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大财政系列14:德国150年财政四部曲之二:增长与改革
Changjiang Securities· 2025-09-26 00:41
中国经济丨深度报告 [Table_Title] 德国 150 年财政四部曲之二:增长与改革 ——大财政系列 14 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本篇报告为《德国 150 年财政复盘》的第二篇,聚焦德国 1945-1990 年的财政历史。这一时期 由于德国分裂为西德和东德,我们重点分析西德的历史,并将其分为三个阶段:1)1945-1965 战后重建期,关键词是"化债与奇迹"。货币财政重点从战后赔偿逐步转向战后重建,西德在艾 哈德"社会市场经济"的引导下迎来"经济奇迹"。2)1966-1980 全球滞胀期,关键词是"危 机与应对",西德紧货币的态度一度保持温和通胀,宽财政从卓有成效变为效果有限,遭遇"德 国病"。3)1981-1990 产业转型期,关键词是"病夫与整顿",需求侧管理转向供给侧改革。 分析师及联系人 [Table_Author] SAC:S0490520090001 SAC:S0490520080011 SFC:BUX667 SFC:BVZ974 于博 宋筱筱 请阅读最后评级说明和重要声明 2 / 31 ...
浴火重生:历史阴影中的德国转型
Xin Jing Bao· 2025-09-15 03:26
Core Points - The article discusses the complex historical legacy of Germany, particularly the duality of its cultural achievements and the atrocities committed during the Nazi regime, questioning how a nation that produced great thinkers and artists could also give rise to figures like Hitler [1] - It highlights the ongoing struggle of Germany to reconcile its past with its present identity, especially in light of rising populism and nationalism in Europe [1][5] - The narrative emphasizes the importance of collective reflection and the challenges of achieving a complete moral reckoning with history, suggesting that Germany's path to recovery is fraught with contradictions [1][7] Group 1 - The article reflects on the historical context of Germany's post-war reconstruction and the attempts to confront its Nazi past, noting that this process has not been entirely successful [1][7] - It mentions the significant investment in military capabilities announced by Chancellor Olaf Scholz, which has raised concerns about a resurgence of militarism in Germany [5][6] - The article discusses the perception of Germany as a model of post-war reconciliation compared to Japan, highlighting the symbolic gestures made by German leaders to acknowledge past wrongs [9][11] Group 2 - The text outlines the economic recovery of West Germany under Ludwig Erhard's leadership, which was characterized by a shift towards a social market economy that facilitated rapid growth [16][17] - It describes the political landscape of Germany in the 1950s, including the tensions surrounding NATO membership and the internal divisions within political parties regarding foreign policy [19][20] - The article notes the cultural transformation in Germany, where traditional authoritarian political culture faced challenges from emerging democratic ideals and social movements [22][23] Group 3 - The narrative addresses the resurgence of extremist political movements in contemporary Germany, particularly the rise of the Alternative for Germany (AfD) party, which has drawn support from a segment of the electorate despite its controversial ties to Nazi symbolism [7][29] - It discusses the ongoing debates around immigration and national identity, particularly in the context of the refugee crisis, and how these issues have reignited discussions about Germany's historical responsibilities [29][32] - The article concludes by questioning whether Germany's reconstruction is truly complete, suggesting that the nation continues to grapple with its historical legacy and the implications for its future [35][36]
欧洲议会议员体验中国高铁引发热议后接受《环球时报》专访:欧洲人应以学习的心态看待世界
Huan Qiu Shi Bao· 2025-07-31 22:42
【环球时报报道 记者 王雯雯 丁雅栀】"我现在正在一列从北京开往香港的列车上,准时发车,全程 2439公里,用时8小时10分钟……"今年6月,德国著名讽刺作家、欧洲议会议员马丁·松内博恩在社交平 台X上分享了自己在中国高铁上的这段经历,并感慨德国和欧洲"正在与现实脱节",引发网民热烈讨 论。近日,松内博恩接受《环球时报》记者专访,结合亲身经历分享了他对中欧发展差异的深刻思考。 在松内博恩看来,这种差距的根源在于发展模式的分野。"中国的整体氛围让我想起战后德国的'经济奇 迹'时期。"他说,上世纪五六十年代,德国政府通过大规模基建投资拉动经济,社会各阶层共享发展红 利,生活水平逐年提高。而在如今的欧洲,有着80年历史的基础设施长期投资不足,发展模式也缺乏效 率。曾经确保社会凝聚力、稳定性和充满希望的社会市场经济概念,已经逐渐被掏空,被一种新自由主 义掠夺性资本主义所取代,这种资本主义优先将财富从底层重新分配到顶层。这不仅导致了中产阶级被 侵蚀以及贫困加剧,还导致了基础设施的破败以及健康、教育和社会体系功能的日益失调。 谈到城市治理,松内博恩告诉《环球时报》记者:"在欧洲,我们的脑海中仍然有中国城市上空笼罩着 雾霾 ...