传统的开放宏观经济学认为一国的外部财富是贸易调整的结果,但是随着各国持有外部资产负债总量的迅速攀升,汇率和资产价格波动所产生的估值效应对外部财富的作用越来越显著。近年来,众多学者基于估值效应发展了一个新的外部调整渠道——金融调整渠道,极大地改变了人们对一国外部失衡调整的理解和认识。本文试图系统地评述这一外部调整机制的最新进展,以期为所有关注中国国际收支以及全球失衡问题的国内外学者提供新的研究视角和方法。
According to traditional open cs, a country's external wealth is the result of trade adjustment. However, as the rapid rise in the amount of the countries' total external assets and liabilities, the valuation effect, which resulted from the exchange rates and asset price fluctuation, plays a more and more significant role in the external wealth adjustment. In recent years, many scholars have developed a new theory of external adjustment channel based on the valuation effects -the financial adjustment channel, which greatly changed people's understanding of the adjustment of a country's external imbalances. This paper attempts to give a systematic review of the latest progress of the external adjustment mechanism, and to offer a new research perspective and method for worldwide scholars who are interested in China's international balance of payments and the global imbalances.