美元特权对美国贸易逆差的影响探析

美元特权的形成使贸易逆差成为输出美元的主要途径,并对贸易逆差起到了助长作用,集中表现在美元特权使美国维持着巨额贸易逆差而不受外汇储备短缺的制约和金融危机的威胁,却使其他追求美元储备的国家依靠贸易顺差和过度储蓄来摆脱不利处境,从而从供给和需求两个方面推动了美国贸易逆差的持续扩大。但贸易逆差的继续发展和未来的调整势必会影响美元特权地位的巩固,使世界经济特别是发展中国家的国际经济活动面临极大的风险。

An Analysis on the Impact of Dollar Privilege on the Trade Deficit in U.S.

This paper argues that the establishment of dollar privilege has made trade deficit as a main approach to export dollars and fostered the U.S. trade deficit. Because dollar privilege helps U.S. to support enormous trade deficit free of the threat of the shortage of foreign reserves and financial crises, yet it compels other countries to increase dollar reserves through trade surplus and over savings, which have promoted the sustainable growth of trade deficit from the supply and demand sides. However, the persistence of trade deficit and its future adjustment are eroding the foundation of dollar privilege, and putting the world economy, especially the foreign economic activities in developing countries into uncertain risks.