美国储蓄不足和全球储蓄过剩是美国贸易逆差产生的根本原因

The Reasons of U.S. Trade Deficit are a Deficiency of Savings at Home and Global Saving Glut

美国贸易逆差以及主要由贸易逆差造成的经常帐户赤字已成为世界经济关注的热点问题。对美国贸易逆差产生原因的解释众多,本文以主流经济学分析框架得出美国储蓄不足是美国贸易逆差的根本原因的结论。美国国内储蓄不足导致外国资本的流入。外国资本一方面为美国提供了购买力,补充了美国的储蓄,另一方面,美国可用外国提供的购买力进口产品,满足自己的需求。美国的贸易逆差是其储蓄不足的结果。从全球视角出发,其他国家的储蓄增加,为美国补充了储蓄,为美国贸易逆差的产生提供了外部条件。认识美国贸易逆差产生的原因,可以更有利地支撑美国贸易逆差与中国对其贸易顺差没有根本联系的观点,及人民币汇率问题不是美国贸易逆差根本原因的观点。

The U.S. trade deficit and a rising current account deficit have become the world economic hot spots. There are many explanations of the reasons of the U.S. trade deficit. The fundamental reason of the U.S. trade deficit is a deficiency of savings from a analytical framework of the mainstream economics. The U.S. saving falls short of what is sought to finance U.S. investment would cause foreign capital inflow. The foreign capital provides purchasing power and supplements a deficiency of savings for the U.S. The American people can buy imports by the purchasing power provided by the foreigners. The U.S. trade deficit is the result of a deficiency of savings. From the global perspective, many foreign economies are in the opposite circumstances, with domestic saving exceeding domestic opportunities for investment. These economies provide outside surroundings of the U.S. trade deficit. Recognizing the cause of the U.S. trade deficit, we can insist on the point that there is no relation between the U.S. trade deficit and the U.S. trade deficit with China. We can also insist on the point that RMB exchange rate is not the result of U.S. trade deficit.