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本文通过比较中国和德国这两个经常性账户盈余和债权双高的国家来分析世界与欧元区经济的失衡状况。21世纪,中、德两国通过国内改革,提高了劳动生产率,控制了工资增长,实现了收入向利润转变以及提高了企业储蓄。结果,全球金融危机爆发前,两国的经常性账户盈余都不断扩大。共同特点是:由于汇率变化和非对称的估值收益导致两国国际投资总收益低于现行利率,进而导致两国国际投资净头寸小于经常性账户盈余积累。
This article analyzes the imbalance between the world economy and the euro area by comparing two countries, China and Germany, which have double-digit current account surpluses and claims. In the 21st century, China and Germany increased their labor productivity through domestic reforms, controlled wage growth, realized a shift in revenue to profits and increased corporate savings. As a result, the current account surpluses of both countries have been expanding before the global financial crisis. The common feature is that the total international investment returns of the two countries are lower than the current interest rate due to the exchange rate changes and the asymmetric valuation returns, which in turn leads to the net international investment of the two countries being smaller than the accumulation of current account surpluses.