“美元本位”与东南亚的外汇储备管理

全球经济失衡背景下,美国经常账户持续逆差与东南亚外汇储备迅速扩张引人注目,东南亚将美元作为贸易计价、结算货币和本币钉住的对象。1998年以后,东南亚经常账户由逆差开始转为顺差,导致其外汇储备快速增长,发展成为典型“官方债权国”。泰国的储备资产扩张更多地依托资本和金融账户,新加坡的外汇储备增长则具有坚实的经济基础,通过公积金计划的实施来降低货币当局的购汇压力。

Dollar Standard and the Management of Foreign Reserves in Southeast Asia

Under the imbalance of global economy,American current account is in deficit continuously and the foreign reserves of southeast Asian countries grow rapidly,the dollar is regarded as the tool of valuing or cleaning,and the pegged objective for their national currencies.After 1998,the balance of southeast Asian current accounts has transferred from deficit to surplus,which arises their foreign reserves spurt rapidly,the southeast Asian countries play an role of net creditors.The change of reserve asserted in Thailand is mainly from the capital and financial account,nevertheless,the growth of reserve asserted in Singapore has the firm economic basis,the monetary authority reduces the pressure of buying foreign exchanges heavily through provident fund schemes.