美元霸权体系的中国流动性过剩

随着金融资本全球化,美元霸权在其国际信用货币背景下得以确立。全球经常项目逆差逐渐集中于美国,而经常项目顺差则主要分布于中国、日本、中东、亚洲新兴经济体等国家和地区,全球经济失衡的局面开始形成。这是美元霸权的直接体现,等同于美元绑架了世界。中国、亚洲新兴经济体等被动持有大量美元储备,外汇储备大幅增长使得中国货币政策丧失了部分独立性,造成了中国M2增长过快和以存贷差为指标的流动性过剩,形成了房地产市场和资本市场的双重泡沫。

Dollar Supremacy and Excess Liquidity in China

With globalization of finance,dollar supremacy is established.Current account deficit of the world almost belongs to United States.At the same time,current account surplus is mainly distributed in China,Japan,Middle East and Newly industrialized Asian economies.China and Newly industrialized Asian economies hold a lot of dollar reserve.China and other countries could not implement their monetary policy independently.Bubble economy in stock market and real estate is formed in China because of excess liquidity.