摘要
2018年4月以来,美元持续多次加息,多个新兴市场国家本币大幅贬值、股市急剧下跌、债市承压动荡,资本外流压力进一步显现。新兴市场国家金融动荡的导火索以外部因素为主,风险传播渠道以跨境联动因素为主,风险放大渠道以内部因素为主。在美元加息背景下,新兴市场国家要妥善处理自身货币与美元之间的关系,避免过于依赖美元,过多承担短期美元债务。支持法国、德国等提出的建立新独立国际支付体系的倡议,避免部分国家将国际公共的金融基础设施作为制裁手段。
Due to the US dollar interest rate hikes since April 2018, the currencies of several emerging market countries depreciate greatly, the stock markets fall sharply, the bond markets run up and down, and the capital outflow pressure rises. In the emerging market countries, external factors are the main triggers of financial turmoil, cross-border linkage factors are the main risk transmission channels, and internal factors are the main risk amplification channels. In the context of the US dollar interest rate hikes, the emerging market countries should properly manage the relationship between their own currencies and the US dollar, avoid excessive dependence on the US dollar and excessive taking on short-term US dollar debts, support the initiative proposed by France, Germany and other countries to establish a new independent international payment system to prevent some countries from using international public financial infrastructure as the means of sanctions.
作者
宗良
冯兴科
刘津含
ZONG Liang;FENG Xing-ke;LIU Jin-han
出处
《金融论坛》
CSSCI
北大核心
2019年第5期3-10,共8页
Finance Forum
关键词
美元加息
新兴市场动荡
新独立国际支付体系
货币互换升级
US dollar interest rate hike
emerging market turmoil
new independent international payment system
currency swap upgrade
