经常账户失衡的根源——基于比较优势的国际分工

摘要

Financial development alone cannot reveal the essential cause to global current account imbalances, because they are fundamentally unbalanced trade in goods and services. According to the international division based on the manufacturing - finance comparative advantage, countries whose manufacturing is stronger run current account surpluses, whereas countries whose finance is stronger run deficits. This international division that lacks sufficient coordination is the source to global imbalances. Adjusting structural differences across countries through international cooperation is the key to cure global imbalances without impairing any country's welfare. As the deficit countries increase their manufacturing productivities, and the surplus countries increase their financial productivities, the unsustainability of the debts over deficit countries and the fiscal burdens over surplus countries, which all come from global imbalances, will be relieved.%仅从金融发展差异的角度，不能揭示全球经常账户失衡的本质原因。全球失衡不只是金融部门的问题，其实质是商品和服务贸易的不平衡。基于制造业一金融业比较优势的国际分工，制造业较强的国家产生经常账户盈余，而金融业较强的国家产生经常账户赤字。缺乏充分协调的国际分工，是造成全球失衡的根源。因此，通过国际合作，调整各国间不合理的结构性差异，是在不损害任何国家福利的前提下解决全球失衡的关键途径。赤字国提升本国制造业生产力、盈余国提升本国金融业生产力，将缓解目前全球失衡造成的赤字国债务不可持续、盈余国财务负担过重等问题。