美元汇率与美国国际投资头寸

发布时间：2018-02-26 02:10

本文关键词： 美元汇率利率净国际投资头寸(NIIP) 资产负债表效应　出处：《华东师范大学学报(哲学社会科学版)》2011年06期 　论文类型：期刊论文

【摘要】：通过建立描述国际储备货币发行国净国际投资头寸及其与GDP之比的动态演变模型,并以美国为例探讨国际储备货币发行国经济增长速度、通货膨胀率、利率、汇率政策等对本国对外净负债率所产生的影响,进而基于实际数据考察后发现,美国作为国际储备货币发行国近年来推行的宽货币、低利率、弱汇率的政策具有强烈的资产负债表效应,显著降低了其对外债务,给自身带来了巨大的利益,并在宏观政策选择上不惜以损人达到利己之目的。中国与美国相比,不仅在对外债权、债务国地位上相反,而且在对外资产负债结构上也相对,如此的对外资产结构不能适应人民币国际化并成为一种重要的国际储备货币的要求。因此,我国应该放弃大规模储备外汇的做法,转向大规模收储重要生产资料和其他战略资源。
[Abstract]:By establishing a dynamic evolution model describing the net international investment position of the international reserve currency issuer and its ratio to GDP, and taking the United States as an example, the paper discusses the economic growth rate, inflation rate and interest rate of the international reserve currency issuer. The influence of exchange rate policy on the net external debt ratio of our country. Based on the investigation of actual data, it is found that the United States, as an international reserve currency issuer, has adopted broad currency and low interest rate in recent years. The weak exchange rate policy has a strong balance sheet effect, significantly reduces its external debt, brings enormous benefits to itself, and achieves self-interest at the expense of others in its macro policy choices. Not only in the position of foreign creditor's rights, debtor country, but also in the structure of external assets and liabilities, such external assets structure can not adapt to the internationalization of RMB and become an important international reserve currency. China should abandon the practice of large-scale foreign exchange reserves and turn to large-scale collection and storage of important means of production and other strategic resources.
【作者单位】：华东师范大学国际金融与风险管理研究中心/金融与统计学院;上海交通大学安泰经济与管理学院;
【基金】：国家哲学社会科学重点基金项目(09AJY003)的阶段性成果
【分类号】：F832.6;F837.12

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