适当数额的外汇储备可以帮助国家抵御不利的经济冲击。但在很久之前,汇率干预国购买的外汇储备就已超过了可被称为“审慎的水平。去年,许多发展中国家和少数高收入国家的政府购入了接近1.5万亿美元的外汇储备和其他外国资产。
Our analysis suggests that the combined trade balances of countries actively purchasing foreign currency are $1tn higher as a result.
我们的分析显示,积极买入外汇的国家的贸易余额总和因此增加了1万亿美元。
What can be done? The rules of both the International Monetary Fund and World Trade Organization forbid currency manipulation to maintain trade surpluses. These should be implemented at long last. Brazil has taken initiatives to this end and many other developing countries that run trade deficits, and lose from the currency wars, should join. The US and the eurozone should lead the effort. New bilateral and regional trade agreements, such as the Trans-Pacific Partnership, should include such rules.
我们能采取何种措施?国际货币基金组织(IMF)和世界贸易组织(WTO),都制定了禁止操纵汇率以维持贸易盈余的规则。这些规则终究应当得到执行。巴西已朝着这个目标采取了相应措施,其他许多背负贸易赤字、在汇率战中失利的发展中国家也应效仿巴西。美国和欧元区应当在执行上述规则中发挥带头作用。《跨太平洋战略经济伙伴关系协定》(Trans-Pacific Partnership, TPP)等新的双边和地区贸易协定,也应当吸收这样的规则。
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2020-09-15
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