| Beginning in2008, the global sovereign debt crisis, in2011July, standard&Poor’s downgraded the United States debt rating event caused the sovereign debt crisis in the United States. Unlike the Greek, Iceland economy is relatively smaller European countries, the American economy has accounted for the world total, the proportion is about22%, the sovereign debt crisis has great influence on the global financial, economic. This paper firstly distinguishes the differences between the United States of America’s debt crisis and the European debt crisis, the European sovereign debt crisis is the result of hard debt repayment problems, the United States of America’s debt crisis is not the result of defaulted on their debt, but soft debt relief, overdraft credit, national credit rating was downgraded the debt crisis. Missing is like the United States sub-loan crisis in the United States the source of social credit, financial innovation and regulation, although the United States government debt repayment difficult problem does not exist, but the United States of America public sector long-term credit is a problem of system itself, but also the United States public sector of hidden debt is huge, when black swan event again has been the focus of the people concerned. Because of the high welfare, aging and some political factors, the United States government has long tried to cut spending, balance the efforts, the fed by quantifying persistent loose monetary policy to shift the crisis, a great impact on china. The existing literature mainly due to the larger discussion of treasury single aspect, less article overall analysis, the theoretical framework of macroeconomics and financial engineering based on the US debt crisis, origin, the formation of comprehensive analysis on American debt problems, and prospects of conduction mechanism of channel development, based on the analysis of the United States of America’s debt crisis on the transmission and influence of China, put forward China’s countermeasures and policy suggestions the United States debt crisis.The first chapter explains the background significance, the framework and ideas, research methods and innovation etc.. The second chapter is the literature review, carried out a large number of scholars from the aspects of practical experience and theoretical method of the sovereign debt crisis causes, mechanism and the impact of China and the countermeasures. Comprehensive scholars’ point of view, in the actual experience, the sovereign debt crisis is the national credit expansion too fast, leading to the risk level reached the critical value and transformed into crisis, also conducted in a number of countries through direct and indirect effect mechanism, according to the different influence mechanism to develop countermeasures. In theory method, the risk of country credit measurement method, the influence mechanism of quantitative research and risk factors and macro economics with the research are advanced analysis is more, and a lot of empirical studies. In view of the influence of sovereign debt crisis on China and Countermeasures for the problems, the deficiency of current research is mainly manifested in the following aspects, one is from the crisis, affect the countermeasure research, most of the research is to study the problem alone, did not form a complete research system; two is the study of the sovereign debt crisis and its causes, despite the the national credit problem as the core, but the qualitative analysis is in the majority; the three is the study of crisis transmission and influence mechanism of sovereign debt, the effects of most research separately to financial department; four is the study of the effect of sovereign debt crisis on China and its countermeasures, scholars suggestions often lack the formation process of interpretation strategies. This paper will start from the sovereign debt crisis and its influence and other practical problems, the analysis framework of macro financial engineering and economics two theories as the core, and use the balance sheet approach, the main research method of flow analysis methods of macro balance sheet and Econometrics based, conducts the research from the effects of source, transmission and influence mechanism, China’s countermeasures.The third chapter the American public sector debt structure arrangement, the American public sector debt is divided into direct debt, direct implicit debt, or the debt and contingent implicit liabilities of four, respectively, of the four total amount of debt is estimated. By the end of2012, total public debt the United States for about$16, but in turn with direct recessive liabilities (for GSEs security, a total ofabout$14), or a debt (mainly social welfare fund, insurance and surety, more than$10), or hidden debt (for financial institutions, may be in crisis enterprises provide implicit guarantees, a total of about$20), total debt is about$60, is the dominant debt close to375%, the same year the GDP400%, in the economic fluctuations occur easily for the public sector from the great pressure of insolvency. According to the debt structure analysis found that the current American public sector debt structure is irrational, the issue of recessive debt of the main scale is too large, the risk impact cash every public sector of hidden debt will be a heavy burden. In addition, the United States government debt problem is serious, the federal debt accounted for the proportion of GDP is more and more high, the public sector debt appears has the characteristics of large, recessive debt growth accelerated, sovereign debt crisis normalization.The territory of the United States of America’s debt crisis conduction, is a process of risk, risk by the household sector and the corporate sector through the credit transmission to the financial sector, and the household sector by deposit bear part of financial sector risk, once the crisis triggered, due to the existence of implicit guarantee the relationship between public sector and financial sector, the rapid accumulation of risk to the public department. The fourth chapter macroeconomic balance sheet framework based on combination of theory, the United States debt position of the internal and external debt, macroeconomic balance sheet liquidity and liquidity index, government debt and debt capacity, the macroeconomic situation, analysis of the conduction process the United States four departments through the balance sheet channel, finishing the various departments summary risk to the public sector, the process approach and the size of the sovereign debt crisis, namely to sovereign debt conversion process. Through balance stock change chart reflects the American debt crisis cross-sectoral conduction characteristics and financial risk transfer amount. This chapter established the United States debt position, the macro balance sheet, the international flow meter based on the territory of a sovereign debt crisis, conduction to study including macro economic sector conduction mechanism, the public sector to guarantee mechanism, the financial sector of the country credit risk in the public sector as the core of the risk measure from three aspects such as. Through the analysis of process of debt risk in the process of transmission to the sovereign credit accumulation and eventually caused the crisis.In the study of the American debt crisis in the United States after the conduction of domestic, cross-border transmission fifth chapter studies the United States debt risk impact on china. In macroeconomic theory and macro financial engineering theory as the foundation to establish the theoretical framework for analysis, from international trade, capital flows and macroeconomic balance sheet perspective, in-depth analysis of risk sources of American debt crisis, economies of cross-border transmission of vulnerability and conduction mechanism. The macro balance sheet and the international flow based on the table, the stock and flow analysis, research by the financial and trade channels formed by direct and indirect risk conduction mechanism, characterization of risk conduction mechanism of the eight sector of the bilateral cross-border formed by the public sector, the financial sector, the business sector and the household sector. In the direct transmission level, mainly using a structured flow and stock account balance sheet analysis method, the indirect conduction level, mainly based on the idea of risk adjustment in the balance sheets of financial guarantee mechanism, the influence of SVAR model to quantify research. On the two level, respectively, according to the financial and trade two channel design specific balance sheet items and risk indicators, so as to respectively study of two channels for the purpose. Based on the analysis of China as a major creditor, the United States, the United States of America macroeconomic changes caused to the Chinese ministries macroeconomic balance sheet impact. In the direct and indirect conduction level are focusing on cross-border transmission trade and capital channel, through the analysis method and the SVAR model of the balance sheet, analyzes the three main transmission index, the world interest rate, exchange rate and trade balance. From the cross-border risk impact first cause changes in channel variables, change channels to cause changes in the two variables of the real economy. Therefore, carries on the analysis to the three channel, an analysis on the trend of changes, the impulse response function to grasp the channel variable direction and time trajectory with two real economic variables changes to match, and through the variance decomposition to study the risk impact through efficiency channel. According to the theory of IS-LM-BP-MF model and the analysis of the New Open Economy Macroeconomics model framework and it is between the two macroeconomic and financial risk of cross-border transmission of two channels, the main effects of variables for the trade balance, exchange rate and the world interest rate, for China, in the premise of Chinese monetary policy to maintain the independence of the world, the interest rate channel is the most significant, the trade channel.Finally, according to the research results of the former chapters gives the United States debt crisis of the enlightenment and China can take some policy advice, including policy interest rate mechanism reform, the upgrading of the industrial structure, the fiscal adjustment, RMB internationalization, improve the market mechanism and other aspects, considering the effective coordination of monetary policy, fiscal policy, industrial policy and so on, based on the global perspective of the formation of long-term sustainable development strategies, promoting China’s macro economic policy structure optimization.
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