亚洲债券市场的发展与全球性国际收支失衡的调整  

The Development of the Asian Bond Market and Adjustment of Global Imbalances

作　　者：孙杰[1] 

机构地区：[1]中国社会科学院世界经济与政治研究所

出　　处：《世界经济与政治》2006年第1期68-74,共7页World Economics and Politics

摘　　要：亚洲金融体系发展不平衡特别是债券市场严重落后局面造成的亚洲资本外流,导致了双重错配的金融风险。亚洲各经济体共同防范金融危机的努力从“清迈协议”逐渐深化到促进亚洲债券市场发展的行动。但在当前世界经济存在严重的全球性国际收支失衡的情况下,亚洲债券市场发展造成国际资本流动的变化也对世界经济稳定构成新的挑战。在亚洲债券市场发展的同时,美国进行相应的宏观经济调整是促进世界经济稳定的一种纳什均衡。Facing the imbalances in the Asian financial structure, especially the premature bond market which resulted in capital outflows and dual mismatches, the Asian economies deepened their efforts from the Chiang Mai initiative to the development of an Asian bond market. In the meantime, capital flows between the United States and Asia will put new pressures on the stability of the imbalanced world economy. The author suggests that the development of an Asian bond market and a simultaneous adjustment by the United States is a Nash equilibrium.

关 键 词：亚洲债券市场 全球经济失衡 博弈 

分 类 号：F831.5[经济管理—金融学]