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本文试图对全球经济失衡背景下的国际资本流动,尤其是美国国际资本流入的基本模式与特征进行梳理,并在此基础上考察各种不同因素的解释力,希望以此来促进对于全球经济失衡现象的整体认识,并对危机后的国际金融格局做出更为准确的判断。本文认为,由于主要贸易盈余国家对美国的金融产品是刚性需求,因此美国的贸易逆差也必然伴随着资本的流入,并且,流入美国的资本显然已经弥补了经常账户的赤字;从2003年第3季度后,获取收益不再是资本流入美国的主要原因,并且金融危机对资本流入美国的影响是显著的。在为应对全球经济失衡所进行的调整中,以中国为代表的新兴市场国家除了应该调整贸易结构外,还需要更多地从资本流动的角度出发,提高自身金融体系的能力,发展国内外币金融市场,推动本币国际化,逐步减少对美元资产的刚性需求。
This paper attempts to sort out the basic patterns and characteristics of international capital flows in the context of global economic imbalances, especially the international capital inflows in the United States. On the basis of this, I examine the explanatory power of various factors in the hope of boosting the global economic imbalances The overall understanding of the phenomenon, and post-crisis international financial structure to make more accurate judgments. This paper argues that since the major trade surplus countries are rigid demands on U.S. financial products, the U.S. trade deficit is bound to accompany the inflow of capital. And the inflow of capital into the United States apparently compensates for the current account deficit. Since 2003, section 3 After the quarter, access to earnings is no longer the main reason capital flows into the United States, and the financial crisis has a significant impact on capital inflows to the United States. In response to the global economic imbalance adjustment, emerging market countries represented by China should adjust their trade structure in addition to capital flows and improve their financial system capabilities to develop domestic and foreign currency finance Market, promote the internationalization of local currency and gradually reduce the rigid demand for dollar assets.