F815 Debate on the Deep Roots of European Debt Crisis Based on the Perspective of Labor Cost per Unit Output CHEN Jing-wei 1, JIANG Neng-peng 2 (1. Institute of Finance, Chinese Academy of Social Sciences, Beijing 100028, China; 2. School of International Economics and Trade, Central University of Finance and Economics, Beijing 100081, China) Abstract: The direct performance of the European debt crisis is the economic fundamentals of some countries in the euro zone (mainly refers to Portugal, Italy, Ireland, Greece, Spain) decline. As a result, the excessive expansion of government debt caused the sovereign credit crisis. Many scholars in academia focus on the analysis of these countries' own economic structural factors and the euro area's institutional factors. Based on the perspective of unit labor cost of each member country of the euro area, this paper finds that the unit labor costs constitute the basis of the domestic value of the euro area member states. By comparing the unit labor costs between the various member states, this paper explores the Internal Logic of European Debt Crisis from the perspective of unit labor cost. Whereby, these countries can reduce the cost per unit of labor by reforming the labor market vigorously. Eventually, these countries can narrow the unit labor cost gap between the core country German, enhance the competitiveness of foreign trade and eliminate the deficit. So that the debtor fundamentally restore the "hematopoietic" function to solve the debt crisis in Europe. And put forward China's specific economic downturn in the face of the situation to promote the supply side of the structural reform specific recommendations. Key words: European debt crisis; Labor cost; Trade deficit; Structure reform 87
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giyumla(1999) CEIC 2. 3. ULC ULC ULC W*N Y ULC W ULC Y N ULC 2000-33785.853 16123.722-26364.390-12847.946-5781.141-9819.700-185.947 2001-7024.539 20956.962-27550.423-12672.756-651.957-9399.930-311.588 2002 39762.531 17636.357-26263.781-11351.637-9369.083-9581.549 514.272 2003 36056.017 15982.591-35087.395-11878.222-19406.867-12803.508 671.596 2004 126071.792 9174.126-59776.509-15814.209-16454.555-13476.104-1448.67 2005 131660.787-136.723-87005.134-19538.222-29743.940-18233.178-7150.39 2006 171287.378 516.444-113747.492-22218.271-47827.994-29565.324-7858.84 2007 233272.760-8724.463-143135.787-23523.402-51574.277-44587.281-13850.4 2008 210893.477-28183.463-152545.916-31948.592-66846.980-51312.803-15296.9 2009 198872.297-22058.759-63719.821-25453.936-40315.345-35913.168-5001.37 2010 193033.944-22034.288-56363.076-24201.696-73114.319-30275.131 2318.687 2011 227974.486-29489.812-47061.154-14782.568-68558.757-28582.859 2827.767 2012 248921.832-32885.096-3419.696-3957.291-7795.587-6172.136 9245.227 ULC ULC 2013 253482.860-24381.394 20754.253 3514.154 20763.703-4946.509 14437.75 ULC CEIC 89
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