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贸易的结构性失衡最终可能导致全球范围的竞争性通货紧缩和更高失业率的新时代的到来。一场深重的危机可能在有效调节机制制定和应用之前爆发。最近决策者们的兴趣集中在发人深思的美元浩劫上,人们很少关心美国国际经济地位的严重衰弱。80年代末期,美国国际收支逆差急剧扩大,令世人瞩目。但随着人们的关心渐渐冷却,国际收支状况却戏剧性地好转起来,逆差从1987年几乎为 GDP4%的最高点回落到1991年几乎为零。但1991年以后,逆差再次增大,1994年第二季度达到约为 GDP 的2.25%。与此同时,美国的净国外资产持有从1970年的约
Structural imbalances in trade may eventually lead to a new era of global-scale competitive deflation and higher unemployment. A deep crisis may erupt before the establishment and application of effective regulatory mechanisms. The interest of recent policy makers has focused on the thought-provoking US dollar catastrophe. People rarely care about the serious weakness of the United States’ international economic status. In the late 1980s, the deficit in the balance of international payments in the United States expanded dramatically and attracted worldwide attention. However, as people’s concerns gradually cooled, the balance of payments has dramatically improved. The deficit dropped from a peak of almost 4% of GDP in 1987 to almost zero in 1991. However, after 1991, the deficit increased again, reaching approximately 2.25% of GDP in the second quarter of 1994. At the same time, the U.S. net foreign assets held from about 1970