揭开全球“安全资产”缺失之谜  

Uncover the Mystery of Global Safety Assets Deficiency

作　　者：孙立坚[1] 吴金铎[1] 

机构地区：[1]复旦大学金融研究中心

出　　处：《世界经济研究》2013年第7期15-20,87,共6页World Economy Studies

基　　金：2011年度教育部人文社会科学重点研究基地重大项目"金融市场一体化发展与风险控制"(项目批准号:11JJD790015)给予的经费支持

摘　　要：当今微观主体和各国政府对财富管理"安全性"的要求比过去"金本位时代"显得更为迫切,标准也越来越高。全球金融市场面临的最大矛盾是日益增长的对"安全资产"的需求与有限且不断减少的安全资产供给之间的失衡问题。但是,美国或许可以靠金融"安全资产"的价格修复来提升它长期打造的技术创新的国际竞争力,而中国和亚洲国家却应该通过加强合作的方式来强化"金融创新"为实体经济发展服务的能力,以此来满足这个地区的社会大众对"财富安全性"的强烈渴望。One of the most important issues that threaten the stability of the current international financial system is the imbalance between increasingly growing global demand from both private and sovereign investors for safety assets and the limited supply constrained by the deteriorating fiscal capacity of major reserve currency countries.Compared to the gold standard era,this imbalance problem is a more urgent issue nowadays.While reserve currency countries,especially the U.S.,can re-establish its competitiveness in technological innovations through the price adjustment channel of reserve assets,the solution for China and other emerging Asian economies should rely more on regional economic cooperation.The latter countries should promote economic cooperation and financial innovations to serve this region's real economy and its need for financial safety better.

关 键 词：供求失衡 QE政策 中国金融 

分 类 号：F831[经济管理—金融学]