Pressures are building up for a rebalancing of the world economy. The private sector has long been trying to send a large net flow of capital from the world’s relatively sluggish rich countries to its dynamic emerging ones. But the governments of the latter have resisted, by intervening in currency markets and sending the capital back as official currency reserves. But forces now at work in the world economy seem likely to bring this recycling to a natural end. If so, that would be very helpful, though it would also create new challenges.
全球經(jīng)濟(jì)再平衡的壓力日益增長(zhǎng)。長(zhǎng)期以來(lái)，私人部門(mén)一直試圖將大規(guī)模的凈資金流從世界上相對(duì)低迷的富國(guó)送往充滿(mǎn)活力的新興國(guó)家，卻遭到了后者政府的抵制，他們通過(guò)干預(yù)外匯市場(chǎng)，把這些資金以官方外匯儲(chǔ)備的形式送了回去。但是目前在全球經(jīng)濟(jì)中發(fā)揮作用的各種力量似乎有可能讓這種再循環(huán)自然終結(jié)。若是這樣，那將對(duì)全球非常有利，盡管也會(huì)帶來(lái)新的挑戰(zhàn)。