國際金融史上債權國與債務國的不對等（稱）調整：從希臘危機談起

Asymmetric Adjustments between Creditors and Debtors: International Financial History and Its Implications for Emerging Economies

國際金融用語指稱的債權國與債務國，就是一國經常帳有持續的盈餘或赤字。然而歷史經驗顯示，這二種國家的經濟調整常是不對稱的，即調整的重擔大多落在債務國身上；當債務國緊縮其國內消費與國內投資時，債權國並沒有相對地擴張其國內消費與投資，因此導致整個歐元區甚至全球經濟傾向於通貨緊縮。本文回顧兩次大戰之間金本位、二戰後布列敦伍德體系、以及此次歐債危機，可以發現其中有許多相似之處。 Creditors (debtors) in international finance are countries with a persistent current account surplus (deficit). However, history shows the adjustment between a creditor and a debtor is asymmetric: the latter is forced to contract its domestic demand but the former has no obligation to do anything at the same time. The consequences of this asymmetric adjustment is deflationary pressure in the Euro area and in the world economy more broadly. This paper reviews the gold standard in the 1920s, the post-war Bretton Woods System, and the recent European debt crisis and concludes there are important similarities among these cases.

Creditors (debtors) in international finance are countries with a persistent current account surplus (deficit). However, history shows the adjustment between a creditor and a debtor is asymmetric: the latter is forced to contract its domestic demand but the former has no obligation to do anything at the same time. The consequences of this asymmetric adjustment is deflationary pressure in the Euro area and in the world economy more broadly. This paper reviews the gold standard in the 1920s, the post-war Bretton Woods System, and the recent European debt crisis and concludes there are important similarities among these cases.