摘要
本文认为,美国依靠美元的特权,通过资源的全球配置,构筑了资产膨胀推动借贷消费不断扩张的经济增长模式。美国的汇率政策是以维持其增长模式的可持续性为目标,美国的均衡汇率是要实现如下均衡:其一是既能确保享受美元霸主的利益,又不至于导致国际货币体系的危机冲击到它自身;其二是既能保持美国在国际产业分工中的竞争优势,又能享受别国的实体经济资源,并维护别国对美国的增长需求;其三是既能源源不断地吸引外国对美国的直接投资和间接投资,又不至于导致资产价格过度膨胀。美国的汇率战略是努力促使名义汇率变动收敛于符合自身利益的均衡汇率。
This article holds that the United States depends on the privilege of dollars to build the economic growth model in which the asset inflation promotes the expansion of the consumer lending,through the global allocation of resources. The goal of U.S. exchange rate policy is to maintain the sustainability of its growth model. The U.S. exchange rate demands to achieve the following balanced state. Firstly,the exchange rate can not only ensure the interest of the hegemony of the U.S. dollar,also escape the impact of a crisis of the international monetary system to its own. Secondly,the equilibrium of the exchange rate need not only to keep the competitive advantages of the United States in the international industrial division of labor ,also enable the America to enjoy the real economic resources of other countries and maintain the demands of theirs to the American economic growth. Thirdly,it can continue to attract foreign direct investment and indirect investment into the United States ,but not lead to undue exuberance in asset prices. The American strategy on exchange rate is for the change of the nominal exchange rate to converge on the equilibrium exchange rate correspondent with its own interest.
出处
《南开经济研究》
CSSCI
北大核心
2008年第4期142-152,F0003,共12页
Nankai Economic Studies
关键词
均衡汇率
博弈论
经济增长
Equilibrium Exchange Rate
Game Theory., Economic Growth
