Different from previous literature focused on qualitative analysis of thereason of the outbreak of the European sovereign debt crisis, this papermainly studies the debt structure, which is divided into three aspects,namely debt category structure, macro-economic structure and fiscalstructure. Based on related literature and the current situations of Euro areasovereign debt structure, this paper runs Johansen co-integration test on thedebt ratio, deficit ratio and the unemployment ratio, analyzes therelationship between Euro area sovereign debt structure and economicgrowth, and then builds sovereign debt structure model to quantify theinfluences of debt structure on debt size and debt sustainability. And thenthe empirical study result is examined by the VAR model and a modelwithout the unemployment ratio. The research result shows that it isbeneficial for the debt sustainability to increase the long-term bond ratio(appropriate if between65%and75%), decrease the short-term debt ratio(no greater than15%), to improve the macro-economic structure, to promotethe employment and to expand the government expenditure in fixed assetinvestment. |