The Research Of American Debt Economy

The so-called U.S. debt economy means unique to the United States debt-based economic development model, that is, the process of economic development, the U.S. dollar in international currency status used to rely on a lot of debt on economic development. The first to propose the U.S. debt is an American-style economy, former Federal Reserve Chairman Alan Greenspan, in his first Open in 2004, said: "The U.S. ability to increase debt as a function of globalization, increased debt capacity and cost reductions as well as international financial vector exaggerate the scope of solidarity. "According to the formulation of domestic and foreign scholars," American-style debt economy "meaning can be summarized as follows: U.S. dollar standard system based on an economic cycle operation mode, the territory of the United States to make their own general manufacturing recession to develop the financial sector; within the consumer goods needed to rely on foreign providers, thereby causing the output to the world of international trade deficit of U.S. dollars; as countries trade surplus with the United States who hold a large number of dollars in cash, from international trade settlement and international reserves consideration, increased demand for dollar-denominated assets; the United States through financial items exporting claims and other financial assets, the formation of dollars back, and foster economic growth.Based on the U.S. debt economy overview of the concept, introducing the formation of the U.S. debt economy and its main performance of the economy form the basis of U.S. debt, operating modes on the world economy and its own continuing attempt on the U.S. exclusive systematic analysis of the debt economy. The full text can be divided into five chapters:The first chapter of the economic implications of the U.S. debt, the formation process and its basic performance. In this chapter summarized the views of scholars on the U.S. debt economy formulation of the concept in detail. And introduced the post-war changes in U.S. foreign liabilities, described the formation of the U.S. debt economy. In the final chapter of credit from U.S. financial institutions, household consumption, government budget deficits, the U.S. balance of payments account for four aspects of the basic performance of the U.S. debt economy.The second chapter describes the formation of the U.S. economy based on debt and the operating mode. Described in this chapter, the first part of the reason why the U.S. debt economy can be formed, which is based on the current U.S. dollar in the international monetary system, the dominance of this view, and in the text of the U.S. dollar-based international monetary system specificity. In the second part of this chapter, both from domestic and international debt on the U.S. economy running mode. One major performance in the domestic as "low savings, high consumption", mainly the United States in the international bulk purchase foreign goods, while the trade surplus country by buying U.S. bonds, equities or direct investment in the U.S. dollar in the form of the formation of circulation, the completion of U.S. debt internationalization of the economy cycle.Chapter III of the U.S. debt economy. First, from the pros and cons of the U.S. debt two negative economic impact on the U.S. economy. Second, the debt of the United States economy in the world economy, from one angle, the U.S. debt economy spurred the growth of world economy; but on the other hand, the U.S. debt economy has also brought global excess liquidity, increased global payments imbalance, triggered and exacerbated the negative impact of global financial shocks.Chapter IV of the United States, the prospects for economic operation of debt is analyzed. The first part of this chapter summarizes the cycle of U.S. debt and the continued economic balance mechanism, that first of all, the dollar is willing to maintain a trade deficit with countries outside; Secondly, the external state is willing and able to maintain a trade surplus with the United States; Third, the U.S. financial markets are sophisticated enough to cause dollar back. In the second part of this chapter, the economic prospects of the U.S. debt is analyzed, and reached the U.S. economy in the short term debt because of their irreplaceable can be maintained, but in the long run because the dollar standard system under the "Triffin dilemma "problem can not be properly resolved, which will lead to the collapse of the U.S. debt economy. Chapter V from actively promoting the international financial system reform, promote the diversification of the international monetary system, to explore a wide range of investment channels for foreign exchange reserves, foreign exchange reserves to improve safety, correct handling of the virtual economy and real economy of the United States described three Debt to bring our economy Implications and Reflections on China's economic development has positive significance.