美元过度特权、经济暗物质与全球治理变革

Research on US Dollar's Exorbitant Privilege, Economic Dark Matter and Global Governance Reform

美元是否存在过度特权一直是一个有争议的话题。本文研究美国1986年成为债务国后获得的巨额国际经济利益,引入经济暗物质证明美元过度特权是存在的,并否定了流行的世界银行家说和风险资本家说。跨国数据显示,当代全球化背景下美元过度特权价值的实现主要来自发展中国家,是对发展中国家的"剪羊毛"行为,集中体现了国际经济秩序的不公平,本文据此提出通过发展南南合作建立区域性、集团性治理以推动全球治理变革。

Whether US dollar enjoys an Exorbitant Privilege in the international monetary system is a controversial issue in international economics. We study the huge economic benefits gained by the US since 1986 as it became a net debtor, and prove that the privilege does exist by introducing the economic dark matter. Our finding is innovative as it is against the World Banker and World Venture Capitalist hypotheses. Cross-country evidence shows that such benefits under globalization are mainly real- ized by fleecing the emerging and developing economies, which indicates the inequality in the current international economic or- der. We suggest that regional governance should be established through South-South Cooperation to improve global governance.