剖析国际货币体系中的美元循环与周转机制

Analysis based on US Dollar Circulation and Turnover Mechanism

20世纪70、80年代以来,在国际金融领域频繁发生货币危机,当前更是出现了以华尔街为中心的全球性金融危机。探讨地区性以及全球性金融危机爆发的原因,必然要审视国际货币体系。国际货币体系中的美元循环与周转机制导致了国际金融秩序混乱从而引发金融危机。这一机制包括在世界范围的美元发行、美元流通和金融自由化三个相互联系的环节。美元发行使美元具有"美元本位制"功能和"世界基础货币"地位;美元流通的结果产生了"美元殖民地"和"劣势货币";金融自由化是维持美元循环与周转机制运行的方式。文章从上述三个方面探讨美元循环与周转机制与金融危机之间的关系。

Since the 1970s and 1980s,the currency crisis has been frequently raised in the international financial domain. At present,Wall Street is even taken as the center of global financial crisis. So it is necessary to examine the international monetary system for exploring the reasons of the regional as well as the global financial crisis. US dollar circulation and turnover mechanism in international currency system led to the international financial disorder that gave birth to financial crisis. This mechanism includes US dollar release,US dollar circulation and financial liberalization in worldwide scale. US dollar release enables US dollar to have the function of "dollar standard system" and "the world base currency". The US dollar circulation produces "US dollar colony" and "the inferior currency". Financial liberalization is the way to maintain the movement of US dollar circulation and turnover mechanism. This article discusses the relationship between US dollar circulation and turnover mechanism and financial crisis from the above-mentioned three aspects.