0b\u672a\u4f86\u5230\u5e95\u6703\u8b8a\u6210\u600e\u6a23\uff1f\u77ed\u671f\u5167\u5be6\u5728\u662f\u7121\u4eba\u77e5\u6089\u3002\u76ee\u524d\u6700\u671f\u671b\u7684\u662f12\u6708\u4efd\u5373\u5c07\u8209\u884c\u7684\u6b50\u76df\u51ac\u5b63\u9ad8\u5cf0\u6703\u8b70\uff0c\u6b50\u6d32\u5404\u570b\u5747\u6e34\u671b\u5728\u6703\u8b70\u4e0a\u53d6\u5f97\u89e3\u6c7a\u6b50\u50b5\u7684\u5171\u8b58\u3002\u4f46\u662f\uff0c\u5c31\u8457\u4ee5\u5f80\u7684\u5206\u6b67\u4ecd\u7136\u672a\u89e3\u6c7a\uff0c\u4eca\u6b21\u6703\u8b70\u5c31\u6703\u6709\u66f4\u5927\u7684\u9032\u5c55\u55ce\uff1f<\/p>\n

\u8a3b\u4e00\uff09\u7576\u6536\u76ca\u7387\u65e5\u76ca\u589e\u52a0\uff0c\u5373\u610f\u5473\u570b\u5bb6\u5c07\u6703\u96e3\u4ee5\u627f\u53d7\u8209\u50b5\u5e36\u4f86\u7684\u6210\u672c\uff0c\u800c\u4e14\u4e5f\u6697\u793a\u8a72\u570b\u8d8a\u4f86\u8d8a\u96e3\u9032\u884c\u5927\u898f\u6a21\u878d\u8cc7\u3002
\n\u8a3b\u4e8c\uff09\u6280\u8853\u5b98\u50da\u6cdb\u6307\u7121\u7279\u5225\u653f\u6cbb\u7acb\u5834\uff0c\u4f46\u5c08\u696d\u77e5\u8b58\u8c50\u5bcc\u7684\u5b98\u50da\u3002
\n\u8a3b\u4e09\uff09\u6700\u5f8c\u8cb8\u6b3e\u4eba(lender of last resort)\u901a\u5e38\u6307\u70ba\u5546\u696d\u9280\u884c\u63d0\u4f9b\u63f4\u52a9\u7684\u4e2d\u592e\u9280\u884c\u3002\u5176\u5546\u696d\u9280\u884c\u6709\u511f\u9084\u80fd\u529b\u800c\u7121\u6d41\u52d5\u6027\u7684\u60c5\u6cc1\u4e0b\uff0c\u8cb8\u6b3e\u7d66\u5546\u696d\u9280\u884c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587\uff1a\u856d \u6b50\u50b5\u5371\u6a5f\u4ecd\u820a\u7092\u5f97\u71b1\u70d8\u70d8\u7684\u3002 11\u6708\u521d\u5e0c\u81d8\u7e3d\u7406\u672c\u6253\u7b97\u5c07\u7dca\u7e2e\u8ca1\u653f\u65b9\u6848\u4ea4\u4e88\u5168\u6c11\u516c\u6295\u6c7a\u5b9a\uff0c\u5f8c\u4f86\u537b\u56e0\u6050\u61fc\u65b9\u6848\u88ab\u5426 […]<\/p>\n","protected":false},"author":1,"featured_media":8209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,96],"tags":[],"_links":{"self":[{"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/posts\/2490"}],"collection":[{"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cusp.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2490"}],"version-history":[{"count":0,"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/posts\/2490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cusp.hk\/index.php?rest_route=\/wp\/v2\/media\/8209"}],"wp:attachment":[{"href":"https:\/\/cusp.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cusp.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cusp.hk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}