Time:2024-07-02 Click:63
美元体系是一个由机构、监管机构和机制组成的复杂网络,它们共同努力维护世界主要储备货币的稳定性和功能性。比特币初创公司 River 的研究分析师 Sam Baker 最近制作了一张令人印象深刻的信息图,让我们对这个错综复杂的系统有了深刻的了解。
@River 团队的信息图表技能更上一层楼。@macromule 干得好!pic.twitter.com/QJ7tqjRkV8
— Alexander Leishman (@Leishman) 2024 年 6 月 27 日
让我们逐节分解。
总体情况
该信息图分为几个关键区域:
国际监管机构和超国家机构
国内监管机构
美国政府实体
美联储
离岸欧洲美元体系
境内投资者
银行和存款机构
付款和结算
美元在世界各地的地位
国际监管机构和超国家机构
在信息图的顶部,我们看到了在全球金融监管中发挥作用的各种国际机构。这些机构包括:
二十国集团(G20)
金融稳定理事会(FSB)
国际货币基金组织(IMF)
国际清算银行(BIS)
这些组织致力于确保全球金融稳定和国家之间的合作。
国内监管机构
美国有自己的一套监管机构,负责监管金融体系的不同方面:
全国期货协会 (NFA)
市政证券规则制定委员会(MSRB)
金融业监管局(FINRA)
商品期货交易委员会(CFTC)
证券交易委员会(SEC)
这些机构负责监管美国境内的各种金融市场和产品。
美国政府实体
几个政府实体在美国美元体系中发挥着至关重要的作用:
美国财政部
美国国税局(IRS)
政府支持的企业(如房利美和房地美)
财政部对于美国政府债务的发行和管理至关重要。
美联储
该系统的核心是美国中央银行美联储。该信息图显示了其复杂的结构,包括:
理事会
联邦公开市场委员会(FOMC)
12 家地区联邦储备银行
美联储的资产负债表显示了资产和负债,凸显了其在货币政策中的作用。
离岸欧洲美元体系
本节说明了美元的国际化方面,展示了它在离岸银行系统和外汇市场中的使用方式。
境内投资者
图中显示了各种类型的国内投资者,包括:
养老基金
保险公司
共同基金
对冲基金
这些实体在美元的需求和流通中发挥着重要作用。
银行和存款机构
The infographic shows how commercial banks and other depository institutions fit into the system, acting as intermediaries between the Fed, investors, and the general public.
Payments & Settlement
This section illustrates the complex web of payment and settlement systems that facilitate the movement of money, including:
ACH (Automated Clearing House)
Wire Transfers
Credit Card Networks
Dollar Status Around the World
A world map at the bottom of the infographic shows the global status of the US dollar, categorizing countries into:
Official Currency (e.g., United States)
Fixed Peg with USD (e.g., Saudi Arabia)
De Facto Currency (e.g., Panama)
Unofficial Currency (e.g., Cambodia)
This visual representation emphasizes the dollar’s global reach and importance.
Tying It All Together: The Interconnected US Dollar Ecosystem
The US Dollar System, as illustrated in River’s infographic, is a complex, interconnected network that spans global and domestic spheres. Let’s explore how these various components work together to maintain the dollar’s position as the world’s primary reserve currency.
At the top of the system, international regulators and supranationals like the G20, IMF, and BIS set the stage for global financial cooperation. They work in tandem with domestic regulators such as the SEC and CFTC to ensure stability and oversight across borders. This regulatory framework provides the foundation upon which the rest of the system operates.
The US government entities, particularly the Treasury Department, play a crucial role in managing the country’s finances and issuing debt. This debt, in the form of Treasury securities, is a key component of the global financial system, considered one of the safest investments worldwide.
At the heart of this system lies the Federal Reserve, the US central bank. The Fed’s monetary policies, including setting interest rates and managing the money supply, have far-reaching effects. These policies influence not only domestic financial conditions but also global markets due to the dollar’s international status.
The Fed’s actions ripple through the banking system, affecting both onshore and offshore dollar markets. Commercial banks act as intermediaries, channeling funds between the Fed, investors, and the general public. Meanwhile, the offshore Eurodollar system extends the dollar’s reach globally, facilitating international trade and investment.
Various types of investors, from pension funds to hedge funds, interact with this system, their activities influencing and being influenced by dollar dynamics. Their demand for dollar-denominated assets helps maintain the currency’s strength and liquidity.
The payments and settlement systems form the operational backbone of this ecosystem. They enable the smooth flow of funds across various entities, from large institutional transfers to everyday consumer transactions.
所有这些因素都对美元的全球地位做出了贡献,如世界地图所示。美元的广泛使用——无论是作为官方货币、挂钩货币还是非官方交换媒介——都增强了其在全球经济中的重要性。
这种相互关联的体系表明了美元为何仍是全球金融的核心。该生态系统任何部分的变化都可能产生深远的影响,影响从国际贸易到国内经济政策等各个方面。了解这些联系对于掌握全球金融的复杂性以及美元在其中的独特作用至关重要。
特色图片来自 Pixabay