巨额贸易逆差与美国经济增长并存:美元因素及其隐忧

美元因素是美国巨额贸易逆差的成因之一。美元的特殊地位,使得美国不但享有“无泪赤字”,获取“铸 币税”,转嫁国内风险,而且直接促成美国资本与金融项目的顺差,维持其巨额贸易逆差之下的经济增长。美国这 一经济体系要保持可持续性,需要强势美元做基础。而长期巨额贸易逆差,加之欧元崛起,又造成美元长期的贬值 压力,威胁其经济增长。尽管美国为吸引资本流入、维持强势美元做了较多努力,不过美国这种巨额贸易逆差、经 济增长与强势美元同时并存的潜在风险不可小视。

The Coexistence of Enormous Trade Deficit and Economic Growth in U.S. :the Factor of Dollars and Hidden Problems

The factor of dollars is one of main causes of enormous trade deficit in U. S. Because of the dollar hegemony, the American economy can enjoy tearless deficit, gain seigniorage, avert risk, and facilitate the enormous surplus of capital and financial account that compensate for trade deficit to support economic growth. But the strong dollar is facing great shock from the long - term enormous trade deficit and the rising of Euro, which may endanger the sustainable development of economy. Therefore, we should be on guard with the devaluation of dollars.