美国经常项目赤字的可持续性研究

近年来，美国巨额经常项目赤字和美元持续贬值引起了经济学界的强烈关注，一些经济学家发出了美元和国际货币体系崩溃的警告。在现行国际货币体系即以资产为本位的泛布雷顿森林体系下。中心国家美国和外围亚洲国家形成了双赢的局面。该体系与布雷顿森林体系相比具有更大的安全性和稳定性。美国能够承受更大规模的经常项目赤字，并由此获得了更为灵活的政策操作空间。在某种程度上．美国巨额经常项目赤字是其雄厚的金融和经济实力的体现。

On the Sustainability of the U.S. Current Account Deficit

Recently, the U.S, enormous current account deficit and dollar deflation has become the focus of the world economy and some economists warn the collapse of dollar and the international monetary system. Under the recent international monetary system, namely the Pan-Bretton Woods system of the dollar asset standard, the center country U.S. and Asian periphery countries has reached a win-win status. Compared with the Bretton Woods system, this system is more secure and stable. Accordingly U,S, can bear more current account deficit and acquire more policy operating room. The U,S, enormous current account deficit embodies the strength of U.S. economy to some extent.