那提西银行-全球-金融理论-“储备货币诅咒”与欧元-20180207-6页

FlashEconomics07February2018-151PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comThe“reservecurrencycurse”andtheeuroWebeginwiththe“Triffinparadox”describedbyRobertTriffinin1960:theUnitedStatesissuesareservecurrency,whichforcesittohaveanexternaldeficitandexternaldebt,sinceitmustbeabletosupplyassetsindollarsforinvestorsintherestoftheworld.TheresultingincreaseintheUSexternaldebtthenerodesthequalityofthedollarandleadstofinancialvulnerability,hencethe“reservecurrencycurse”.Theeuroisalsoareservecurrency,buttheeurozonehasneitheranexternaldeficitnorexternaldebt.Thismeansthatfinancialassetsineurosarenotavailabletobeboughtbynon-residents,whereastheyoughttobe,giventheeuro’sreserve-currencystatus.Asaresult:?Assoonastheworldaccumulatesforeign-exchangereservesandtheeconomican