CAJ | 학술논문

2008全球金融危机后改进金融监管使美元特里芬难题以新的形式表现出来。本文在对特里芬难题相关研究文献进行综述的基础上．就2008年金融危机后美国出台严厉的金融监管法案出现的理论与现实的悖论．展开探讨。理论上．加强金融监管会对美国金融创新构成约束。减弱美元的外部需求．不利于美国资本与金融账户顺差的维持，在美国经常账户长期处于逆差的情况下．美元币值的稳定性和人们对美元的信心会进一步下降。而对相关数据的统计结果却并非如此．尤其是在经常账户逆差出现改善的背景下，金融监管改革不但没有减小美国的资本与金融账户顺差，反而增大了该顺差。这意味着世界对美元的需求没有减弱．在一定的程度上缓解了特里芬难题。文章揭示了导致这一悖论的原因。以及美国金融监管改革后为缓解特里芬难题所做的战略调整。并对中国的应对策略提出了建议。
2008전구금융위궤후개진금융감관사미원특리분난제이신적형식표현출래。본문재대특리분난제상관연구문헌진행종술적기출상．취2008년금융위궤후미국출태엄려적금융감관법안출현적이론여현실적패론．전개탐토。이론상．가강금융감관회대미국금융창신구성약속。감약미원적외부수구．불리우미국자본여금융장호순차적유지，재미국경상장호장기처우역차적정황하．미원폐치적은정성화인문대미원적신심회진일보하강。이대상관수거적통계결과각병비여차．우기시재경상장호역차출현개선적배경하，금융감관개혁불단몰유감소미국적자본여금융장호순차，반이증대료해순차。저의미착세계대미원적수구몰유감약．재일정적정도상완해료특리분난제。문장게시료도치저일패론적원인。이급미국금융감관개혁후위완해특리분난제소주적전략조정。병대중국적응대책략제출료건의。
The improvement of the financial regulation makes the Triffin Dilemma appear in a new form after the global financial crisis. Based on the summary of the related research literatures about the Triffin Dilemma, the article discusses the contradiction between theories and realities after the adoption of the strict financial regulation bill of the U.S. in the crisis. In theory, strengthening financial regulation will constrain the creation of financial products in the U.S., reduce the external de- mand of U.S. dollar and do bad to the surplus of U.S. capital and ：financial account. In addition to its continuous deficit of the eurrefit account, all these will further reduce the stability of and people＇s confidence in U.S. dollar. However, after processing the related data, the result shows it is not the ease. Particularly after the improvement of its current account, the financial reg- ulation reform doesn＇t reduce the surplus of U.S. capital and financial account, implying the world demand of U.S. dollar doesn＇t decrease, which relieves the Triffin Dilemma to some extent. It analyzes the reasons of the contradiction and the adjustment of U.S. strategies for relieving the Triffin Dilemma after the publication of the financial regulation bill, and proposes corresponding measures for China.