美国为免费午餐买单

布鲁塞尔——

数十年来,美元的全球性储备货币地位使美国获得了“嚣张特权”(一般认为,这一说法由戴高乐首创,实际是出自其财政部长德斯坦)。世界各国对此颇多不满。在布雷顿森林体系的固定汇率体系下,美国的特权很明显:只有它能够自由决定自己的货币政策,其他国家不得不唯其马首是瞻。

上世纪70年代初出现的浮动汇率改变了这一格局。德国等经济稳定意识较强的国家得以与美国的货币政策脱钩,以避免该政策带来的通胀风险。但是,即便在浮动汇率机制下,美国仍保有优势:鉴于美元仍是全球主要储备货币,美国就能以于己非常有利的汇率出资填补大量对外赤字。

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