【国关经济类】广场协议ii背景可行性与局限（[national economic] [Plaza Agreement II] background, feasibility and limitations）.docVIP

【国关经济类】广场协议ii背景可行性与局限（[national economic] [Plaza Agreement II] background, feasibility and limitations） Plaza Agreement II: background, feasibility and limitations As the US current account deficit continues to expand, the issue of eliminating global imbalances through international policy co-ordination is being raised again. In an article at the end of 2005, the international policy coordination scholars Institute of international economics William Klein suggested that the main countries similar to the 1985 Plaza Agreement in the United States, greatly reducing the fiscal deficit at the same time, through the joint intervention in the foreign exchange market to foreign currency relative to the dollar to rise 25%, finally by 2010 the U.S. current account the deficit to sustainable levels accounted for GDP3%. The proposed Plaza Agreement, II, has been described by some academics as Asian Plaza agreements because of its currency targeting to Asian emerging market countries. Plaza Agreement II background Klein proposed Plaza Agreement II, based on the following background: 1. unprecedented current account deficit. The United States in 2003 2002 and the current-account deficit were 4829 and $547 billion 600 million in 2004, the U.S. current-account deficit hit an all-time high of $666 billion, equivalent to 6.3% of GDP in the United States, and in 80s the U.S. current-account deficit in the proportion of GDP only reached 3.4%. In 2005, the US current account deficit was close to $800 billion, with no sign of reversal. 2. external imbalances are not sustainable. Including Klein, the American mainstream scholars stressed that the current U.S. external imbalances are not sustainable, because the external imbalance will lead to the accumulation of net foreign debt, while net debt accumulated to a certain scale will lead to the inevitable adjustment. Klein believes that to avoid the dollar crisis, the United States must keep the net foreign debt to GDP ratio of less than 50%