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content=\"\u7ecf\u8fc7\u4e24\u6b21\u5927\u6218\u7684\u751f\u7075\u6d82\u70ad\uff0c\u6b27\u6d32\u4eba\u7ec8\u4e8e\u5316\u5e72\u6208\u4e3a\u7389\u5e1b\uff0c\u628a\u7cbe\u529b\u7528\u5728\u7ecf\u6d4e\u5408\u4f5c\uff0c\u4e00\u6765\u6709\u5229\u4e8e\u53d1\u5c55\u7ecf\u6d4e\uff0c\u4e8c\u6765\u9632\u6b62\u518d\u5ea6\u6218\u4e89\u3002\u6570\u5341\u5e74\u6765\uff0c\u6b27\u6d32\u7684\u7ecf\u6d4e\u6574\u5408\u7f13\u6162\u4f46\u7a33\u6b65\u53d1\u5c55\uff0c\u4ece\u4e94\u5341\u5e74\u4ee3\u53ea\u67096\u4e2a\u6210\u5458\u7684\u6b27\u6d32\u5171\u540c\u5e02\u573a\uff0c\u53d1\u5c55\u5230\u4eca\u592927\u4e2a\u6210\u5458\u7684\u6b27\u76df\uff0c\u800c\u5408\u4f5c\u7684\u5185\u5bb9\uff0c\u4ece\u5f00\u59cb\u65f6\u7684\u7164\u70ad\u548c\u94a2\u94c1\uff0c\u5230\u4eca\u592920\u4e2a\u6210\u5458\u5171\u7528\u7684\u6b27\u7f57\u3002 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Mundell\uff09\u3002 \u8499\u4ee3\u5c14\u7279\u522b\u770b\u597d\u6b27\u7f57\u53ca\u4f7f\u7528\u5355\u4e00\u8d27\u5e01\u7684\u6b27\u6d32\uff0c\u4ed6\u8ba4\u4e3a\u8fd9\u662f\u56fd\u9645\u8d27\u5e01\u4f53\u7cfb\u7ee71944\u5e74\u5e03\u96f7\u987f\u68ee\u6797\u4f1a\u8bae\u53ca1971\u5e74\u5c3c\u514b\u900a\u603b\u7edf\u53d6\u6d88\u7f8e\u5143\u548c\u9ec4\u91d1\u6302\u94a9\u4ee5\u6765\u6700\u91cd\u8981\u7684\u53d1\u5c55\u3002\u4ed6\u4f30\u8ba1\u6b27\u7f57\u533a\u5c06\u4f1a\u5927\u4e8e\u7f8e\u5143\u533a\uff0c\u6b27\u7f57\u4f1a\u4e0e\u7f8e\u5143\u5206\u5ead\u6297\u793c\uff0c\u6539\u53d8\u7f8e\u5143\u4e3b\u5bfc\u7684\u56fd\u9645\u683c\u5c40\uff0c\u56e0\u6b64\u5f71\u54cd\u66f4\u4e3a\u6df1\u8fdc\u3002\u591a\u5e74\u6765\uff0c\u6b27\u6d32\u4e3b\u8981\u56fd\u5bb6\u5df2\u671d\u7740\u5355\u4e00\u5e02\u573a\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u5728\u5546\u54c1\u3001\u670d\u52a1\u3001\u52b3\u52a8\u529b\u548c\u8d44\u91d1\u53ef\u4ee5\u81ea\u7531\u6d41\u901a\u540e\uff0c\u8d27\u5e01\u8054\u76df\uff08monetary union\uff09\u662f\u66f4\u8fdb\u4e00\u6b65\u63d0\u9ad8\u7ecf\u6d4e\u6548\u7387\u7684\u653f\u7b56\u3002\u6bd5\u7adf\u6b27\u6d32\u65e9\u57281979\u5e74\u5df2\u5efa\u7acb\u6b27\u6d32\u8d27\u5e01\u4f53\u7cfb\uff08European Monetary System\uff09\uff0c\u4ee5\u5fb7\u56fd\u9a6c\u514b\u4e3a\u4e3b\u5bfc\uff0c\u5176\u4ed6\u8d27\u5e01\u4e0e\u9a6c\u514b\u7ef4\u6301\u56fa\u5b9a\u6c47\u7387\u3002\u4ece\u7a33\u5b9a\u7684\u56fa\u5b9a\u6c47\u7387\u5230\u4f7f\u7528\u540c\u4e00\u8d27\u5e01\uff0c\u5728\u6982\u5ff5\u4e0a\u53ea\u662f\u4e00\u6b65\u4e4b\u9065\u3002 \u533a\u5185\u6d77\u5578\u540eGDP\u75b2\u5f31 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\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u56db\u5e74\u4e8c\u6708\u4e03\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-euro-at-25\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-02-07T09:46:01+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-02-09T03:40:10+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u6b27\u7f57\u9762\u4e1625\u5468\u5e74 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7ecf\u8fc7\u4e24\u6b21\u5927\u6218\u7684\u751f\u7075\u6d82\u70ad\uff0c\u6b27\u6d32\u4eba\u7ec8\u4e8e\u5316\u5e72\u6208\u4e3a\u7389\u5e1b\uff0c\u628a\u7cbe\u529b\u7528\u5728\u7ecf\u6d4e\u5408\u4f5c\uff0c\u4e00\u6765\u6709\u5229\u4e8e\u53d1\u5c55\u7ecf\u6d4e\uff0c\u4e8c\u6765\u9632\u6b62\u518d\u5ea6\u6218\u4e89\u3002\u6570\u5341\u5e74\u6765\uff0c\u6b27\u6d32\u7684\u7ecf\u6d4e\u6574\u5408\u7f13\u6162\u4f46\u7a33\u6b65\u53d1\u5c55\uff0c\u4ece\u4e94\u5341\u5e74\u4ee3\u53ea\u67096\u4e2a\u6210\u5458\u7684\u6b27\u6d32\u5171\u540c\u5e02\u573a\uff0c\u53d1\u5c55\u5230\u4eca\u592927\u4e2a\u6210\u5458\u7684\u6b27\u76df\uff0c\u800c\u5408\u4f5c\u7684\u5185\u5bb9\uff0c\u4ece\u5f00\u59cb\u65f6\u7684\u7164\u70ad\u548c\u94a2\u94c1\uff0c\u5230\u4eca\u592920\u4e2a\u6210\u5458\u5171\u7528\u7684\u6b27\u7f57\u3002 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Mundell\uff09\u3002 \u8499\u4ee3\u5c14\u7279\u522b\u770b\u597d\u6b27\u7f57\u53ca\u4f7f\u7528\u5355\u4e00\u8d27\u5e01\u7684\u6b27\u6d32\uff0c\u4ed6\u8ba4\u4e3a\u8fd9\u662f\u56fd\u9645\u8d27\u5e01\u4f53\u7cfb\u7ee71944\u5e74\u5e03\u96f7\u987f\u68ee\u6797\u4f1a\u8bae\u53ca1971\u5e74\u5c3c\u514b\u900a\u603b\u7edf\u53d6\u6d88\u7f8e\u5143\u548c\u9ec4\u91d1\u6302\u94a9\u4ee5\u6765\u6700\u91cd\u8981\u7684\u53d1\u5c55\u3002\u4ed6\u4f30\u8ba1\u6b27\u7f57\u533a\u5c06\u4f1a\u5927\u4e8e\u7f8e\u5143\u533a\uff0c\u6b27\u7f57\u4f1a\u4e0e\u7f8e\u5143\u5206\u5ead\u6297\u793c\uff0c\u6539\u53d8\u7f8e\u5143\u4e3b\u5bfc\u7684\u56fd\u9645\u683c\u5c40\uff0c\u56e0\u6b64\u5f71\u54cd\u66f4\u4e3a\u6df1\u8fdc\u3002\u591a\u5e74\u6765\uff0c\u6b27\u6d32\u4e3b\u8981\u56fd\u5bb6\u5df2\u671d\u7740\u5355\u4e00\u5e02\u573a\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u5728\u5546\u54c1\u3001\u670d\u52a1\u3001\u52b3\u52a8\u529b\u548c\u8d44\u91d1\u53ef\u4ee5\u81ea\u7531\u6d41\u901a\u540e\uff0c\u8d27\u5e01\u8054\u76df\uff08monetary union\uff09\u662f\u66f4\u8fdb\u4e00\u6b65\u63d0\u9ad8\u7ecf\u6d4e\u6548\u7387\u7684\u653f\u7b56\u3002\u6bd5\u7adf\u6b27\u6d32\u65e9\u57281979\u5e74\u5df2\u5efa\u7acb\u6b27\u6d32\u8d27\u5e01\u4f53\u7cfb\uff08European Monetary System\uff09\uff0c\u4ee5\u5fb7\u56fd\u9a6c\u514b\u4e3a\u4e3b\u5bfc\uff0c\u5176\u4ed6\u8d27\u5e01\u4e0e\u9a6c\u514b\u7ef4\u6301\u56fa\u5b9a\u6c47\u7387\u3002\u4ece\u7a33\u5b9a\u7684\u56fa\u5b9a\u6c47\u7387\u5230\u4f7f\u7528\u540c\u4e00\u8d27\u5e01\uff0c\u5728\u6982\u5ff5\u4e0a\u53ea\u662f\u4e00\u6b65\u4e4b\u9065\u3002 \u533a\u5185\u6d77\u5578\u540eGDP\u75b2\u5f31 \u7136\u800c\uff0c\u4e5f\u6709\u4e0d\u5c11\u4eba\u5bf9\u8d27\u5e01\u8054\u76df\u53ca\u6b27\u7f57\u5b58\u7591\u3002\u6700\u660e\u663e\u7684\u8003\u8651\u662f\u6210\u5458\u56fd\u8981\u653e\u5f03\u72ec\u7acb\u7684\u8d27\u5e01\u653f\u7b56\uff0c\u628a\u6709\u5173\u51b3\u7b56\u6258\u4ed8\u7ed9\u6b27\u592e\u884c\uff0c\u4f46\u540e\u8005\u7684\u653f\u7b56\u76ee\u6807\uff0c\u4e0d\u4e00\u5b9a\u7b26\u5408\u6240\u6709\u6210\u5458\u56fd\u7684\u8981\u6c42\uff0c\u53ef\u80fd\u4f1a\u5bfc\u81f4\u6210\u5458\u56fd\u4e4b\u95f4\u7684\u4e0d\u548c\uff0c\u7279\u522b\u5728\u4e25\u91cd\u7684\u7ecf\u6d4e\u91d1\u878d\u5371\u673a\u60c5\u51b5\u4e0b\u3002\u6301\u8fd9\u4e9b\u53cd\u5bf9\u610f\u89c1\u7684\uff0c\u5305\u62ec\u8457\u540d\u7684\u524d\u7f8e\u56fd\u5168\u56fd\u7ecf\u6d4e\u7814\u7a76\u6240\uff08National Bureau of Economic Research\uff09\u884c\u653f\u603b\u88c1\u53ca\u54c8\u4f5b\u5927\u5b66\u6559\u6388\u9a6c\u4e01\uff0e\u8d39\u5c14\u5fb7\u65af\u5766\uff08Martin Feldstein\uff09\u3002\u5728\u4ed6\u770b\u6765\uff0c\u6b27\u6d32\u63a8\u52a8\u8d27\u5e01\u8054\u76df\u7684\u6839\u672c\u76ee\u7684\u662f\u653f\u6cbb\u800c\u975e\u7ecf\u6d4e\u8003\u8651\u3002\u8d27\u5e01\u8054\u76df\u53ea\u662f\u4e3a\u5c06\u6765\u7684\u653f\u6cbb\u8054\u76df\u94fa\u8def\uff0c\u6b27\u6d32\u8fdb\u4e00\u6b65\u7edf\u4e00\u548c\u5f3a\u5927\uff0c\u4f1a\u5728\u56fd\u9645\u653f\u7ecf\u4e8b\u52a1\u4e0a\u8f83\u4e3a\u72ec\u7acb\u81ea\u4e3b\uff0c\u4e0d\u4e00\u5b9a\u5bf9\u7f8e\u56fd\u8a00\u542c\u8ba1\u4ece\uff0c\u56e0\u800c\u524a\u5f31\u7f8e\u56fd\u7684\u9738\u6743\u5730\u4f4d\uff0c\u589e\u52a0\u5730\u7f18\u653f\u6cbb\u7684\u98ce\u9669\u3002\u6700\u540e\u8fd9\u4e2a\u7ed3\u8bba\uff0c\u663e\u7136\u548c\u4eca\u5929\u4f17\u591a\u7684\u5168\u7403\u5357\u65b9\uff08global south\uff09\u56fd\u5bb6\u7684\u60f3\u6cd5\u4e0d\u540c\u3002 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