美国稳定资产估值的举措及对全球金融风险再分配的影响

Measures Taken by the United States to Stabilize Asset Valuations and Their Impact on Global Financial Risk Redistribution

资产估值不稳定是引发美国多次金融危机的重要原因。美国历史上每次金融危机发生的外在表现与具体危机的演变历程不尽相同,但资产估值剧烈波动总是不断在危机中出现。而稳定资产估值则是美国化解金融风险、应对金融危机的重要手段。其中,通过政府部门资产负债表的扩张修复企业和居民部门的资产负债表,是美国稳定资产估值的主要途径;财政货币政策一体化实施则是美国稳定资产估值的主要举措。同时,依托美元、美债在全球经济金融体系中的超然地位,美国稳定自身资产估值的举措会对美元、美债等产生直接影响,进而对全球资产估值稳定带来外溢效应,并影响全球金融风险再分配。鉴于此,我国既要在防范化解金融风险中树牢风险思维,把稳定资产估值摆到更加重要的位置,也要从资产负债表关联的角度去观察资产估值风险会不会演变为金融风险和公共风险,并积极增强金融风险全球再分配能力,降低美国稳定自身资产估值的举措给我国带来的风险外溢。

The unstable valuation of assets is a significant cause of multiple financial crises in the United States.The external manifestations and specific evolution of each financial crisis in the history of the United States are not entirely the same,but severe fluctuations in asset valuations always occur during the crisis.Stable asset valuation is an important means for the United States to mitigate financial risks and deal with financial crises.Among them,expanding the balance sheets of government departments to repair the balance sheets of enterprises and residents is the main way for the United States to stabilize asset valuations;the integration of fiscal and monetary policies is the main measure for stabilizing asset valuations in the United States.At the same time,relying on the transcendent position of the US dollar and US bonds in the global economic and financial system,the measures taken by the United States to stabilize its own asset valuations will have a direct impact on the US dollar and US bond,thereby bringing spillover effects on the stability of global asset valuations and affecting the redistribution of global financial risks.In view of this,China should not only strengthen its risk thinking in preventing and resolving financial risks,placing stable asset valuations in a more important position,but also observe from the perspective of balance sheet correlation whether asset valuation risks will evolve into financial and public risks,and actively enhance the global redistribution ability of financial risks,reducing the risk spillovers brought by the United States'measures to stabilize its own asset valuations to China.