The Post-Bretton Woods System and US External Unsustainability  

作　　者：Yongding Yu Bohan Yang 

机构地区：[1]Institute of World Economics and Politics,Chinese Academy of Social Sciences,China [2]Institute of Quantitative and Technical Economics,Chinese Academy of Social Sciences,China

出　　处：《China & World Economy》2025年第2期41-64,共24页中国与世界经济(英文版)

基　　金：the financial support provided by the Postdoctoral Fellowship Program of China Postdoctoral Science Foundation(No.GZC20233094);the Postdoctoral Innovation Program of the Chinese Academy of Social Sciences.

摘　　要：The persistent US current account deficit,supported by the post-Bretton Woods system,will continue to worsen the country's net foreign debt position.The net foreign debt-to-GDP ratio,shaped by factors such as the US budget deficit,the gap between private investment and savings,investment income,and GDP growth,will steadily increase as it approaches a critical threshold.Shifts in these factors will push the trajectory of the ratio upward,and foreign investors'willingness to hold US assets will play a pivotal role as the ratio nears its limit.Exceeding this threshold could trigger a balance of payments crisis.Furthermore,the weaponization of the US dollar has significantly eroded its credibility as the cornerstone of the post-Bretton Woods system,raising concerns about the US's ability to sustain its external debt and finance its deficits without precipitating a financial crisis.

关 键 词：balance of payments crisis external unsustainability post-Bretton Woods system 

分 类 号：TP3[自动化与计算机技术—计算机科学与技术]