美元定价权外移与美联储危机干预之困

Outsourcing of USD Pricing and Paradox of Fed Intervention

由次级房屋抵押贷款引发的美国金融危机目前已经演变成了全球性金融危机。美联储自去年以来迭创新招进行危机干预,但我们看到的却是危机的愈演愈烈,每一次的干预都显得徒劳,最终不得不由政府出面来进行救助。这一方面与危机涉及的金融产品的复杂性有关,另一方面,笔者通过研究发现,也与美元定价权外移有关。本文通过对美元定价权外移的历史背景以及美联储危机干预的效应分析,发现美元定价权的实际外移给美联储的危机干预带来了相当的困惑,由此阐明全球化环境下保住货币定价权至关重要。

US financial crisis, starting as a subprime crisis, has escalated into a global-ranged financial crisis. Though the Fed intervened with innovative tools such as TAF, TSLF, PDCF and CPFF, all the efforts seemed in vain. And the crisis ends up with extensive bailout. The article offers an explanation by analyzing the pricing of the US dollar. As the author founds out, offshore pricing benchmark moderates, or even counteracts the Fed＇s intention. To see that currency pricing is under control is of vital significance.