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1、拉美国家金融动荡的财政原因分析（FinancialreasonsforfinancialturbulenceinLatinAmerica）FinancialreasonsforfinancialturbulenceinLatinAmericaFinancialreasonsforfinancialturbulenceinLatinAmerica2008-12-2015:15:29Abstract:aftertheoutbreakofthe"debtcrisis"in1980s,LatinAmericancountriesimplementedtheac
2、utefiscaladjustment,whichlaidahiddendangerfortheoutbreakofthefinancialcrisisin90s.In90s,theproblemsofLatinAmericancountries,suchasthecyclicalfiscalpolicy,thedefectsofdebtmanagement,thelargeamountofinvisibledebts,andthelackofstraightenoutoftheintergovernmentalfinancialrelations,w
3、erepotentiallythreateningthefinancialstabilityofLatinAmericancountries.TheanalysisofthefinancialreasonsforthefinancialturmoilinLatinAmericacanprovideusefulinspirationforChina'scoordinatedfiscalandfinancialreform.Keywords:debtcrisis,financialcrisis,fiscalpolicy,procyclicalThefina
4、ncialmarketturmoilinLatinAmericain1990swasnotonlyrelatedtotheopeningofcapitalprojects,exchangerateregimesandmanymistakesintheuseofforeigncapital,butalsothefiscalfactorsofwhichwerenottobeneglected.ThemaintenanceoffinancialstabilityandfinancialsecurityisanimportantissueinChina's"1
5、1thFive-Year"plan.Whileimprovingfinancialsupervisionandpreventingfinancialrisks,wealsoneedtocontroltheadverseeffectsoffinancialrisksonfinancialstability.ByanalyzingthefinancialreasonsforthefinancialturmoilinLatinAmerica,wecanprovidesomeusefulreferenceforthecoordinationoffiscalan
6、dfinancialreforminchina.First,in1980stocopewiththe"debtcrisis"fiscaladjustmentAfterthedebtcrisisbrokeoutin1980s,thefiscaladjustmentintheeconomicstabilityplanofLatinAmericancountriescreatedasystematicobstaclefortheoutbreakofthefinancialcrisis.Thestabilityplanwiththenominalexchang
7、erateanchorasthecore,thelackofcoordinationbetweenfiscalpolicyandmonetarypolicyleadstotheoverestimationoftherealexchangerateandtheinflowofspeculativecapital.Manystabilityprogramsendedinfailureduetooverrelianceonwageandpriceindexationandlackoftightfiscalpolicy.Basedontheconsiderat
8、ionofpoliticalcosts,LatinAmericancountriesdidno
