摘要
以国家财政资源投入为主,辅以必要的金融政策手段,是美国应对“次贷危机”和新冠疫情的基本政策,国债融资受“债券-美元”联动机制的影响,应对危机造成过量的流动性释放,实质是“财政赤字货币化”,虽能暂时稳定金融市场却使经济更加虚拟化。应对金融危机造成的流动性泛滥、发展投入挤占、干预成本转嫁,海外债投资者权益侵蚀,放大了美国金融市场的风险,削弱了经济发展的基础,美国国家信用出现循环累积的下降,降低了美国资本市场规避国际金融风险的声誉,“去美元化”成为国际货币市场的选择,影响了美国利用全球资源应对危机的能力,强化了美国金融市场的内向化发展,透支国家信用使美国经济发展基础日益脆弱,将动摇美国和美元的国际地位。美国应对危机透支国家信用的教训值得吸取,要提高我国应对新冠疫情政策的科学性,持续提高政府经济治理能力和水平,通过提高经济发展质量补强国家信用,为人民币的国际化创造条件。
Mainly investing in national financial resources,supplemented by necessary financial policy measures,is the basic policy of the United States to respond to the“subprime mortgage crisis”and the COVID-19.Treasury bond financing is af⁃fected by the“bond-dollar”linkage mechanism,and the response to the crisis has caused a large amount of liquidity to be re⁃leased,the essence of which is“monetization of fiscal deficits”.Although it can stabilize the financial market,it makes the econ⁃omy more virtual.Responding to the financial crisis has caused flooding of liquidity,squeezing of development inputs,transfer of intervention costs,and erosion of rights and interests of overseas debt investors,thus amplifying risks in the financial market and weakening the foundation for economic development.As a result,US national credit appears cyclic and cumulative decline,which reduces the international financial hedging reputation of the US capital market,and“de-dollarization”become the choice of the international currency market.Besides,it affects the United States'ability to use global resources to respond to crises and strengthens the inward development of the US financial market.The overdraft of national credit makes the foundation of US eco⁃nomic development increasingly fragile and will shake the international status of the US and the US dollar.The lessons of the United States’response to the crisis and overdraft of national credit are worth learning.It is necessary to improve the scientific nature of China’s response to the COVID-19,continue to improve the government’s economic governance capabilities and lev⁃els,and strengthen our national credit by improving the quality of economic development to create conditions for the internation⁃alization of the RMB.
作者
段世德
王跃生
Duan shi-de;Wang yue-sheng
出处
《经济学家》
CSSCI
北大核心
2020年第12期116-124,共9页
Economist
基金
中央高校基本科研基金项目“湖北省科技金融体制创新发展研究”(CSY18009)
国家社会科学基金青年项目“贸易差额数据鸿沟与中美贸易利益分配评估研究”(12CJL053)。
关键词
危机应对
“次贷危机”
新冠疫情
国家信用
财政政策
货币政策
Response to the Crisis
“Subprime Mortgage Crisis”
COVID-19
National Credit
Fiscal Policies
Monetary Policies
