美国的金融自由化与经济虚拟化

On Liberalization of Finance and Economic Virtualization

本文阐述美国金融自由化政策与经济虚拟化的关系。美国经济虚拟化的核心是杠杆机制、金融创新机制,以及债务—美元体系下的国际资本自由流动。2008年美国金融危机是经济、金融去杠杆化的危机和美元危机,金融市场没有能力恢复对高杠杆机制的信心,美国经济和美元地位也就相对下降。政府在推行金融自由化政策时,要注重对高杠杆金融活动的管制,对虚拟经济发展进行更系统的干预。

The paper demonstrates the relationship between American financial liberalization policies and the fictitious economy. The leverage, financial innovation mechanisms and the free flow of international capital under the debt-dollar system are the cores of U.S. fictitious economy. Essentially, the American financial crisis in 2008 was the crisis of financial de-leveraging and the dollar. Besides, the economic and financial systemic risks caused by the disruption of the mechanisms have been neglected by the government and the market. The statu s of dollar will fall relatively as long as the confidence on high leverage mechanism has not been restored. The government bailout has prevented the economy to a worse state, but a more systematic intervention to the fictitious economy is needed for the economic recovery.