对当今国际宏观经济政策合作与世界货币体系改革的思考

A Thinking of Current Global Macro-economic Policy Cooperation and Reform of World Monetary System

这次国际金融危机肇始于美国次贷危机,不仅由于美国自身的经济结构及政策失误,还在于国际货币体系中美元的特殊地位。自上世纪30年代大危机后,许多西方国家借助凯恩斯主义的宏观经济管理,得以在数十年间避免了30年代大危机再度袭击。但在经济全球化条件下,各国仅靠自身的宏观经济管理也难以自保,只能靠区域性或全球化的宏观经济政策国际合作。从1985年的"广场协议",到今年4月的G20集团的伦敦会议,都是适应经济全球化要求的宏观经济政策国际合作。但这些都在联合国框架之外进行。如果说"广场协议"意味着对国际金融旧秩序的突破,那么,G20集团伦敦会议则意味着一个新秩序的孕育。

The causes of the world financial crisis, which originated from the subprime mortgage crisis in USA, rooted in U.S. economic structure and policy mistakes, and the Dollar＇ s special position in international monetary system as well. Since the Great Depression in 1930s, many western countries had resorted to Keynesian macroeconomic management and avoided another strike of such a crisis. It is, however, very hard for an economy to safeguard itself against economic crisis only through its own macroeconomic management against the backdrop of the economic globalization. An economy has no choice but to rely on regional or global cooperation in macroeconomic policies. Although conducted outside the UN framework, both ＂Plaza Accord＂ in 1985 and G20 London Summit in April of this year are moves of this kind to meet demands of the economic globalization. If it were right to say that ＂Plaza Agreement＂ means a breakthrough of the old international financial order, G20 London Summit means an embryo of a new order.