对国际经济失衡和国内经济失衡的重新认识  

Rethink of Imbalances of International and Domestic Economy

作　　者：陈炳才[1] 

机构地区：[1]中国人民银行武汉分行,湖北武汉430071

出　　处：《金融研究》2007年第05A期26-31,共6页Journal of Financial Research

摘　　要：净储蓄等于贸易差额的传统理论认识不符合当今事实。当代经济金融条件下,净储蓄=国际收支差额+国内(本币)净储蓄。美国经常项目逆差实际是美元货币境外发行的国际通道,而美国资本项目顺差是美元境外流通货币的回笼渠道。国际经济失衡是当前国际货币制度安排的必然结果。According to the traditional macroeconomic theory, net savings equals to the balance of current account of the BOP. However, this is no long the case now. In the modern economics and finance conditions, net savings equals to the balance of BOP plus domestic （local currency） net savings. The current account deficits of the USA is the international way of USA dollar issuing abroad and the capital account surplus of the USA is the returning channel of US dollar circulating abroad. International economic imbalances are of necessity in the current international monetary system.

关 键 词：净储蓄 国际收支 国际经济失衡 

分 类 号：F831[经济管理—金融学]