论文部分内容阅读
本文认为美国在全球货币体系中的结构性权力使其可以在大规模的资本流入、资产通胀和消费增长的情况下,诱使东亚新兴市场国家建立出口导向型经济,以此巩固其金融主导的经济增长制度。全球信贷危机明确暴露了美国货币霸权的界限,迫使全球政治经济进行深刻的调整。本文通过分析全球经济调整的政治经济内涵,认为美国货币霸权的危机在国内体现为金融主导型增长制度的危机,在全球范围内则体现为需求不足。通过分析危机对美国资本主义模式、欧元区和中国的影响,认为全球需求不足将会在短期至中期内持续存在。
This paper argues that the structural power of the United States in the global monetary system enables it to induce emerging market countries in East Asia to establish an export-oriented economy in the context of large-scale capital inflows, asset inflation and consumption growth in order to consolidate their financial-led Economic growth system. The global credit crisis clearly exposed the boundaries of U.S. currency hegemony and forced a profound adjustment of the global political economy. By analyzing the political and economic connotation of the global economic adjustment, this article argues that the crisis of the U.S. currency hegemony is manifested as a crisis of the financial-led growth system in the country and is under-represented on a global scale. By analyzing the impact of the crisis on the capitalist model of the United States, the euro area and China, we believe that global demand shortages will persist in the short to medium term.