霸权利益与国际公共产品供给形式的转换--美联储货币互换协定兴起的政治逻辑

Hegemonic Interests and the Transition of International Public Goods Provision: The Political Logic of the Rise of Federal Reserve's Currency Swap Lines

霸权国是国际公共产品的主要提供者。霸权国主要通过授权国际组织和签订双边协议网络两种方式提供国际公共产品。国际公共产品供给形式的转变,是霸权国调整国际体系公共利益和霸权利益之间关系的结果。当国际公共产品供给条件恶化时,霸权国通过缔结双边协议网络临时替代基于委托—代理的国际组织,收缩国际公共产品的惠及范围,增加国际公共产品的排他性,捍卫霸权利益。在60年代的国际收支危机和2008年爆发的全球金融危机中,美联储通过货币互换协定网络替代国际货币基金组织金融救助机制,成为危机中的国际最后贷款安排。通过国际最后贷款供给形式的转换,美联储将有限的资源用于救助美国金融利益和战略价值覆盖的国家。

In most cases international public goods are provided by hegemons. The hegemon provides public goods by authorizing multilateral internationalorganizations and signing bilateral agreements. The transition of the pattern of international public goods provision results from the hegemon's reassessment of the public interests of the international system and the interests of its own. When the conditions deteriorate,the hegemon will resort to bilateral agreements instead of international organizations to limit the scope of beneficiaries and increase the exclusiveness of international public goods to defend its hegemonic interests. During the U. S. balance payment crisis in 1961 and the global financial crisis in 2008,the Federal Reserve set up currency swap lines to substitute the rescue regime of IMF as the lender of last resort. The Federal Reserve used its limited resources to rescue those countries that were most closely aligned with the U. S. financial and strategic interests.