日本《经济学人》周刊6月9日一期刊登了野村综合研究所副主任研究员木内登英的文章,题为《美国债券依赖“海外民间资金”,美元也可能因大幅调整而贬值》,其摘要如下:近几年来,美国债券市场非常引人注目之处是海外资金的大量流入。1997年,海外在网络上购买的美国政府债券已达1808亿美元。这超过了美国经常项目赤字额(1664亿美元)。流入美国的海外资金主要是民间投资家的资金,而中央银行等政府机构的资金所占的比例较小。在海外持有的债券中,民间持有的债券比例急剧上升,已从 Japan’s “Economist” magazine published an article titled “US Treasury Bonds Relying on Overseas Private Funds”, a researcher at Nomura Institute of Integrated Research who published the first issue on June 9 and may also devalue the U.S. dollar due to a drastic adjustment. The summary is as follows: In recent years, the most striking feature of the U.S. bond market has been the influx of overseas funds. In 1997, U.S. government bonds purchased online overseas reached 180.8 billion U.S. dollars. This exceeded the U.S. current account deficit (166.4 billion U.S. dollars). Overseas funds flowing into the United States are mainly funded by private investors, while government agencies like the Central Bank account for a relatively small proportion of the funds. Among the overseas holdings of bonds, the proportion of privately held bonds has risen sharply from