Hong Kong Marco Wong/Getty Images



2015年年底,中国、香港、日本、韩国、新加坡和台湾的净对外资产头寸之和达到了7.3万亿美元——几乎正好等于美国的净国际投资负债。这一失衡不可能在短期内消失。事实上,美国的净对外投资负债最近又有所增长——到2016年9月底达到了7.8 万亿美元,主要原因是美国持续的经常项目赤字和汇率效应导致的净负债扩大。

亚洲国家为什么不把自己的储蓄投资于本地区?一个显而易见的原因是美国主导着全球金融,特别是在股权投资和货币市场。在一篇2005年的论文中,皮埃尔-奥利佛·古林查斯(Pierre-Olivier Gourinchas)和伊莲·雷(Hélène Rey)指出,曾经是世界的银行家的美国,已经变成了世界的风险资本家,展开国际股权及债券投资,特别是在亚洲,而不只是银行借贷。

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