从2005年以后,全球失衡的现象更加严重。而且这次失衡是在经济全球化进一步发展的情况下发生的。到底失衡是好是坏呢?本世纪初的时候,由于世界经济形势发展比较好,所以有一些经济学家认为失衡没有什么关系,不影响经济的发展,甚至还可以得到双赢的结果。但是实际上这个说法是假定在发达国家的资本市场非常完善,可以容忍越来越高的杠杆率,是在这个假定 Since 2005, the global imbalance has worsened. And this imbalance happened with the further development of economic globalization. At the beginning of this century, because of the relatively good economic situation in the world, some economists think that the imbalance has no relationship, does not affect the economic development, and even can win the win-win result. However, this argument is actually based on the assumption that the capital markets in developed countries are perfect and the higher and higher leverage can be tolerated