风险全球化与维护资产估值稳定

Group 1: Global Risk Distribution - The development of economic globalization has entered a phase of risk globalization, where financial and trade interconnections among countries deepen, leading to greater risk spillover effects [2] - Financial channels are emerging as new forces exacerbating global inequality, with global risk distribution increasingly influencing global wealth distribution [2][3] - The transmission mechanism of international financial crises operates through various financial instruments, with the ability to externalize risks contributing to the accumulation of global economic inequality [3] Group 2: Role of the United States - The United States, leveraging its position as a financial superpower, dominates global risk distribution through the dollar and U.S. Treasury bonds, which serve as benchmarks for global asset pricing [4] - The U.S. can influence the debt situations and risks of developing countries through its fiscal and monetary policies, effectively incorporating them into a sovereign debt risk framework dominated by U.S. Treasury bonds [4][5] - Recent crises, such as the U.S. debt ceiling issues, have led to increased volatility in Treasury yields, heightening debt risks for developing nations [5] Group 3: Asset Valuation and Financial Stability - In the modern risk society, the stability of asset valuation has become more critical than currency stability, impacting the balance sheets of enterprises, residents, and governments [6][7] - The essence of financial crises is often rooted in asset valuation crises, where the interconnectedness of balance sheets can lead to widespread economic downturns if not managed properly [7][8] - The volatility of asset valuations is a primary driver of modern economic financial crises, necessitating coordinated fiscal and monetary policies to stabilize asset valuations and prevent risk proliferation [8][10] Group 4: Coordination of Fiscal and Monetary Policies - The coordination of fiscal and monetary policies requires institutional, standardized, and legal mechanisms to ensure effective collaboration between departments [9] - International practices have shown that successful coordination often involves establishing platforms for regular communication and decision-making between fiscal and monetary authorities [9][10] - To address the challenges of risk globalization, the integration of fiscal and monetary policies is essential for maintaining financial, economic, and social stability [10]