从国际货币体系视角看次贷危机的产生

Causes of subprime crisis from the view of international monetary system

文章介绍了当代国际货币体系的特点及美元本位下国际储备的新变化;指出美元本位下美国经常账户持续失衡,大量向世界各国输出美元在很大程度上造成了信用扩张。信用扩张推高了资产价格,增加了货币供给,并与风险监管缺位等因素一道,共同导致了次贷危机的爆发。

This paper introduces features of the current international monetary system and new changes of international reserves under the US dollar standard system. It points out that the ongoing current account deficit in the United States and the huge outpouring of US dollars into other countries, in large part, caused credit expansion. And the credit expansion accelerated the asset price bubble and increased money supply, which combined with insufficient risk supervision, triggered the subprime crisis.