美元国际货币地位和货币金融优势探究

Issue on the International Currency Status and Monetary Financial Advantages of the US Dollar

本文分析了"债务—美元"国际货币体系的本质,并量化测度了美元的货币金融优势,得出如下结论:第一,当代法币(包括美元)已经完全摆脱了黄金等个别使用价值的束缚,在此情况下一国货币与国债等虚拟资本发行从宏观上必须要与本国实际资本积累规律相适应,否则一国会出现通胀或金融危机,但美元主导的国际货币体系使得美国突破了这个规律;第二,1971年美元与黄金脱钩,由于国际货币的使用惯性,石油出口国和日本、西德等国不得不将美元作为其出口计价、媒介和储备货币,这些国家持续购买美国国债等虚拟资本,从而构筑起这些国家实体经济经常账户出口、美国金融账户出口美元和美国国债等虚拟资本的"帝国循环"机制,这巩固了美元国际货币地位,也使得美国对外债务总规模脱离了其国内实际资本积累的能力;第三,美联储实施货币政策无需为世界上其他国家经济目标负责,其通过美元长期持续贬值战略降低其实际外债价值以及利息支付;第四,美元国际货币地位以及美国政府控制的国际金融机构使得美国能够控制全球流动性流动方向和调整全球流动性层次结构,从而为其国内宏观经济目标服务;第五,当前"债务-美元"国际货币体系与美国虚拟经济主导的经济结构是无法长期维持,各国应为国际货币体系改革的做好预案。

The article analyzes the essence of the"debt-U.S.dollar"international monetary system,quantitatively measures the monetary and financial advantages of the U.S.dollar,and draws the following conclusions:First,contemporary legal currencies(including the U.S.dollars)have completely got rid of the shackles of individual use values such as gold,in which case the issuance of virtual capital such as national currency and national debt must be macroscopically compatible with the country’s actual capital accumulation law,otherwise there will be an inflation or a financial crisis.However,the U.S.dollar-led international monetary system makes the United States break this law.Secondly,the U.S.dollar was decoupled from gold in 1971.Due to the inertia of the use of international currency,oil exporting countries and other countries such as Japan and West Germany had to use the U.S.dollar as their export valuation,medium and reserve currency.These countries kept purchasing virtual capital such as the U.S.treasuries.As a result,an"empire cycle"mechanism of virtual capital such as these counties’current accounts of real economy,the U.S.financial account,the U.S.dollar and the U.S.treasury has been built.This has consolidated the U.S.dollar’s status as the international currency and made the total scale of the U.S.debt deviate from its actual domestic capital accumulation capacity.Thirdly,the Fed does not need to be responsible for the economic goals of the rest of the world in implementing monetary policy.It reduces the value of its real external debt and interest payments through its long-term sustained depreciation strategy of the U.S.dollar.Fourthly,the international monetary status of the U.S.dollar and the international financial institutions controlled by the U.S.government enable the United States to control the direction of global liquidity flows and adjust the global liquidity hierarchy to serve its domestic macroeconomic goals.Fifthly,the current"debt-U.S.dollar"international monetary system and the economic structure dominated by the U.S.virtual economy cannot be maintained for a long time.All countries should make plans for the reform of the international monetary system.