The Dollar and its Discontents

O. Jeanne
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引用次数: 21

Abstract

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most reserves, especially when those returns are measured in terms of the countries' own consumption. I argue in this paper that the countries that accumulate the most reserves should expect a low return in terms of their own consumption, and that there is little that international monetary reform can do to change that fact.
美元及其不满
美元所持有的国际流动性,是否带来了世界其它地区所期待的好处?美国政府债务一直具有流动性和安全性,而且供应充足。但是,对于那些积累了最多外汇储备的国家来说,它的回报很低,尤其是当这些回报以这些国家自身的消费来衡量时。我在本文中认为,积累最多外汇储备的国家应该预期其自身消费的回报率较低,而国际货币改革几乎无法改变这一事实。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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