{"id":6550,"date":"2005-01-24T00:00:00","date_gmt":"2005-01-23T16:00:00","guid":{"rendered":"http:\/\/15.134.89.131\/archive\/2005\/01\/24\/%e7%be%8e%e5%85%83%e4%b8%8b%e8%b7%8c%e9%9a%90%e5%90%ab%e6%b7%b1%e5%ba%a6%e5%8d%b1%e6%9c%ba\/"},"modified":"2005-01-24T00:00:00","modified_gmt":"2005-01-23T16:00:00","slug":"%e7%be%8e%e5%85%83%e4%b8%8b%e8%b7%8c%e9%9a%90%e5%90%ab%e6%b7%b1%e5%ba%a6%e5%8d%b1%e6%9c%ba","status":"publish","type":"post","link":"http:\/\/15.134.89.131\/archive\/?p=6550","title":{"rendered":"\u7f8e\u5143\u4e0b\u8dcc\u9690\u542b\u6df1\u5ea6\u5371\u673a"},"content":{"rendered":"<p style=\"color: #666; font-size: 14px; margin-bottom: 15px;\">\ud83d\udc49 <strong>\u672c\u6587\u4f5c\u8005\uff1a<\/strong><\/p>\n<hr style=\"border: 0; border-top: 1px dashed #ddd; margin-bottom: 20px;\" \/>\n<TABLE id=HB_Mail_Container height=\"100%\" cellSpacing=0 cellPadding=0 width=\"100%\" border=0 UNSELECTABLE=\"on\"><br \/>\n<TBODY><br \/>\n<TR height=\"100%\" UNSELECTABLE=\"on\" 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Eichengreen)\u8bf4\uff1a\u201c\u6211\u4eec\u906d\u9047\u8d44\u672c\u6d41\u5165\u7a81\u7136\u67af\u7aed\u5c40\u9762\u7684\u53ef\u80fd\u6027\u8d8a\u6765\u8d8a\u5927\uff0c\u591a\u5e74\u6765\u8fd9\u79cd\u7a81\u5982\u5176\u6765\u7684\u505c\u6ede\u6b63\u662f\u5bfc\u81f4\u4e00\u4e9b\u65b0\u5174\u5e02\u573a\u56fd\u5bb6\u7ecf\u6d4e\u9677\u5165\u56f0\u5883\u7684\u7978\u6839\u3002\u201d <\/P><br 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\/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u7531\u4e8e\u62c5\u5fc3\u7f8e\u5143\u7684\u4e0d\u65ad\u4e0b\u8dcc\u4f1a\u6709\u635f\u5176\u4e3a\u6291\u5236\u901a\u8d27\u81a8\u80c0\u800c\u4f5c\u51fa\u7684\u79cd\u79cd\u52aa\u529b\uff0c\u5f53\u65f6\u7684\u5361\u7279\u653f\u5e9c\u4e8e1978\u5e7411\u67081\u65e5\u5ba3\u5e03\u5b9e\u884c\u4e00\u7cfb\u5217\u652f\u6491\u7f8e\u5143\u7684\u63aa\u65bd\uff1a\u8d22\u653f\u90e8\u5c06\u901a\u8fc7\u51fa\u552e\u9ec4\u91d1\u3001\u5411\u5916\u4e3e\u503a\u3001\u52a8\u7528\u5176\u5728\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7(International Monetary Fund, IMF)\u7684\u50a8\u5907\u7b49\u624b\u6bb5\u6765\u634d\u536b\u7f8e\u5143\u6c47\u7387\u3002\u540c\u65f6\uff0c\u8054\u90a6\u50a8\u5907\u59d4\u5458\u4f1a(Federal Reserve, \u7b80\u79f0Fed)\u4e00\u4e0b\u5b50\u5c06\u8054\u90a6\u57fa\u91d1\u8d34\u73b0\u7387\u4e0a\u8c03\u4e86100\u4e2a\u57fa\u70b9\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u7f8e\u5143\u6c47\u7387\u7531\u6b64\u5f97\u5230\u4e86\u7a33\u5b9a\uff0c\u4f46\u4f9d\u7136\u6bd4\u8f83\u8106\u5f31\uff0c\u800c\u52301979\u5e74\u5e95\uff0c\u901a\u8d27\u81a8\u80c0\u7387\u66f4\u662f\u8fdb\u4e00\u6b65\u4e0a\u5347\u5230\u4e8610%\u7684\u6c34\u5e73\u30021979\u5e74\u590f\uff0c\u5361\u7279\u603b\u7edf\u91c7\u53d6\u4e86\u4e00\u9879\u540e\u6765\u88ab\u8bc1\u660e\u662f\u66f4\u5177\u5b9e\u8d28\u6027\u7684\u884c\u52a8\uff0c\u90a3\u5c31\u662f\u8ba9\u5f53\u65f6\u7684\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u884c\u957f\u4fdd\u7f57\u00b7\u6c83\u5c14\u514b(Paul Volcker)\u51fa\u4efbFed\u4e3b\u5e2d\u3002\u7ed3\u679c\u8bc1\u660e\uff0c\u8fd9\u4e00\u4efb\u547d\u5b9e\u662f\u904f\u5236\u548c\u6d88\u9664\u9ad8\u901a\u80c0\u7684\u5fc5\u8981\u4e4b\u4e3e\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5f53\u5e74\u768410\u67086\u65e5\uff0cFed\u5f00\u59cb\u5b9e\u884c\u975e\u4f20\u7edf\u7684\u65b0\u8d27\u5e01\u653f\u7b56\u6765\u6d88\u9664\u901a\u8d27\u81a8\u80c0\u3002\u8fd9\u4e00\u653f\u7b56\u7684\u7cbe\u9ad3\u5c31\u662f\u4e25\u683c\u63a7\u5236\u8d27\u5e01\u4f9b\u5e94\u91cf\u7684\u589e\u957f\uff0c\u5373\u4f7f\u5bfc\u81f4\u5229\u7387\u6c34\u5e73\u5927\u5e45\u4e0a\u5347\u4e5f\u5728\u6240\u4e0d\u60dc\u3002\u6c83\u5c14\u514b\u7684\u65b0\u6218\u7565\u7684\u786e\u8d77\u5230\u4e86\u964d\u4f4e\u901a\u8d27\u81a8\u80c0\u6c34\u5e73\u7684\u4f5c\u7528\uff0c\u800c\u4e14\u6700\u7ec8\u4e5f\u4f7f\u7f8e\u5143\u6c47\u7387\u5f97\u5230\u4e86\u5de9\u56fa\uff0c\u7136\u800c\u4ee3\u4ef7\u4e5f\u662f\u5de8\u5927\u7684\uff1a\u7f8e\u56fd\u7ecf\u6d4e\u56e0\u6b64\u800c\u7ecf\u5386\u4e86\u5927\u8427\u6761(Great Depression)\u4ee5\u6765\u7a0b\u5ea6\u6700\u4e25\u91cd\u7684\u4e00\u6b21\u8870\u9000\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;1978\u5e74\u4ee5\u540e\uff0c\u60c5\u51b5\u6709\u4e86\u5f88\u5927\u4e0d\u540c\u3002\u5f53\u65f6\u7f8e\u5143\u6c47\u7387\u7684\u4e0d\u65ad\u4e0b\u8dcc\u65e2\u662f\u4ea7\u751f\u9ad8\u901a\u8d27\u81a8\u80c0\u7684\u539f\u56e0\uff0c\u540c\u65f6\u4e5f\u662f\u9ad8\u901a\u8d27\u81a8\u80c0\u6240\u5e26\u6765\u7684\u76f4\u63a5\u540e\u679c\uff0c\u5728\u539f\u56e0\u548c\u7ed3\u679c\u7684\u5171\u540c\u4f5c\u7528\u4e0b\uff0c\u7f8e\u5143\u5728\u56fd\u5185\u548c\u6d77\u5916\u7684\u8d2d\u4e70\u529b\u51fa\u73b0\u4e86\u5927\u5e45\u4e0b\u964d\u3002\u4eca\u5929\uff0c\u901a\u8d27\u81a8\u80c0\u6c34\u5e73\u76f8\u5bf9\u800c\u8a00\u6bd4\u5f53\u65f6\u4f4e\u5f97\u591a\uff0c\u800c\u4e14\u6295\u8d44\u8005\u76f8\u4fe1\uff0cFed\u4f1a\u7ee7\u7eed\u4f7f\u5176\u4fdd\u6301\u8fd9\u79cd\u72b6\u6001\u3002\u867d\u8bf4\u7f8e\u5143\u7684\u4e0b\u8dcc\u548c\u6cb9\u4ef7\u7684\u6500\u5347\u6700\u8fd1\u4f7f\u901a\u8d27\u81a8\u80c0\u6c34\u5e73\u6709\u4e86\u4e9b\u8bb8\u4e0a\u5347\uff0c\u4f46\u6295\u8d44\u8005\u8ba4\u4e3a\u8fd9\u53ea\u662f\u6682\u65f6\u73b0\u8c61\u300210\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4f9d\u7136\u4fdd\u6301\u84574%\u8fd9\u4e00\u5c06\u8fd140\u5e74\u6765\u7684\u6700\u4f4e\u6c34\u5e73\uff081979\u5e74\u65f6\u4e3a9%\uff09\uff0cFed\u7531\u6b64\u76f8\u4fe1\uff0c\u5b83\u53ef\u4ee5\u5728\u4e0d\u635f\u53ca\u7ecf\u6d4e\u589e\u957f\u901f\u5ea6\u7684\u60c5\u51b5\u4e0b\u91c7\u53d6\u6e10\u8fdb\u7684\u65b9\u5f0f\u9010\u6e10\u4e0a\u8c03\u77ed\u671f\u5229\u7387\uff08\u76ee\u524d\u4f9d\u7136\u7ef4\u6301\u57282.25%\u7684\u8f83\u4f4e\u6c34\u5e73\uff09\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u4f46\u6709\u4e9b\u95ee\u9898\u60c5\u51b5\u5374\u51fa\u73b0\u4e86\u6076\u5316\u30021978\u5e74\u7684\u65f6\u5019\uff0c\u7f8e\u56fd\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u603b\u989d\u5360\u5176\u56fd\u5185\u751f\u4ea7\u603b\u503c(GDP)\u7684\u6bd4\u4f8b\u4e0d\u8db31%\uff0c\u800c\u5982\u4eca\uff0c\u8fd9\u4e00\u6bd4\u4f8b\u5df2\u63a5\u8fd16%\u3002\u8fd9\u4e2a\u6bd4\u4f8b\u4e5f\u6b63\u597d\u53cd\u6620\u4e86\u7f8e\u56fd\u5bb6\u5ead\u3001\u516c\u53f8\u53ca\u653f\u5e9c\u6d88\u8d39\u548c\u6295\u8d44\u6570\u989d\u8d85\u51fa\u5176\u6536\u5165\u6c34\u5e73\u7684\u7a0b\u5ea6\u3002\u4e0e27\u5e74\u524d\u76f8\u6bd4\uff0c\u7f8e\u56fd\u5bb6\u5ead\u4eca\u5929\u7684\u50a8\u84c4\u7387\uff08\u50a8\u84c4\u989d\u5360\u7a0e\u540e\u6536\u5165\u7684\u6bd4\u4f8b\uff09\u8981\u4f4e\u5f97\u591a\uff0c\u56e0\u6b64\u4ed6\u4eec\u5c31\u8981\u501f\u66f4\u591a\u7684\u94b1\u4ee5\u4f9b\u4ed6\u4eec\u8d2d\u4e70\u4f4f\u623f\u548c\u6d88\u8d39\u3002\u8054\u90a6\u653f\u5e9c\u6240\u501f\u5916\u503a\u4e5f\u66f4\u591a\u4e86\u3002\u53bb\u5e74\u8054\u90a6\u653f\u5e9c\u9884\u7b97\u8d64\u5b57\u5360GDP\u7684\u6bd4\u4f8b\u5df2\u4ece1978\u5e74\u76842.7%\u589e\u52a0\u5230\u4e864.5%<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u4e00\u4e2a\u4eba\u6323\u5f97\u5c11\u82b1\u5f97\u591a\uff0c\u90a3\u4ed6\u5c31\u5f97\u5356\u6389\u81ea\u5df1\u7684\u4e00\u4e9b\u8d44\u4ea7\u6765\u4ed8\u5e10\u3002\u540c\u7406\uff0c\u7f8e\u56fd\u4e3a\u586b\u8865\u5176\u5de8\u989d\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u5c31\u5f97\u5927\u91cf\u501f\u94b1\u6216\u5438\u5f15\u6295\u8d44\u8005\u6295\u8d44\u4e8e\u5b83\u672c\u571f\u7684\u4f01\u4e1a\u548c\u80a1\u7968\u5e02\u573a\u3002\u6700\u8fd1\u4e00\u6bb5\u65f6\u95f4\u4ee5\u6765\uff0c\u5b83\u4e00\u76f4\u5728\u901a\u8fc7\u5411\u4ee5\u5916\u56fd\u592e\u884c\u4e3a\u4e3b\u7684\u6d77\u5916\u503a\u6743\u4eba\u53d1\u552e\u56fd\u503a\u548c\u5176\u4ed6\u5f62\u5f0f\u7684\u503a\u5238\u6765\u7b79\u96c6\u5927\u91cf\u8d44\u91d1\uff0c\u7ed3\u679c\u662f\uff0c1978\u5e74\u7684\u65f6\u5019\u7f8e\u56fd\u8fd8\u62e5\u6709\u76f8\u5f53\u4e8e\u5176GDP\u603b\u989d9%\u7684\u51c0\u6d77\u5916\u8d44\u4ea7\uff0c\u800c\u5230\u73b0\u5728\uff0c\u5b83\u7684\u8eab\u4e0a\u5374\u80cc\u8d1f\u4e86\u76f8\u5f53\u4e8e\u5176GDP\u603b\u989d25%\u7684\u5916\u503a\u3002\u827e\u6b23\u683c\u6797\u8bf4\uff0c\u50cf\u7f8e\u56fd\u8fd9\u6837\u7684\u7ecf\u6d4e\u5927\u56fd\u5982\u6b64\u5927\u89c4\u6a21\u5730\u5411\u5916\u4e3e\u503a\u53ef\u8bf4\u662f\u53f2\u65e0\u524d\u4f8b\u3002\u73b0\u4efb\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u884c\u957f\u76d6\u7eb3(Timothy Geithner)\u5219\u5728\u6700\u8fd1\u7684\u4e00\u6b21\u8bb2\u8bdd\u4e2d\u8fdb\u4e00\u6b65\u5f3a\u8c03\u4e86\u76ee\u524d\u8fd9\u79cd\u72b6\u51b5\u6240\u5b58\u5728\u7684\u5de8\u5927\u98ce\u9669\uff1a\u201c\u6211\u4eec\u5982\u4eca\u6781\u5927\u5730\u4f9d\u8d56\u4e16\u754c\u5176\u4ed6\u56fd\u5bb6\u5bf9\u7f8e\u56fd\u7ecf\u6d4e\u653f\u7b56\u7684\u4fe1\u5fc3\uff0c\u800c\u4e14\u8fd9\u79cd\u4f9d\u8d56\u7a0b\u5ea6\u6bd4\u4ee5\u5f80\u5927\u4e86\u8bb8\u591a\u8bb8\u591a\u3002\u201d<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u8fd110\u5e74\u6765\uff0c\u906d\u53d7\u672c\u5e01\u8d2c\u503c\u5371\u673a\u7684\u65b0\u5174\u5e02\u573a\u56fd\u5bb6\u7684\u7ecf\u5386\u90fd\u8868\u660e\uff0c\u8fd9\u662f\u6295\u8d44\u8005\u4fe1\u5fc3\u7a81\u7136\u5d29\u6e83\u5bfc\u81f4\u7684\u540e\u679c\u30022002\u5e74\uff0c\u5df4\u897f\u901a\u8d27\u81a8\u80c0\u5f62\u52bf\u6e29\u548c\uff0c\u4f46\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u548c\u653f\u5e9c\u9884\u7b97\u8d64\u5b57\u89c4\u6a21\u90fd\u5f88\u5927\u3002\u4f46\u5de6\u7ffc\u603b\u7edf\u5019\u9009\u4eba\u8def\u6613\u58eb\u00b7\u4f0a\u7eb3\u897f\u5965\u00b7\u5362\u62c9\u00b7\u8fbe\u5e2d\u5c14\u74e6(Luiz Inacio Lula da Silva)\u5728\u5927\u9009\u4e2d\u83b7\u80dc\uff0c\u6c89\u91cd\u6253\u51fb\u4e86\u6295\u8d44\u8005\u4fe1\u5fc3\uff0c\u4ed6\u4eec\u5bf9\u653f\u5e9c\u63a7\u5236\u901a\u8d27\u81a8\u80c0\u3001\u507f\u8fd8\u503a\u52a1\u7684\u524d\u666f\u6df1\u8868\u8d28\u7591\u3002\u7ed3\u679c\uff0c\u5df4\u897f\u653f\u5e9c\u4e0d\u5f97\u4e0d\u52c9\u529b\u629b\u552e\u56fd\u503a\u3002\u65f6\u4efb\u5df4\u897f\u592e\u884c\u884c\u957f\u963f\u7c73\u5c3c\u5965\u00b7\u5f17\u62c9\u9769(Arminio Fraga)\u540e\u6765\u8868\u793a\uff0c\u201c\u4e00\u591c\u4e4b\u95f4\uff0c\u8ba4\u4e3a\u5df4\u897f\u662f\u4e2a\u6295\u8d44\u907f\u98ce\u6e2f\u7684\u4eba\u4eec\u7eb7\u7eb7\u9003\u79bb\u201d\u3002\u5f17\u62c9\u9769\u73b0\u5728\u81ea\u5df1\u5f00\u529e\u4e86\u4e00\u5bb6\u6295\u8d44\u516c\u53f8Gavea Investimentos\u3002\u5f53\u5e744\u6708\u81f310\u6708\u77ed\u77ed\u51e0\u4e2a\u6708\u4e4b\u95f4\uff0c\u5df4\u897f\u8d27\u5e01\u96f7\u4e9a\u5c14\u66b4\u8dcc40%\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5f17\u62c9\u9769\u548c\u540c\u4e8b\u4e0e\u603b\u7edf\u8fbe\u5e2d\u5c14\u74e6\u7684\u987e\u95ee\u4f1a\u6664\u540e\uff0c\u5411\u5916\u56fd\u5b98\u5458\u4fdd\u8bc1\uff0c\u603b\u7edf\u4f1a\u6267\u884c\u201c\u6709\u7406\u6027\u201d\u7684\u7ecf\u6d4e\u653f\u7b56\u3002\u4f46\u662f\uff0c\u968f\u8457\u8d27\u5e01\u8d2c\u503c\uff0c\u6295\u8d44\u8005\u5bf9\u901a\u8d27\u81a8\u80c0\u7684\u9884\u671f\u4e5f\u5728\u7a33\u6b65\u589e\u9ad8\u3002\u8003\u8651\u5230\u516b\u5341\u5e74\u4ee3\u672b\u671f\u548c\u4e5d\u5341\u5e74\u4ee3\u521d\u671f\u5df4\u897f\u98de\u6da8\u7684\u901a\u8d27\u81a8\u80c0\u7387\uff0c\u5f17\u62c9\u9769\u6df1\u77e5\u5fc5\u987b\u6d88\u9664\u4eba\u4eec\u5bf9\u901a\u80c0\u7684\u62c5\u5fc3\uff0c\u4f46\u662f\u4ee3\u4ef7\u5462\uff1f<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5f17\u62c9\u9769\u603b\u7ed3\u51fa\uff0c\u201c\u8870\u9000\u5df2\u7ecf\u8feb\u5728\u7709\u776b\u3002\u6295\u8d44\u8005\u5bf9\u5df4\u897f\u7684\u4fe1\u5fc3\u5df2\u7ecf\u4e27\u5931\u6b86\u5c3d\uff0c\u6211\u4eec\u89c9\u5f97\uff1a\u5728\u6ca1\u6709\u6df1\u5ea6\u901a\u80c0\u5a01\u80c1\u7684\u524d\u63d0\u4e0b\uff0c\u7ecf\u6d4e\u5728\u53d7\u63a7\u72b6\u6001\u4e0b\u653e\u7f13\u811a\u6b65\uff0c\u8981\u8fdc\u8fdc\u597d\u4e8e\u5f7b\u5e95\u5931\u63a7\u9677\u5165\u8427\u6761\u3002\u201d\u6240\u4ee5\uff0c\u5728\u4ed6\u7684\u5e26\u9886\u4e0b\uff0c\u5df4\u897f\u592e\u884c\u52c7\u6311\u91cd\u62c5\uff0c\u5728\u77ed\u77ed3\u4e2a\u6708\u5185\uff0c\u5c06\u9694\u591c\u62c6\u6b3e\u5229\u7387\u4ece18%\u4e00\u4e3e\u5347\u81f325%\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5df4\u897f\u7ecf\u6d4e\u8fd8\u662f\u9677\u5165\u4e86\u8870\u9000\uff0c\u4f46\u7a0b\u5ea6\u76f8\u5bf9\u6e29\u548c\u30022003\u5e74\u7ecf\u6d4e\u589e\u957f\u57fa\u672c\u6301\u5e73\u3002\u4e0e\u4e4b\u76f8\u6bd4\uff0c\u58a8\u897f\u54e5\u8d27\u5e01\u5d29\u6e83\u4e4b\u540e\uff0c\u7ecf\u6d4e\u964d\u5e45\u51e0\u4e4e\u8fbe\u52307%\uff0c\u6cf0\u56fd\u548c\u963f\u6839\u5ef7\u5728\u540c\u6837\u60c5\u51b5\u4e0b\u7684\u7ecf\u6d4e\u964d\u5e45\u5206\u522b\u662f10%\u548c\u903e20%\u3002\u7ebd\u7ea6\u5927\u5b66(New York University)\u7ecf\u6d4e\u5b66\u5bb6\u9c81\u91cc\u57c3\u5c14\u00b7\u9c81\u6bd4\u5c3c(Nouriel Roubini)\uff0c\u548c\u53e6\u4e00\u4f4d\u7ecf\u6d4e\u5b66\u5bb6\u5e03\u62c9\u5fb7\u00b7\u585e\u6cfd(Brad Setser)\u7814\u7a76\u4e86\u4ece1994\u5e74\u58a8\u897f\u54e5\u52302002\u5e74\u5df4\u897f\u7ecf\u6d4e\u8870\u9000\u671f\u95f4\u768414\u6b21\u65b0\u5174\u7ecf\u6d4e\u4f53\u5371\u673a\uff0c\u5f97\u51fa\u4e86\u51e0\u6761\u91cd\u8981\u7684\u5171\u540c\u70b9\uff0c\u5176\u4e2d\u5c31\u5305\u62ec\uff1a\u5de8\u989d\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u6216\u9884\u7b97\u8d64\u5b57\u3001\u7528\u5916\u8d44\u201c\u70ed\u94b1\u201d\u7b79\u96c6\u8d44\u91d1\uff1a\u4e00\u65e6\u653f\u7b56\u4e0a\u6709\u4ec0\u4e48\u98ce\u5439\u8349\u52a8\uff0c\u8fd9\u4e9b\u79ef\u6781\u6d8c\u5165\u63d0\u4f9b\u878d\u8d44\u7684\u5c31\u4f1a\u6beb\u4e0d\u72b9\u8c6b\u5730\u64a4\u79bb\u3001\u4ee5\u53ca\u653f\u5c40\u4e0d\u7a33\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u9c81\u6bd4\u5c3c\u6307\u51fa\uff0c\u7f8e\u56fd\u73b0\u5728\u4e5f\u6709\u5176\u4e2d\u51e0\u9879\u5f31\u70b9\uff1a\u5de8\u989d\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u548c\u9884\u7b97\u8d64\u5b57\u2500\u2500\u88ab\u79f0\u4e3a\u201c\u53cc\u8d64\u5b57\u201d\u2500\u2500\u770b\u4e0d\u5230\u89e3\u51b3\u95ee\u9898\u7684\u529e\u6cd5\uff1b\u8fd9\u4e9b\u8d64\u5b57\u8d8a\u6765\u8d8a\u591a\u5730\u7531\u77ed\u671f\u5916\u503a\u652f\u6491\u3002\u9c81\u6bd4\u5c3c\u8bf4\uff0c\u201c\u5982\u679c\u662f\u4e2a\u666e\u901a\u7684\u65b0\u5174\u5e02\u573a\u56fd\u5bb6\uff0c\u65e9\u5c31\u88ab\u5982\u6b64\u5927\u89c4\u6a21\u7684\u53cc\u8d64\u5b57\u62d6\u57ae\u4e86\u3002\u201d\u7f8e\u56fd\u80fd\u591f\u5e78\u514d\uff0c\u662f\u56e0\u4e3a\u7f8e\u56fd\u4ecd\u7136\u80fd\u591f\u7528\u7f8e\u5143\uff0c\u800c\u975e\u5916\u5e01\u4e3e\u503a\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5982\u679c\u7f8e\u5143\u8d2c\u503c\uff0c\u627f\u53d7\u635f\u5931\u7684\u662f\u522b\u4eba\uff0c\u800c\u4e0d\u662f\u7f8e\u56fd\u3002\u4e0e\u6b64\u76f8\u53cd\uff0c\u53d1\u5c55\u4e2d\u56fd\u5bb6\u5229\u7528\u7f8e\u56fd\u7684\u4f4e\u5229\u7387\u73b0\u72b6\u5e38\u5e38\u4e3e\u501f\u7f8e\u5143\u5916\u503a\uff0c\u53ef\u662f\u4e00\u65e6\u4ed6\u4eec\u7684\u8d27\u5e01\u4e0d\u80fd\u548c\u7f8e\u5143\u4fdd\u6301\u540c\u6b65\u8d70\u52bf\uff0c\u5c31\u4f1a\u9762\u4e34\u6c89\u91cd\u7684\u507f\u503a\u8d1f\u62c5\u3002\u5df4\u897f\u7684\u5f17\u62c9\u9769\u6307\u51fa\uff0c\u62c5\u5fc3\u5df4\u897f\u653f\u5e9c\u62d6\u6b20\u503a\u52a1\u662f\u5bfc\u81f4\u5df4\u897f\u8d27\u5e01\u5371\u673a\u7684\u91cd\u8981\u539f\u56e0\uff0c\u800c\u5bf9\u7f8e\u56fd\u6839\u672c\u65e0\u9700\u62c5\u5fc3\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u9c81\u6bd4\u5c3c\u8bf4\uff0c\u201c\u6211\u4eec\u8fd8\u662f\u6709\u70b9\u513f\u4fe1\u7528\u3002\u201d\u4f46\u65e0\u8bba\u5982\u4f55\uff0c\u8d8a\u6765\u8d8a\u4f9d\u8d56\u77ed\u671f\u5916\u503a\u7684\u5371\u9669\u6b63\u5728\u52a0\u5927\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u4f46\u5373\u4f7f\u662f\u5bcc\u56fd\uff0c\u4e5f\u4e00\u6837\u96be\u514d\u5e01\u503c\u66b4\u8dcc\u7684\u6253\u51fb\u3002\u4e0a\u4e16\u7eaa\u4e03\u5341\u5e74\u4ee3\u7684\u82f1\u56fd\u5c31\u662f\u5982\u6b64\u3002\u4e5d\u5341\u5e74\u4ee3\u521d\u671f\u7684\u52a0\u62ff\u5927\u4e5f\u56e0\u4e3a\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u548c\u9884\u7b97\u8d64\u5b57\u8fc7\u5927\u800c\u5c61\u5c61\u906d\u53d7\u8d27\u5e01\u8d2c\u503c\u7684\u6c89\u91cd\u538b\u529b\u3002\u592e\u884c\u4ee5\u52a0\u606f\u5e94\u5bf9\uff0c\u4f46\u8fd9\u6837\u5c31\u52a0\u91cd\u4e86\u653f\u5e9c\u507f\u8fd8\u56fd\u503a\u7684\u538b\u529b\uff0c\u9884\u7b97\u8d64\u5b57\u7ee7\u7eed\u6076\u5316\u3002\u5f53\u65f6\u52a0\u62ff\u5927\u8d22\u653f\u90e8\u9ad8\u5b98\u5510\u00b7\u5fb7\u5415\u8499(Don Drummond)\u8fd8\u6e05\u695a\u8bb0\u5f97\u6807\u51c6\u666e\u5c14(Standard &amp; Poor&#8217;s)\u4e0b\u8c03\u52a0\u62ff\u5927\u5916\u6c47\u503a\u5238\u4fe1\u8d37\u8bc4\u7ea7\u5f53\u5929\u88ab\u8bb0\u8005\u56f4\u653b\u65f6\u7684\u60c5\u666f\u3002\u4ed6\u8bf4\uff0c\u8bb0\u8005\u4eec\u90fd\u89c9\u5f97\u52a0\u62ff\u5927\u5728\u56fd\u9645\u4e0a\u5df2\u7ecf\u7834\u4ea7\u4e86\uff0c\u8fd9\u5bf9\u52a0\u62ff\u5927\u4eba\u6765\u8bf4\u7684\u786e\u662f\u4e00\u6b21\u6c89\u91cd\u6253\u51fb\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5fb7\u5415\u8499\u73b0\u5728\u662f\u591a\u4f26\u591aTD Bank Financial Group\u7684\u9996\u5e2d\u7ecf\u6d4e\u5e08\u3002\u4ed6\u8bf4\uff0c\u52a0\u62ff\u5927\u653f\u5e9c\u5229\u7528\u8fd9\u79cd\u5371\u673a\u6c14\u6c1b\uff0c\u53f7\u53ec\u5404\u754c\u4eba\u58eb\u5927\u529b\u652f\u6301\u7a0e\u5236\u6539\u9769\u548c\u524a\u51cf\u653f\u5e9c\u5f00\u652f\u7684\u79cd\u79cd\u4e3e\u63aa\uff0c\u6700\u7ec8\u5b9e\u73b0\u4e86\u9884\u7b97\u548c\u7ecf\u5e38\u9879\u76ee\u7684\u53cc\u91cd\u76c8\u4f59\u3002\u4eca\u5929\u7f8e\u56fd\u7684\u60c5\u51b5\u540c10\u5e74\u524d\u7684\u52a0\u62ff\u5927\u201c\u60ca\u4eba\u5730\u76f8\u4f3c\u201d\uff0c\u7ecf\u5e38\u9879\u76ee\u8d64\u5b57\u548c\u9884\u7b97\u8d64\u5b57\u5360GDP\u7684\u6bd4\u4f8b\u57fa\u672c\u4e00\u81f4\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5728\u90a3\u4e4b\u524d\uff0c\u52a0\u62ff\u5927\u4ece\u672a\u9762\u4e34\u8fc7\u8fd9\u6837\u7684\u5371\u673a\uff0c\u6295\u8d44\u8005\u90fd\u4e0d\u613f\u610f\u8d2d\u4e70\u52a0\u62ff\u5927\u503a\u5238\u3002\u7f8e\u56fd\u5e94\u8be5\u4ece\u4e2d\u5438\u53d6\u7684\u6559\u8bad\u662f\uff0c\u4e0d\u8981\u671f\u5f85\u5947\u8ff9\u53d1\u751f\u3002\u5fb7\u5415\u8499\u8bf4\uff0c\u4ee3\u4ef7\u4f1a\u8d8a\u6765\u8d8a\u5927\uff0c\u4e00\u591c\u4e4b\u95f4\u4e0d\u53ef\u80fd\u51fa\u73b0\u91cd\u5927\u6539\u53d8\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u76f8\u6bd4\u5176\u4ed6\u56fd\u5bb6\uff0c\u7f8e\u56fd\u8fd8\u6709\u4e00\u9879\u522b\u4eba\u65e0\u6cd5\u4f01\u53ca\u7684\u4f18\u52bf\uff1a\u7f8e\u56fd\u7ecf\u6d4e\u5bf9\u8fd9\u4e2a\u4e16\u754c\u6765\u8bf4\u592a\u91cd\u8981\u4e86\uff0c\u4eba\u4eec\u4e0d\u80fd\u6d88\u6781\u5730\u63a5\u53d7\u7f8e\u5143\u5d29\u6e83\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u8fd9\u5c31\u662f\u5f88\u591a\u56fd\u5bb6\u4e4b\u6240\u4ee5\u63a8\u9ad8\u7f8e\u5143\u7684\u7406\u7531\u3002\u4e2d\u56fd\u5bf9\u7f8e\u56fd\u4eab\u6709\u5de8\u5927\u7684\u8d38\u6613\u987a\u5dee\uff0c\u8fd9\u4f1a\u63a8\u52a8\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u6c47\u7387\u4e0a\u626c\u3002\u4e3a\u963b\u6b62\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\uff0c\u4e2d\u56fd\u4e70\u5165\u4e86\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u56fd\u503a\u3002\u8fd9\u4e0d\u4f46\u4fdd\u62a4\u4e86\u672c\u56fd\u51fa\u53e3\uff0c\u4e5f\u5e2e\u52a9\u7f8e\u56fd\u5229\u7387\u4fdd\u6301\u5728\u4f4e\u6c34\u5e73\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u56fd\u9645\u5e02\u573a\u5bbd\u5e7f\u6df1\u9083\u548c\u7eb7\u7e41\u590d\u6742\u662fFed\u4e3b\u5e2d\u683c\u6797\u65af\u6f58(Alan Greenspan)\u5bf9\u7f8e\u56fd\u4e0d\u81f3\u4e8e\u53d1\u751f\u5371\u673a\u7684\u4fe1\u5fc3\u6240\u5728\u3002\u4ed6\u66fe\u4e8e2003\u5e7411\u6708\u8868\u793a\uff0c\u5f53\u4eca\u56fd\u9645\u91d1\u878d\u7cfb\u7edf\u7684\u7075\u6d3b\u6027\u524d\u6240\u672a\u6709\uff0c\u8fd9\u5c31\u610f\u5473\u8457\u5168\u7403\u6027\u5931\u8861\u53ef\u4ee5\u5f88\u5bb9\u6613\u5c31\u88ab\u7ea0\u6b63\u8fc7\u6765\uff0c\u800c\u5168\u7403\u7ecf\u6d4e\u53d1\u5c55\u7684\u811a\u6b65\u4e0d\u81f3\u4e8e\u4e2d\u65ad\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u5b9e\u9645\u4e0a\uff0c\u8fc7\u53bb10\u5e74\u5f53\u4e2d\u5c61\u5c61\u53d1\u751f\u7684\u8d27\u5e01\u5e02\u573a\u5931\u8861\u4e5f\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u4f7f\u5f97\u56fd\u9645\u8d27\u5e01\u4f53\u7cfb\u66f4\u52a0\u6709\u5e8f\u3002\u4e0a\u4e00\u6b21\u53d1\u751f\u53ef\u80fd\u4f1a\u4fc3\u4f7f\u7f8e\u56fd\u53ca\u5176\u76df\u56fd\u643a\u624b\u8ba4\u771f\u5e94\u5bf9\u7684\u7f8e\u5143\u5927\u5e45\u8d2c\u503c\u5df2\u7ecf\u662f10\u5e74\u524d\u7684\u4e8b\u4e86\u30021995\u5e743\u67082\u65e5\u7684\u6e05\u6668\uff0cFed\u9ad8\u7ea7\u5b98\u5458\u6cf0\u5fb7\u00b7\u675c\u9c81\u95e8(Ted Truman)\u63a5\u5230\u7f8e\u5143\u88ab\u5927\u8086\u629b\u76d8\u7684\u62a5\u544a\uff0c\u90e8\u5206\u6765\u81ea\u884d\u751f\u91d1\u878d\u4ea7\u54c1\u7b56\u7565\u5e08\u7684\u629b\u76d8\uff0c\u5bfc\u81f4\u7f8e\u5143\u5151\u5fb7\u56fd\u9a6c\u514b\u548c\u5151\u65e5\u5706\u6c47\u7387\u66b4\u8dcc\u3002\u503a\u5238\u6536\u76ca\u7387\u76f8\u5e94\u98d9\u5347\u3002\u675c\u9c81\u95e8\u524d\u53bb\u4f1a\u6664\u683c\u6797\u65af\u6f58\uff0c\u5efa\u8baeFed\u548c\u7f8e\u56fd\u8d22\u653f\u90e8\u5e72\u9884\u5e02\u573a\uff0c\u4e70\u5165\u7f8e\u5143\u3002\u4ed6\u56de\u5fc6\u8457\u683c\u6797\u65af\u6f58\u5f53\u65f6\u7684\u8bdd\uff1a\u201c\u6211\u8ba4\u4e3a\u8fd9\u4e48\u505a\u4e0d\u4f1a\u6709\u597d\u7ed3\u679c\u3002\u201d\u201c\u4f46\u662f\uff0c\u5982\u679c\u4e0d\u52a0\u5e72\u9884\uff0c\u5c31\u7b49\u4e8e\u5411\u5927\u5bb6\u8868\u793a\u6211\u4eec\u5bf9\u5e02\u573a\u72b6\u51b5\u6beb\u4e0d\u5728\u610f\u3002\u201c<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u683c\u6797\u65af\u6f58\u4e5f\u540c\u610f\u4ed6\u7684\u770b\u6cd5\uff0c\u5f53\u5929\u4e0b\u5348Fed\u548c\u8d22\u653f\u90e8\u8054\u624b\u5165\u5e02\uff0c\u5171\u4e70\u51656\u4ebf\u7f8e\u5143\u5fb7\u56fd\u9a6c\u514b\u548c\u65e5\u5706\u3002\u7b2c\u4e8c\u5929\u5982\u6cd5\u70ae\u5236\uff0c\u53e6\u591613\u4e2a\u56fd\u5bb6\u7684\u592e\u884c\u4e5f\u52a0\u5165\u9635\u8425\u3002\u7f8e\u5143\u6c47\u7387\u7a33\u4f4f\u4e86\u3002\u503a\u5238\u6536\u76ca\u7387\u5f00\u59cb\u4e0b\u6ed1\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u90a3\u4e00\u5e74\uff0c\u7f8e\u56fd\u8d27\u5e01\u5f53\u5c40\u53c8\u5165\u5e02\u5e72\u9884\u4e86\u51e0\u6b21\uff0c\u4f46\u6b64\u540e\u518d\u4e5f\u6ca1\u6709\u5e72\u9884\u8fc7\uff1b\u5e02\u573a\u57fa\u672c\u4e0a\u8fd0\u884c\u7a33\u5b9a\uff0c\u514b\u6797\u987f(Clinton)\u548c\u5e03\u4ec0(Bush)\u5f53\u653f\u671f\u95f4\uff0cFed\u5f88\u5c11\u4f7f\u7528\u5e72\u9884\u624b\u6bb5\u3002<br \/>\n<P>&nbsp;&nbsp;&nbsp;&nbsp;\u675c\u9c81\u95e8\u73b0\u5728\u662f\u534e\u76db\u987f\u7684\u56fd\u9645\u7ecf\u6d4e\u7814\u7a76\u6240(Institute for International Economics)\u7684\u5b66\u8005\u3002\u4ed6\u9884\u8ba1\uff0c5\u5e74\u4e4b\u5185\u7f8e\u56fd\u653f\u5e9c\u5fc5\u5b9a\u4f1a\u518d\u5ea6\u5165\u5e02\u5e72\u9884\uff0c\u4e0d\u7ba1\u662f\u56e0\u4e3a\u79e9\u5e8f\u5df2\u7ecf\u7834\u574f\uff0c\u8fd8\u662f\u56e0\u4e3a\u518d\u4e5f\u65e0\u6cd5\u627f\u53d7\u4f19\u4f34\u56fd\u5bf9\u7f8e\u56fd\u653f\u754c\u7684\u6279\u8bc4\u3002\u4ed6\u8fd8\u8bf4\uff0c\u683c\u6797\u65af\u6f58\u5f3a\u8c03\u7684\u5e02\u573a\u4e4b\u5bcc\u6709\u548c\u7075\u6d3b\u53ef\u80fd\u90fd\u4f1a\u6f14\u53d8\u6210\u4e3a\u51e0\u573a\u65e0\u5e8f\u7684\u63d2\u66f2\uff0c\u4e0d\u8fc7\u4e00\u65e6\u6765\u4e34\uff0c\u60c5\u51b5\u5c31\u4f1a\u65e5\u76ca\u6076\u5316\u3002<\/FONT><\/P><\/FONT><\/TD><\/TR><br \/>\n<TR UNSELECTABLE=\"on\" hb_tag=\"1\"><br \/>\n<TD style=\"FONT-SIZE: 1pt\" height=1 UNSELECTABLE=\"on\"><br \/>\n<DIV 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