尽管美国净对外负债总量位居世界第一位, 但在对外债务问题不断严重的背景下, 美国却可以通过"存量调节"渠道予以缓解。其主要原因之一, 就在于美国对外资产与对外负债之间存在着结构差异。美国对外资产中的高风险、高收益类资产比重较高, 对外负债中的安全类资产比重较大。前者在"存量调节"中更具优势。与此同时, 作为美国重要的贸易和投资伙伴, 中国向美国输出资产对美国的对外负债而言是一把"双刃剑":在"量"上加速美国对外负债状况恶化的同时, 却从"质"上优化了美国对外负债的结构, 甚至在一定时期内有助于美国对外负债的调节。
Abstract
Although the amount of the U.S. net external liabilities is the largest in the world, the problem can be relieved partly by the "stock channel ". One of the reasons is that there exits structural differences between external assets and external liabilities. In the U.S. external assets, the high risk high return investments are occupying an important place. On the contrary, in the U.S. external liabilities, safety assets account for the highest proportion. The structf the U.S. external assets shows superiority in the "stock adjustment ". The capital exports from China to the U.S. are "Double(ureo) -edged sword "to the U.S. when China is becoming an important economic partner to the U.S. That means although it worsens the international investment position of the U.S. in the short run, it improves the structure of the U.S. external liabilities in the future. Moreover, it can help ease the problem of the U.S. international investment position.
关键词
国际投资 /
头寸利差 /
中国对美投资
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Key words
International Investment Position /
Spread /
Chinese Investment in the U.S.
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中图分类号：
F832.4
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参考文献
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脚注
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基金
本文得到国家社科基金2015 年度重大招标项目“‘一带一路’战略实施中推进人民币国际化问题研究”(项目批准号15ZDA017)、林大学哲学社会科学创新团队建设项目“国际金融理论创新与国际货币体系改革研究”（项目批准号院2012FRTD02）和吉林大学基本科研业务费项目“‘一带一路’战略实施中推进人民币国际化问题研究”的资助。作者感谢匿名审稿人提出的中肯意见和建议，当然，文责自负。
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