美国经济各部门的负债水平及发展趋势

US different sector＇s debt levels and developing trend

宏观部门的负债水平与金融市场的发展程度及经济周期高度相关，也是衡量金融风险的重要指标之一。文章用负债／收入（GDP）这一指标来考察美国经济各部门（家庭、企业、金融机构与政府部门）相对负债水平的历史和现状，并对其发展趋势做出初步研判，指出一国债务水平有长期上升的趋势，美国“去杠杆”化过程已降低了私人部门风险，但政府财政风险值得关注。

The debt level in the macroeconomic sector is highly relevant to the financial market development level and the economic cycle, which is also an important indictor to evaluate financial risks. In the article, debt/GDP is used as an indicator to examine the historical and current debt leve^s of the different economic sectors （household, enterprises, financial institutions and government departments） in the US, and a preliminary study on the developing trend is presented. The article reveals that there is a long-term rising trend of the debt level, and the ＂deleverage＂ process in the US has reduced the risks of private sectors, while the fiscal risk is worth attention.