美元循环周转机制与金融危机关系探析

An analysis of the relationship between US dollar circulation and turnover mechanism and financial crisis

上个世纪七八十年代以来,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周转机制运行的方式。

Since the 1970s and 1980s, the currency crisis has been frequently seen in the international finance domain and the latest is the global financial crisis of last year with Wall Street as the center. To understand the regional and global financial crisis, it is necessary to examine the international monetary system. It is held that US dollar circulation and turnover mechanism in the international currency system leads to international financial disorder which gives birth to financial crisis. This mechanism includes three mutually-connected links, US dollar release, US dollar circulation and financial liberalization across the world. US dollar release enables US dollar to have the function of ＂dollarbased system＂ and ＂the status of world foundation currency＂; US dollar circulation produces ＂US dollar colony＂ and ＂the inferiority currency＂; financial liberalization is the way to maintain the mecha- nism of US dollar circulation and turnover. This article, from the above-mentioned three aspects, discusses the relation between US dollar circulation and turnover mechanism and financial crisis.