不受欢迎的美元本位

帕罗奥图—二战结束以来,美元一直是全球贸易的记账货币、银行间国际收支的清算媒介,也是最主要的正式外汇储备货币。这一安排经常受到批判,但存在可行的替代方案吗?

二战结束后,欧洲陷入了萧条和通胀,其问题在于缺少外汇储备,而这意味着贸易存在巨大的机会成本。为了在不要求每笔交易都实现资金收付的情况下促进贸易,欧洲经济合作组织在1950年成立了欧洲支付同盟(EPU)。EPU受美元计价信用支持,其15个西欧成员国建立了精确的美元汇率平价,以此作为锚定国内价格水平和消除一切欧洲内部贸易货币障碍的基础。这便是获得巨大成功的欧洲复兴计划(即马歇尔计划,美国帮助欧洲国家重振经济)的基石。

如今,除了少数东亚国家之外,大部分发展中国家仍然选择将本国宏观经济安排之锚设定为(至少是间歇性地)稳定对美元汇率。

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