美元与美元替代:从顺差和逆差、储蓄和投资的角度分析  

The U.S. Dollar and Dollar Substitution:an Analysis from the Perspective of Surpluses and Deficits,Savings and Investment

作　　者：迈克尔·佩蒂斯 王宇(译)[2] Michael Pettis;Wang Yu

机构地区：[1]不详 [2]中国人民银行研究局

出　　处：《金融发展研究》2022年第7期32-35,共4页Journal Of Financial Development Research

摘　　要：世界性储蓄与投资失衡是美国贸易逆差的主要原因,而贸易逆差支撑了美元的世界货币地位。从实质上看,贸易顺差国将美国市场作为储蓄与投资的平衡器,通过将其过剩生产转化为储备资产来弥补国内需求不足。因此,美元作为世界货币,在赋予华盛顿和华尔街较大的地缘政治权力的同时,给美国工人、农民和小企业带来了巨大的成本。随着这一成本的不断上升,在全球范围内限制美元的使用符合美国的长期利益。但是,就目前情况看,其他货币或国际大宗商品储备难以代替美元储备,美国还无法放弃美元的世界货币地位。The worldwide savings and investment imbalance is the main reason for the U.S. trade deficit,which underpins the dollar’s status as the world’s currency. In essence,trade surplus countries use the U.S. market as an equalizer of savings and investment,compensating for the lack of domestic demand by converting their excess production into reserve assets. As a result,the U.S. dollar,as the world currency,imposes enormous costs on American workers,farmers,and small and medium-sized businesses while giving Washington and Wall Street greater geopolitical power.As this cost continues to rise, it is in America’s long-term interest to limit the use of the dollar globally. However,as far as the current situation is concerned, other currencies or international commodity reserves cannot replace the US dollar reserves,and the United States has not been able to give up the U.S. dollar’s status as the world currency.

关 键 词：美元 世界货币 贸易顺差 贸易逆差 储蓄投资失衡 

分 类 号：F830[经济管理—金融学]