国际货币体系视角下世界经济失衡的根源探析——对世界经济失衡的另一种解释

次贷危机之后,世界经济失衡根源与再平衡的研究重要性凸显.本文通过建立一个基于公共选择理论和国际金融理论的研究框架,指出美国政治制度的系统性缺陷——“选票至上”的公共物品供给逻辑决定了当前国际货币体系的形成,而该体系又通过经常账户与资本账户传导机制造成了世界经济失衡的局面.世界经济失衡的根源在于美国现行的政治制度.因此,世界经济的再平衡与美国政治决策机制的改革只是同一逻辑的不同表述.当前再平衡进程受阻的必然结果是,贸易摩擦和汇率争端将成为今后相当长时期内国际经济政策协调的主题.

A Study of the Root of Global Imbalance from a Perspective of International Monetary System:A Different Explanation of Global Imbalance

Since the subprime crisis,the importance of studying the cause of global imbalance and rebalance has emerged impressively.By constructing a framework based on public choice and international finance theory,this article points out that the systematic faults of American political institution,electoralism,lead to a logic of supplying of public goods,and therefore determine the form of current international monetary system,which causes the global imbalance through the mechanism of current account and capital account.Thus,the root of global imbalance is current American political institution,and global rebalance is another way of expressing the logic of American political decision-making mechanism.As a result of the frustration of global rebalance,international trade friction and dispute of exchange rate will become the main issues of future international policy coordination.