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世界经常项目收支最终必须归零。在理想世界中,追求贸易拉动型增长的盈余国家应该有追求债务拉动型增长的国家的赤字与之匹配。在现实世界中,不存在可以连续确保这一均衡的机制;国家之间的经济政策可能(也经常)是互不相容的。
The world’s current account must eventually be zero. In the ideal world, the surplus countries pursuing trade-led growth should match the deficits of countries pursuing debt-led growth. In the real world, there is no mechanism by which this equilibrium can be ensured in succession; economic policies among nations may (and often do not) be mutually exclusive.