The price of Euro and US dollars Daniel Leal Olivas/Getty Images

重振债权人调整

伦敦—美国总统特朗普政府大谈保护主义,但令人惊奇的是,没有人提到,更没有人引用一个显而易见的解决顽固性外部失衡的工具:1944年布雷顿森林协议的“稀缺货币条款”。

写在协议第七章中,它授权各国“在与[国际货币]基金组织商议后,临时性采取限制稀缺货币的兑换操作自由的措施”;并授权这些国家“在决定这些限制措施的性质方面的完全的司法管辖权”。一国货币可以认为在外汇市场上属于稀缺,如果该国进口多于出口的话——也就是说,如果该国存在经常项目赤字的话。

稀缺货币条款的历史很有意思。在英国经济学家凯恩斯的建立国际清算银行的原始计划中,他提出了一套不断升级的制裁机制,针对保持持续信用余额的成员国,而对于持续保持债务余额的国家,采取不那么严厉的制裁。其思想是要施压各国降低经常项目盈余。盈余国如何花钱不做限制,但不允许囤钱。

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