自我融资发展

纽约 – 过去十年国际金融系统的的一个显著特征就是发展中国家快速和巨大的外汇储备的积累。按照国际货币基金的统计数据,从2001至2008年,世界外汇储备从2万一千亿美元上升到6万5千亿美元,翻了三倍。

整个发展中国家占了这一时期全球外汇积累的80%以上,它们的 储备量接近5万亿美元。这笔资金的一半集中在亚洲发展中国家,但拉丁美洲和非洲也在以令人瞩目的速度积累国际资产。这些储备量超过了发展中国家的目前所需的流动资产需求,造成了这些国家主权财富基金的不断形成和扩张,这还要另外加上三万多亿美元的资产。

发展中国家史无前例的外汇储备的增长有两个原因,一是经常项目账户盈余,二是大量的净资本的流入。几乎所有的发展中国家的外汇储备都投资到发达国家的资产中去了,造成了从发展中国家到发达国家的不断上升的转移净额,根据联合国经济和社会事务部的估算,仅2007年一年就达到了7千2百亿美元。

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