次贷危机爆发以来,美国采取了一系列货币和财政政策以拯救深陷泥潭的本国经济。美联储运用非常规政策工具向金融体系注入大量流动性资产,美联邦政府也大幅度提高了财政支出,使得财政赤字愈加恶化。在此背景下,美元资产的安全性成为投资者关注的焦点。本文分别从货币政策效果、财政赤字的可持续性以及投资主体等方面考察了美元资产的安全性,分析了美国宏观经济政策的实际作用,并从投资主体结构探讨了美国联邦政府的经济取向,最后以所涉及资产的市场表现回应美元资产安全问题。笔者认为,与其它货币资产相比,持有美元资产并不会承担额外的币种风险。 Since the outbreak of the subprime mortgage crisis, the United States has adopted a series of monetary and fiscal policies to save the quagmire of its own economy. The Federal Reserve uses unconventional policy instruments to inject large amounts of liquid assets into the financial system. The federal government has also raised its fiscal spending so dramatically that the fiscal deficit has worsened. In this context, the safety of dollar assets has become the focus of investor attention. This paper examines the security of dollar assets from the effects of monetary policy, the sustainability of the fiscal deficit and the main investors, analyzes the actual role of the U.S. macroeconomic policy and explores the economic orientation of the federal government from the perspective of the main body of the investment, Finally, the market performance of the assets involved in response to dollar asset security issues. The author believes that, compared with other monetary assets, holdings of US dollar assets will not assume additional currency risks.