{"id":19631,"date":"2024-09-13T10:10:09","date_gmt":"2024-09-13T09:10:09","guid":{"rendered":"https:\/\/finalto.com\/resources\/news-events\/news\/%e5%8f%974d%e4%ba%a4%e6%98%93%e6%8e%a8%e5%8a%a8%ef%bc%8c%e9%87%91%e4%bb%b7%e5%88%9b%e4%b8%8b%e5%8e%86%e5%8f%b2%e6%96%b0%e9%ab%98\/"},"modified":"2026-06-16T14:32:02","modified_gmt":"2026-06-16T13:32:02","slug":"%e5%8f%974d%e4%ba%a4%e6%98%93%e6%8e%a8%e5%8a%a8%ef%bc%8c%e9%87%91%e4%bb%b7%e5%88%9b%e4%b8%8b%e5%8e%86%e5%8f%b2%e6%96%b0%e9%ab%98","status":"publish","type":"post","link":"https:\/\/finalto.com\/zh-hans\/resources\/news-events\/news\/%e5%8f%974d%e4%ba%a4%e6%98%93%e6%8e%a8%e5%8a%a8%ef%bc%8c%e9%87%91%e4%bb%b7%e5%88%9b%e4%b8%8b%e5%8e%86%e5%8f%b2%e6%96%b0%e9%ab%98\/","title":{"rendered":"\u53d74D\u4ea4\u6613\u63a8\u52a8\uff0c\u91d1\u4ef7\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">\u53d74D\u4ea4\u6613\u63a8\u52a8\uff0c\u91d1\u4ef7\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8<\/h1>\n\n<p><b>\u201c\u91cc\u6839\u8bc1\u660e\u4e86\u8d64\u5b57\u65e0\u5173\u7d27\u8981<\/b>\u3002\u201d\u2014\u2014\u8fea\u514b\u00b7\u5207\u5c3c<\/p>\n\n<p>\u8d64\u5b57\u91cd\u8981\u5417\uff1f\u8fd9\u53d6\u51b3\u4e8e\u4f60\u662f\u8c01\uff0c\u4e5f\u53d6\u51b3\u4e8e\u6240\u6d89\u53ca\u7684\u8d44\u4ea7\u3002\u8fd8\u53d6\u51b3\u4e8e\u4f60\u4f55\u65f6\u63d0\u51fa\u8fd9\u4e2a\u95ee\u9898\u3002\u672c\u5468\uff0c\u6211\u4eec\u591a\u6b21\u88ab\u63d0\u9192\u503a\u52a1\u4e0e\u8d64\u5b57\u7684\u73b0\u72b6\u53ca\u5176\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u3002\u8fd9\u5c31\u662f\u201c4D\u4ea4\u6613\u201d\u2014\u2014\u503a\u52a1\u8d2c\u503c\u4e0e\u7f8e\u5143\u8d2c\u503c\u3002 \u56e0\u6b64\uff0c\u9ec4\u91d1\u4ea4\u6613\u4ef7\u683c\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u4e5f\u5c31\u4e0d\u8db3\u4e3a\u5947\u4e86\u3002\u8fd9\u8fdc\u4e0d\u6b62\u662f\u592e\u884c\u4e70\u76d8\u3001\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u4ee5\u53ca\u5bf92025\u5e74\u901a\u80c0\u52a0\u901f\u7684\u5bf9\u51b2\u3002\u6211\u4eec\u6b63\u8fdb\u5165\u4e00\u4e2a\u65b0\u7684\u8d22\u653f\u8d64\u5b57\u548c\u901a\u80c0\u8303\u5f0f\uff0c\u800c\u9ec4\u91d1\u6b63\u5728\u8bc1\u660e\u5176\u4ef7\u503c\u3002       <\/p>\n\n<p><i>\u201c\u4e0d\u53ef\u6301\u7eed\u201d<\/i><\/p>\n\n<p>\u672c\u5468\uff0c\u82f1\u56fd\u9884\u7b97\u8d23\u4efb\u529e\u516c\u5ba4\uff08OBR\uff09\u2014\u2014\u4e00\u4e2a\u7c7b\u4f3c\u4e8e\u653f\u5e9c\u201c\u4f5c\u4e1a\u201d\u7684\u51c6\u72ec\u7acb\u8bc4\u4f30\u673a\u6784<a href=\"https:\/\/obr.uk\/frs\/fiscal-risks-and-sustainability-september-2024\/\" target=\"_blank\" rel=\"noopener\">\u2014\u2014\u9884\u6d4b\uff0c\u52302070\u5e74\u4ee3\u4e2d\u671f\uff0c\u516c\u5171\u503a\u52a1<\/a>\u5c06\u5347\u81f3\u56fd\u5185\u751f\u4ea7\u603b\u503c\uff08GDP\uff09\u7684270%\u4ee5\u4e0a\uff0c\u800c\u76ee\u524d\u8fd9\u4e00\u6bd4\u4f8b\u4ec5\u7565\u4f4e\u4e8e100%\u3002<\/p>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/finalto.com\/wp-content\/uploads\/2024\/09\/OBR-1-2.png\" alt=\"\"\/><\/figure>\n\n<p>\u6b63\u5982\u82f1\u56fd\u9884\u7b97\u8d23\u4efb\u529e\u516c\u5ba4\uff08OBR\uff09\u6240\u8a00\uff0c\u56fd\u5bb6\u503a\u52a1\u7ffb\u4e09\u500d\u662f\u201c\u4e0d\u53ef\u6301\u7eed\u7684\u201d\u3002\u4f46\u8be5\u600e\u4e48\u529e\u5462\uff1f <\/p>\n\n<p>\u5de5\u515a\u5728\u5411\u6211\u4eec\u5c55\u793a\u4ed6\u4eec\u4e0d\u60e7\u62db\u81f4\u4e0d\u6ee1\u65b9\u9762\u505a\u5f97\u76f8\u5f53\u51fa\u8272\u3002\u524a\u51cf\u51ac\u5b63\u53d6\u6696\u8865\u8d34\u7684\u4e3e\u63aa\uff0c\u5b8c\u5168\u662f\u4e3a\u4e86\u8868\u660e\u653f\u5e9c\u4e0d\u60dc\u62db\u81f4\u6c11\u6028\uff0c\u4ee5\u6b64\u5411\u91d1\u878d\u5e02\u573a\u8bc1\u660e\u5176\u53ef\u4fe1\u5ea6\u3002 \u8fd9\u662f\u5426\u610f\u5473\u7740\u4ed6\u4eec\u60f3\u201c\u6548\u4eff\u7279\u62c9\u65af\u201d\u5374\u53c8\u4e0d\u613f\u201c\u91cd\u8e48\u7279\u62c9\u65af\u8986\u8f99\u201d\u2026\u2026\u4e5f\u5c31\u662f\u5728\u4e0d\u60ca\u52a8\u201c\u503a\u5238\u5b88\u671b\u8005\u201d\u7684\u60c5\u51b5\u4e0b\u589e\u52a0\u8d64\u5b57\uff1f<a href=\"https:\/\/finalto.com\/uk\/overleveraged\/\">\u5728\u672c\u5468\u7684\u64ad\u5ba2\u4e2d\uff0c\u6211\u4eec\u63a2\u8ba8\u4e86\u65b0\u653f\u5e9c\u662f\u5426\u771f\u6b63\u5177\u5907\u4eb2\u5546\u6001\u5ea6<\/a>\u3002  <\/p>\n\n<p>\u65e0\u8bba\u5982\u4f55\uff0c\u4f3c\u4e4e\u6ca1\u4eba\u613f\u610f\u524a\u51cf\u5f00\u652f\u3002\u8981\u7ef4\u6301\u201c\u56fd\u5185\u5b89\u5b81\u4e0e\u6d77\u5916\u6218\u4e89\u201d\uff0c\u5c31\u9700\u8981\u4e0d\u65ad\u6269\u5927\u8d22\u653f\u8d64\u5b57\u3002\u5f53\u7136\uff0c\u9664\u975e\u4f60\u80fd\u521b\u9020\u51fa\u751f\u4ea7\u529b\u5947\u8ff9\u3002  <\/p>\n\n<p><i>\u201c\u6211\u4eec\u5df2\u5230\u4e86\u8fd9\u6837\u4e00\u4e2a\u5730\u6b65\uff1a\u5982\u679c\u4e0d\u91c7\u53d6\u884c\u52a8\uff0c\u6211\u4eec\u5c31\u4e0d\u5f97\u4e0d\u727a\u7272\u6211\u4eec\u7684\u798f\u7949\u3001\u73af\u5883\u6216\u81ea\u7531\u3002\u201d\u2014\u2014\u9a6c\u91cc\u5965\u00b7\u5fb7\u62c9\u5409<\/i><\/p>\n\n<p>\u672c\u5468\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u5f53\u5c5e\u5fb7\u62c9\u5409\u7684\u62a5\u544a\u3002\u8fd9\u4efd\u62a5\u544a\u517c\u5177\u4e24\u9762\u6027\u2014\u2014\u65e2\u63a2\u8ba8\u4e86\u5982\u4f55\u63d0\u632f\u6b27\u6d32\u505c\u6ede\u4e0d\u524d\u7684\u751f\u4ea7\u7387\uff0c\u53c8\u6d89\u53ca\u589e\u52a0\u503a\u52a1\u7684\u95ee\u9898\u3002 <\/p>\n\n<p>\u5c3d\u7ba1\u8be5\u62a5\u544a\u63aa\u8f9e\u5927\u80c6\u76f4\u7387\uff0c\u4e14\u63d0\u51fa\u4e86\u8bb8\u591a\u6781\u4f73\u7684\u89e3\u51b3\u65b9\u6848\uff0c\u4f46\u5b83\u4f20\u9012\u7684\u8fd8\u6709\u53e6\u4e00\u5c42\u542b\u4e49\uff1a\u52a0\u5f3a\u6b27\u76df\u4e00\u4f53\u5316\u3001\u6df1\u5316\u8d22\u653f\u8054\u76df\u3001\u589e\u52a0\u503a\u52a1\u53d1\u884c\u3002 \u5177\u4f53\u800c\u8a00\uff0c\u8be5\u62a5\u544a\u547c\u5401\u6bcf\u5e74\u589e\u52a0\u81f3\u5c117500\u4ebf\u81f38000\u4ebf\u6b27\u5143\u7684\u6295\u8d44\u2014\u2014\u7ea6\u5360\u6b27\u76dfGDP\u76844.4%\u81f34.7%\u2014\u2014\u7528\u4e8e\u8131\u78b3\u3001\u6570\u5b57\u5316\u548c\u56fd\u9632\u5efa\u8bbe\u3002\u8fd9\u9700\u8981\u6b27\u76df\u8fdb\u884c\u8054\u5408\u501f\u8d37\u3002  <\/p>\n\n<p>\u8fd9\u573a\u75ab\u60c5\u5f00\u8f9f\u4e86\u65b0\u5c40\u9762\uff0c\u4e3a\u5404\u56fd\u5728\u5371\u673a\u65f6\u671f\u5c31\u5171\u540c\u503a\u52a1\u5de5\u5177\u8fbe\u6210\u534f\u8bae\u6253\u5f00\u4e86\u5927\u95e8\uff1b\u96be\u9053\u6211\u4eec\u73b0\u5728\u4e0d\u5df2\u7ecf\u5904\u4e8e\u67d0\u79cd\u7f13\u6162\u53d1\u5c55\u7684\u5371\u673a\u4e4b\u4e2d\u4e86\u5417\uff1f\u5fb7\u62c9\u5409\u660e\u786e\u6307\u51fa\uff1a<i>\u201c\u6211\u4eec\u5df2\u7ecf\u5904\u4e8e\u5371\u673a\u6a21\u5f0f\uff0c\u82e5\u5bf9\u6b64\u89c6\u800c\u4e0d\u89c1\uff0c\u5c31\u4f1a\u6ed1\u5411\u4e00\u79cd\u4f60\u6240\u4e0d\u613f\u770b\u5230\u7684\u5c40\u9762\u3002\u201d<\/i>\u4e0e\u5176\u4efb\u7531\u8001\u9f20\u6162\u6162\u5543\u98df\uff0c\u4e0d\u5982\u5192\u9669\u5c06\u5934\u63a2\u5165\u72ee\u53e3\u3002\u96c6\u4e2d\u5316\u7684\u8d22\u653f\u5e72\u9884\u6216\u8bb8\u662f<a href=\"https:\/\/hub.tslombard.com\/report\/europe-watch\/fiscal-reform-and-the-eu-fiscal-endgame\" target=\"_blank\" rel=\"noopener\">\u987a\u7406\u6210\u7ae0\u7684\u6700\u7ec8\u7ed3\u5c40<\/a>\u3002\u653f\u6cbb\u683c\u5c40\u7684\u788e\u7247\u5316\uff0c\u4ee5\u53ca\u610f\u5927\u5229\u548c\u6cd5\u56fd\u7b49\u56fd\u65e5\u76ca\u6269\u5927\u7684\u9884\u7b97\u8d64\u5b57\uff0c\u53ef\u80fd\u610f\u5473\u7740\u5404\u56fd\u9886\u5bfc\u4eba\u5c06\u66f4\u503e\u5411\u4e8e\u5728\u6b27\u76df\u5c42\u9762\u91c7\u53d6\u8d22\u653f\u5e72\u9884\u63aa\u65bd\u3002   <\/p>\n\n<p>\u6211\u518d\u6b21\u63d0\u53ca\u514b\u91cc\u65af\u8482\u5a1c\u00b7\u62c9\u52a0\u5fb7\u53bb\u5e74\u56db\u6708\u7684\u90a3\u6b21<a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2023\/html\/ecb.sp230417~9f8d34fbd6.en.html\" target=\"_blank\" rel=\"noopener\">\u6f14\u8bb2<\/a>\uff0c\u6211\u66fe\u591a\u6b21\u5f15\u7528\u8fc7\u3002 \u6211\u5f53\u65f6\u66fe\u6307\u51fa\uff0c\u8fd9<i>\u201c\u9884\u793a\u7740\u6211\u4eec\u5373\u5c06\u9677\u5165\u4e00\u573a\u65f7\u65e5\u6301\u4e45\u7684\u7ecf\u6d4e\uff08\u751a\u81f3\u53ef\u80fd\u662f\u5b9e\u8d28\u6027\u7684\uff09\u6218\u4e89\uff0c\u8fd9\u5c06\u9700\u8981\u52a8\u5458\u56fd\u5bb6\u548c\u4eba\u6c11\u2014\u2014\u53d1\u8fbe\u56fd\u5bb6\u592e\u884c\uff08\u7f8e\u8054\u50a8\u3001\u6b27\u6d32\u592e\u884c\u3001\u82f1\u683c\u5170\u94f6\u884c\u3001 \u52a0\u62ff\u5927\u592e\u884c\u3001\u6fb3\u5927\u5229\u4e9a\u592e\u884c\uff09\u5c06\u534f\u540c\u884c\u52a8\uff0c\u7edf\u7b79\u8d22\u653f\u652f\u51fa\u5e76\u538b\u4f4e\u6536\u76ca\u7387\u201d\u3002<\/i>\u75ab\u60c5\u8bc1\u660e\u4e86\u8fd9\u662f\u53ef\u884c\u7684\uff0c\u5fb7\u62c9\u5409\u7684\u62a5\u544a\u5219\u4e3a\u6c38\u4e45\u6027\u96c6\u4e2d\u8d22\u653f\u4f53\u5236\u63d0\u4f9b\u4e86\u7406\u8bba\u4f9d\u636e\u3002 <\/p>\n\n<p>\u7136\u800c\uff0c\u5fb7\u56fd\u5df2\u660e\u786e\u8868\u793a\u53cd\u5bf9\u53d1\u884c\u6b27\u76df\u5171\u540c\u503a\u5238\u3002\u8ba4\u4e3a\u8377\u5170\u548c\u5fb7\u56fd\u4f1a\u8f7b\u6613\u540c\u610f\u901a\u8fc7\u6b27\u76df\u5171\u540c\u503a\u52a1\u5de5\u5177\u989d\u5916\u652f\u51fa8000\u4ebf\u6b27\u5143\uff0c\u8fd9\u79cd\u60f3\u6cd5\u7b80\u76f4\u53ef\u7b11\u3002 \u800c\u4e14\uff0c\u8fd9\u4efd\u62a5\u544a\u53d1\u5e03\u4e4b\u9645\uff0c\u6b63\u503c\u6b27\u6d32\u4e00\u4f53\u5316\u65e5\u76ca\u788e\u7247\u5316\u3001\u6c11\u7cb9\u4e3b\u4e49\u62ac\u5934\u4e4b\u9645\uff0c\u8fd9\u4f7f\u5f97\u5728\u77ed\u671f\u5185\u6539\u5584\u201c\u7f13\u6162\u4e14\u5206\u6563\u7684\u653f\u7b56\u5236\u5b9a\u6d41\u7a0b\u201d\u51e0\u4e4e\u4e0d\u53ef\u80fd\u3002\u4f46\u4f5c\u4e3a\u4e00\u540d\u6280\u672f\u5b98\u50da\uff0c\u201c\u8d85\u7ea7\u9a6c\u91cc\u5965\u201d\u8ba4\u4e3a\uff0c\u89e3\u51b3\u4e4b\u9053\u5728\u4e8e\u52a0\u5f3a\u6b27\u76df\u4e00\u4f53\u5316\uff0c\u800c\u975e\u524a\u5f31\u3002\u6211\u60f3\uff0c\u65e0\u8bba\u4ed8\u51fa\u4ec0\u4e48\u4ee3\u4ef7\uff0c\u4ed6\u90fd\u4f1a\u575a\u6301\u4e0b\u53bb\u3002    <\/p>\n\n<p>\u60a8<a href=\"https:\/\/commission.europa.eu\/topics\/strengthening-european-competitiveness\/eu-competitiveness-looking-ahead_en\" target=\"_blank\" rel=\"noopener\">\u53ef\u4ee5\u5728\u8fd9\u91cc<\/a>\u67e5\u770b\u6240\u6709\u7ec6\u8282\u3002\u8fd9\u7bc7\u6587\u7ae0\u503c\u5f97\u4e00\u8bfb\u2014\u2014\u5185\u5bb9\u5b9e\u5728\u592a\u591a\uff0c\u65e0\u6cd5\u5728\u4e00\u7bc7\u6587\u7ae0\u4e2d\u5168\u90e8\u8ba8\u8bba\uff0c\u56e0\u6b64\u6211\u53ea\u6253\u7b97\u4ece\u8d64\u5b57\u548c\u503a\u52a1\u7684\u89d2\u5ea6\u6765\u63a2\u8ba8\u3002\u751f\u4ea7\u7387\u5dee\u8ddd\u53ef\u5728\u6b64\u5904\u67e5\u770b\u3002  <\/p>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/finalto.com\/wp-content\/uploads\/2024\/09\/Draghi-productivity-gap-2-3.png\" alt=\"\"\/><\/figure>\n\n<p>\u201c\u6c38\u8fdc\u4e0d\u8981\u6d6a\u8d39\u4e00\u573a\u597d\u5371\u673a\u5e26\u6765\u7684\u673a\u4f1a\u201d\u2014\u2014\u5c3c\u79d1\u6d1b\u00b7\u9a6c\u57fa\u96c5\u7ef4\u5229<\/p>\n\n<p>\u6bcb\u5eb8\u7f6e\u7591\uff0c\u65e0\u8bba\u662f\u82f1\u56fd\u9884\u7b97\u8d23\u4efb\u529e\u516c\u5ba4\uff08OBR\uff09\u7684\u62a5\u544a\u8fd8\u662f\u5fb7\u62c9\u5409\u7684\u62a5\u544a\uff0c\u90fd\u5bf9\u6c14\u5019\u53d8\u5316\u95ee\u9898\u8fdb\u884c\u4e86\u4e25\u5389\u7684\u6279\u5224\u3002 \u5982\u679c\u4ee5\u65b0\u51a0\u75ab\u60c5\u7684\u7ecf\u9a8c\u4e3a\u6a21\u677f\u2014\u2014\u8bd5\u60f3\u672a\u676550\u5e74\u5c06\u6301\u7eed\u5904\u4e8e\u4e00\u79cd\u6c38\u4e45\u6027\u7684\u201c\u5371\u673a\u201d\u72b6\u6001\uff0c\u8fd9\u5c06\u9700\u8981\u66f4\u591a\u7684\u653f\u5e9c\u5e72\u9884\u800c\u975e\u51cf\u5c11\uff0c\u5bf9\u4e2a\u4eba\u81ea\u7531\u65bd\u52a0\u66f4\u591a\u9650\u5236\uff0c\u52a0\u5f3a\u8d22\u653f\u534f\u8c03\uff0c\u5b9e\u65bd\u66f4\u4e25\u5389\u7684\u91d1\u878d\u538b\u5236\uff0c\u4ee5\u53ca\u5f81\u6536\u66f4\u591a\u7a0e\u6536\u3002 <\/p>\n\n<p>\u4f8b\u5982\uff0c\u82f1\u56fd\u9884\u7b97\u8d23\u4efb\u529e\u516c\u5ba4\uff08OBR\uff09\u4f30\u8ba1\uff0c\u5982\u679c\u6c14\u6e29\u4e0a\u53473\u6444\u6c0f\u5ea6\uff0c\u52302074\u5e74\u82f1\u56fd\u7684\u5b9e\u9645\u56fd\u5185\u751f\u4ea7\u603b\u503c\u5c06\u4e0b\u964d5%\u3002<\/p>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/finalto.com\/wp-content\/uploads\/2024\/09\/OBR-climate-3-3.png\" alt=\"\"\/><\/figure>\n\n<p>\u201c\u8ba9\u6b27\u6d32\u518d\u6b21\u4f1f\u5927\u201d\uff08MEGA\uff09\u7684\u9a6c\u91cc\u5965\u00b7\u5fb7\u62c9\u5409\u66f4\u8fdb\u4e00\u6b65\u6307\u51fa\uff0c\u5982\u679c\u6ca1\u6709\u76f8\u5e94\u7684\u4ea7\u4e1a\u653f\u7b56\uff0c\u5c31\u65e0\u6cd5\u5b9e\u65bd\u6c14\u5019\u653f\u7b56\uff08\u51c0\u96f6\u6392\u653e\uff09\u3002<\/p>\n\n<p><i>\u201c\u6c83\u987f\u5546\u5b66\u9662\u6307\u51fa\uff0c\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u7684\u8ba1\u5212\u5b9e\u9645\u4e0a\u4f1a\u5bfc\u81f4\u8d64\u5b57\u6fc0\u589e\u3002\u5341\u516d\u4f4d\u8bfa\u8d1d\u5c14\u5956\u5f97\u4e3b\u8ba4\u4e3a\uff0c\u4ed6\u7684\u7ecf\u6d4e\u8ba1\u5212\u5c06\u63a8\u9ad8\u901a\u80c0\uff0c\u5e76\u53ef\u80fd\u5728\u660e\u5e74\u5e74\u4e2d\u5f15\u53d1\u7ecf\u6d4e\u8870\u9000\u3002\u201d\u2014\u2014\u5361\u739b\u62c9\u00b7\u54c8\u91cc\u65af<\/i><\/p>\n\n<p>\u5728\u7f8e\u56fd\uff0c\u8fd9\u4e9b\u6325\u970d\u65e0\u5ea6\u7684\u653f\u5ba2\u6bcf100\u5929\u5c31\u8ba9\u56fd\u503a\u589e\u52a01\u4e07\u4ebf\u7f8e\u5143\u3002\u4eca\u5e74\uff0c<a href=\"https:\/\/www.cnbc.com\/2024\/09\/12\/interest-payments-on-the-national-debt-top-1-trillion-as-deficit-swells.html\" target=\"_blank\" rel=\"noopener\">\u7f8e\u56fd\u653f\u5e9c\u4ec5\u7528\u4e8e\u507f\u8fd835.3\u4e07\u4ebf\u7f8e\u5143\u56fd\u503a\u7684\u5229\u606f\u652f\u51fa\u5c31\u9996\u6b21\u8d85\u8fc7\u4e861\u4e07\u4ebf\u7f8e\u5143<\/a>\u3002 \u4ec5\u4eca\u5e748\u6708\uff0c\u8d22\u653f\u8d64\u5b57\u5c31\u903c\u8fd12\u4e07\u4ebf\u7f8e\u5143\u3002\u65e0\u8bba11\u6708\u5927\u9009\u8c01\u80dc\u51fa\uff0c\u8d22\u653f\u8d64\u5b57\u548c\u503a\u52a1\u90fd\u5fc5\u5c06\u6500\u5347\u3002\u4e24\u4f4d\u5019\u9009\u4eba\u51e0\u4e4e\u6beb\u65e0\u7591\u95ee\u90fd\u4f1a\u5bfc\u81f4\u8d22\u653f\u8d64\u5b57\u6269\u5927\u3002    <\/p>\n\n<p><a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/\" target=\"_blank\" rel=\"noopener\">\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5927\u5b66\u6c83\u987f\u5546\u5b66\u9662\u9884\u7b97\u6a21\u578b\u56e2\u961f<\/a>\u2014\u2014\u54c8\u91cc\u65af\u5728\u672c\u5468\u7684\u8fa9\u8bba\u4e2d\u66fe\u63d0\u53ca\u8be5\u56e2\u961f\u2014\u2014\u786e\u5b9e\u6df1\u5165\u5206\u6790\u4e86\u8fd9\u4e00\u5207\u5bf9\u7f8e\u56fd\u8d22\u653f\u8d64\u5b57\u610f\u5473\u7740\u4ec0\u4e48\uff0c\u65e0\u8bba11\u6708\u8c01\u5f53\u9009\uff0c\u60c5\u51b5\u90fd\u5c06\u8fdb\u4e00\u6b65\u6076\u5316\u3002<\/p>\n\n<p>\u7279\u6717\u666e\u652f\u6301\u591a\u9879\u7a0e\u6536\u653f\u7b56\u63d0\u6848\uff0c\u4f8b\u5982\u5ef6\u957f2017\u5e74\u300a\u51cf\u7a0e\u4e0e\u5c31\u4e1a\u6cd5\u6848\u300b\uff08TCJA\uff09\u4e2d\u5373\u5c06\u5230\u671f\u7684\u6761\u6b3e\uff0c\u5e76\u5efa\u8bae\u5c06\u4f01\u4e1a\u6240\u5f97\u7a0e\u7387\u8fdb\u4e00\u6b65\u4e0b\u8c03\u81f315%\u3002\u7279\u6717\u666e\u8fd8\u4e3b\u5f20\u53d6\u6d88\u5bf9\u793e\u4f1a\u4fdd\u969c\u798f\u5229\u5f81\u6536\u7684\u6240\u5f97\u7a0e\u3002 <\/p>\n\n<p>\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5927\u5b66\u7684\u7814\u7a76\u4eba\u5458\u4f30\u8ba1\uff0c\u6309\u4f20\u7edf\u8ba1\u7b97\u65b9\u6cd5\uff0c\u8fd9\u5c06\u5728\u672a\u676510\u5e74\u5185\u4f7f\u521d\u7ea7\u8d64\u5b57\u589e\u52a05.8\u4e07\u4ebf\u7f8e\u5143\uff1b\u82e5\u91c7\u7528\u5305\u542b\u7ecf\u6d4e\u53cd\u9988\u6548\u5e94\u7684\u52a8\u6001\u8ba1\u7b97\u65b9\u6cd5\uff0c\u5219\u5c06\u589e\u52a04.1\u4e07\u4ebf\u7f8e\u5143\u3002 \u5728\u4ed6\u4eec\u7684\u6a21\u578b\u4e2d\uff0c\u56fd\u5185\u751f\u4ea7\u603b\u503c\uff08GDP\uff09\u8d77\u521d\u4f1a\u7565\u6709\u589e\u957f\uff0c\u4f46\u6700\u7ec8\u5c06\u4f4e\u4e8e\u73b0\u884c\u6cd5\u5f8b\u89c4\u5b9a\u7684\u6c34\u5e73\uff0c\u52302034\u5e74\u4e0b\u964d0.4%\uff0c30\u5e74\u540e\u4e0b\u964d2.1%\u30022026\u5e74\u548c2034\u5e74\uff0c\u4f4e\u6536\u5165\u3001\u4e2d\u7b49\u6536\u5165\u548c\u9ad8\u6536\u5165\u5bb6\u5ead\u7684\u72b6\u51b5\u5747\u6709\u6240\u6539\u5584\u3002  <\/p>\n\n<p>\u54c8\u91cc\u65af\u7684\u7a0e\u6536\u548c\u652f\u51fa\u63d0\u6848\u5c06\u5728\u672a\u676510\u5e74\u5185\u4f7f\u57fa\u672c\u8d64\u5b57\u589e\u52a01.2\u4e07\u4ebf\u7f8e\u5143\uff08\u76f8\u5f53\u4e8e\u7f8e\u56fd\u4eba\u5747\u7ea63,700\u7f8e\u5143\uff09 \u82e5\u6309\u4f20\u7edf\u65b9\u6cd5\u8ba1\u7b97\uff0c\u672a\u676510\u5e74\u5c06\u589e\u52a01.2\u4e07\u4ebf\u7f8e\u5143\uff1b\u82e5\u91c7\u7528\u52a8\u6001\u8ba1\u7b97\u65b9\u6cd5\uff08\u8be5\u65b9\u6cd5\u8003\u8651\u4e86\u7ecf\u6d4e\u6d3b\u52a8\u7684\u51cf\u5c11\uff09\uff0c\u5219\u5c06\u589e\u52a02.0\u4e07\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u52302034\u5e74\u56fd\u5185\u751f\u4ea7\u603b\u503c\uff08GDP\uff09\u5c06\u4e0b\u964d1.3%\uff0c30\u5e74\u5185\u5c06\u4e0b\u964d4%\u3002<\/p>\n\n<p><i>\u201c\u7ecf\u6d4e\u4e0b\u6ed1\u7684\u6df1\u5ea6\u548c\u89c4\u6a21\u4e4b\u5927\uff0c\u4f7f\u5f97\u73b0\u4ee3\u8d27\u5e01\u7406\u8bba\u2014\u2014\u5373\u5927\u89c4\u6a21\u8d22\u653f\u652f\u51fa\u7684\u76f4\u63a5\u8d27\u5e01\u5316\u2014\u2014\u5728\u672a\u7ecf\u4efb\u4f55\u8fa9\u8bba\u7684\u60c5\u51b5\u4e0b\uff0c\u4ece\u7406\u8bba\u8d70\u5411\u4e86\u5b9e\u8df5\u3002\u201d &#8211; <\/i><a href=\"https:\/\/www.docdroid.net\/H1fuimX\/the-great-monetary-inflation-pdf\" target=\"_blank\" rel=\"noopener\"><i>\u4fdd\u7f57\u00b7\u90fd\u94ce\u00b7\u743c\u65af\uff0c<\/i><\/a><i> 2020\u5e74\u3002<\/i><\/p>\n\n<p>\u4eca\u6668\uff0c\u9ec4\u91d1\u5ef6\u7eed\u4e86\u6628\u65e5\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u540e\u7684\u4e0a\u6da8\u52bf\u5934\u3002\u73b0\u8d27\u9ec4\u91d1\u6da8\u81f32,570\u7f8e\u5143\uff0c\u800c\u671f\u8d27\u8fde\u7eed\u5408\u7ea6\uff08GC00\uff09\u5219\u903c\u8fd12,600\u7f8e\u5143\u5927\u5173\u3002 \u6211\u4eec\u4ecd\u5904\u4e8e\u75ab\u60c5\u5f15\u53d1\u7684\u65b0\u901a\u80c0\u683c\u5c40\u4e4b\u4e2d\uff0cPTJ\u5f53\u65f6\u66fe\u5c31\u6b64\u64b0\u6587\u5206\u6790\u3002\u5728\u6211\u770b\u6765\uff0c\u5fb7\u62c9\u5409\u7684\u62a5\u544a\u4e3a\u6211\u6b64\u524d\u9884\u89c1\u7684\u4e3e\u63aa\u5960\u5b9a\u4e86\u8fdb\u4e00\u6b65\u57fa\u7840\u2014\u2014\u5373\u53d1\u8fbe\u56fd\u5bb6\u534f\u8c03\u8d22\u653f\u4e0e\u8d27\u5e01\u653f\u7b56\uff0c\u901a\u8fc7\u538b\u4f4e\u771f\u5b9e\u6210\u672c\uff08\u5373\u6536\u76ca\u7387\uff09\u6765\u652f\u6491\u4e0d\u65ad\u6269\u5927\u7684\u8d22\u653f\u8d64\u5b57\u3002 \u56e0\u6b64\uff0c\u95ee\u9898\u88ab\u8fdb\u4e00\u6b65\u63a8\u8fdf\u2014\u2014\u9ec4\u91d1\u4f5c\u4e3a\u552f\u4e00\u7684\u5b9e\u7269\u8d44\u4ea7\u6b63\u4ece\u4e2d\u53d7\u76ca\u3002\u80a1\u5e02\u5e94\u4f1a\u8fdb\u4e00\u6b65\u53d7\u76ca\u3002\u6bd4\u7279\u5e01\u53ef\u80fd\u5728\u7b49\u5f85\u5927\u9009\u7ed3\u679c\uff0c\u76ee\u524d\u4ecd\u5904\u4e8e\u533a\u95f4\u9707\u8361\u72b6\u6001\u3002      <\/p>\n\n<p>\u6211\u5728\u6b64\u91cd\u7533\u4fdd\u7f57\u00b7\u90fd\u94ce\u00b7\u743c\u65af\u57282020\u5e74\u6240\u8a00\uff1a<\/p>\n\n<p><i>\u201c\u4e00\u4e2a\u57fa\u4e8e\u5730\u8868\u9ec4\u91d1\u4ef7\u503c\u4e0e\u5168\u7403M1\u8d27\u5e01\u4f9b\u5e94\u91cf\u4e4b\u6bd4\u7684\u7b80\u5355\u6307\u6807\u663e\u793a\uff0c\u9ec4\u91d1\u4ef7\u683c\u53ef\u80fd\u5148\u6da8\u81f32,400\u7f8e\u5143\uff0c\u624d\u4f1a\u8fbe\u5230\u4e0e\u8be5\u4f30\u503c\u6307\u6807\u8fc7\u53bb\u4e09\u4e2a\u5cf0\u503c\u4e2d\u6700\u4f4e\u70b9\u76f8\u7b26\u7684\u4f30\u503c\u6c34\u5e73\uff1b\u82e5\u8ffd\u6eaf\u81f31980\u5e74\u7684\u6781\u7aef\u6c34\u5e73\uff0c\u5219\u53ef\u80fd\u6da8\u81f36,700\u7f8e\u5143\u3002\u201d<\/i><\/p>\n\n<p><a href=\"https:\/\/finalto.com\/uk\/blogs\/the-great-divergence-fiscal-dominance\/\">\u8d64\u5b57\u4e0d\u65ad\u6269\u5927\uff0c\u5404\u56fd\u592e\u884c\u4e5f\u7eb7\u7eb7\u51fa\u624b\u3002\u96be\u602a\u91d1\u4ef7\u4e00\u8def\u98d9\u5347\u3002 <\/a><\/p>\n\n<p>\u8d64\u5b57\u65e0\u6240\u8c13\u2026\u2026\u76f4\u5230\u5b83\u53d8\u5f97\u91cd\u8981\u4e3a\u6b62\u3002  <a href=\"https:\/\/open.spotify.com\/episode\/4WNeJI8HFEkcgd4v8saHBP?si=4HHHfF96S9iWU6qUiNeLUw\" target=\"_blank\" rel=\"noopener\">\u6211\u5728\u6211\u4eec\u7684\u64ad\u5ba2\u300aOverleveraged\u300b\u4e2d\u4e0e\u5927\u536b\u00b7\u5e03\u4f0a\u514b\u8fdb\u884c\u4e86\u63a2\u8ba8\u3002<\/a><\/p>\n\n<p><b>\u5c3c\u5c14 <\/b><b>\u5a01\u5c14\u900a<\/b><\/p>\n\n<p><strong>Finalto\u9996\u5e2d\u5e02\u573a\u5206\u6790\u5e08<\/strong><\/p>\n\n<p><em>\u6240\u6709\u89c2\u70b9\u3001\u65b0\u95fb\u3001\u7814\u7a76\u3001\u5206\u6790\u3001\u4ef7\u683c\u6216\u5176\u4ed6\u4fe1\u606f\u5747\u4f5c\u4e3a\u4e00\u822c\u6027\u5e02\u573a\u8bc4\u8bba\u63d0\u4f9b\uff0c\u800c\u975e\u6295\u8d44\u5efa\u8bae\uff0c\u4e14\u6240\u8ba8\u8bba\u7684\u6240\u6709\u6f5c\u5728\u7ed3\u679c\u5747\u4e0d\u4fdd\u8bc1\u80fd\u591f\u5b9e\u73b0\u3002\u8be5\u4fe1\u606f\u53ef\u80fd\u6765\u6e90\u4e8e\u516c\u5f00\u6e20\u9053\u3001\u516c\u53f8\u62a5\u544a\u3001\u4e2a\u4eba\u7814\u7a76\u6216\u8c03\u67e5\u3002 \u8fc7\u5f80\u8868\u73b0\u5e76\u4e0d\u9884\u793a\u672a\u6765\u8868\u73b0\u3002\u4ea4\u6613\u5b58\u5728\u672c\u91d1\u4e8f\u635f\u7684\u98ce\u9669\u3002\u672c\u670d\u52a1\u4ec5\u9762\u5411\u4e13\u4e1a\u5ba2\u6237\u3002    <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8d64\u5b57\u91cd\u8981\u5417\uff1f\u8fd9\u53d6\u51b3\u4e8e\u4f60\u662f\u8c01\uff0c\u4e5f\u53d6\u51b3\u4e8e\u6240\u6d89\u53ca\u7684\u8d44\u4ea7\u3002\u6b64\u5916\uff0c\u8fd8\u53d6\u51b3\u4e8e\u4f60\u4f55\u65f6\u63d0\u51fa\u8fd9\u4e2a\u95ee\u9898\u3002\u672c\u5468\uff0c\u6211\u4eec\u591a\u6b21\u88ab\u63d0\u9192\u6ce8\u610f\u503a\u52a1\u4e0e\u8d64\u5b57\u7684\u72b6\u51b5\u53ca\u5176\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u3002     <\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[490,697],"class_list":["post-19631","post","type-post","status-publish","format-standard","hentry","category-16","tag-490","tag-697"],"acf":[],"mb":[],"mfb_rest_fields":["title"],"_links":{"self":[{"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/posts\/19631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=19631"}],"version-history":[{"count":1,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/posts\/19631\/revisions"}],"predecessor-version":[{"id":19632,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/posts\/19631\/revisions\/19632"}],"wp:attachment":[{"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=19631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=19631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finalto.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=19631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}