引用
Plaza Accord
The Plaza Accord was an agreement signed on September 22, 1985 by the then G5 nations (France, West Germany, Japan, the United States and the United Kingdom). The G5 agreed to devalue the US dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets.
The exchange rate value of the dollar versus the yen declined 51% over the two years after this agreement took place. Most of this devaluation was due to the $10 billion spent by the participating central banks. Currency speculation caused the dollar to continue its fall after the end of coordinated interventions. Unlike some similar financial crises of the 1990s (such as the Mexican and the Argentinian financial crises of 1994 and 2001 respectively), this devaluation was planned, done in an orderly manner with pre-announcement, and did not lead to financial panic in the world markets.
The reason for the dollar's devaluation was two-fold: to reduce the US current account deficit, which had reached 3.5% of the GDP, and to help the US economy to emerge from a serious recession that began in the early 1980s. Paul Volcker's Fed had overvalued the dollar enough to make industry in the US (particularly the automobile industry) less competitive in the global market. Devaluing the dollar made US exports cheaper to its trading partners, which in turn meant that other countries bought more American-made goods and services. The Plaza Accord was successful in reducing the US trade deficit with Western European nations but largely failed to fulfill its primary objective of alleviating the trade deficit with Japan due to the fact that this deficit was due to structural rather than monetary conditions. US manufactured goods became more competitive in the exports market but were still largely unable to succeed in the Japanese domestic market due to Japan's structural restrictions on imports. The recessionary effects of the strengthened yen in Japan's export-dependent economy created an incentive for the expansionary monetary policies that led to the Japanese asset price bubble of the late 1980s. The Louvre Accord was signed in 1987 to halt the continuing decline of the US Dollar.
It is unlikely that such an arrangement would have succeeded in the long run, as the global economy is too large, heterogenous, and fluid for even the most sophisticated central banks to effectively intervene.
The Plaza Accord was signed in the Plaza Hotel, in the city of New York.
关于Fiscal Investment and Loan Program的流弊，参考如下：
日本2001年社保基金投资体制与投资策略改革评述:问题与前途
郑秉文 王新梅 房连泉
摘 要：在2001年改革之前,日本中央社保基金"年金积立金"始终是通过"财政投融资计画"这个机构对产业和基础设施等领域进行投资来实现其增值保值的目的,结果出现了大量的坏账损失.鉴于此,2001年4月日本开始对社保基金投资管理体制进行大幅度的改革,新成立的"年金资金运用基金"代之以原来的"财政投融资计画"负责基金的投资运营,开始实施市场化的投资策略改革,将投资开始向资本市场倾斜.本文对2001年以来的改革过程和绩效进行了实事求是的分析,在占有大量第一手资料的基础上,首次对新体制的运行和存在的问题进行了评价,对我国社保基金的投资管理不乏具有特殊的启发.
关键词：经济体制;社保基金投资;日本经济体制;投资管理;资本市场
分类号：F841 文献标识码：A
文章编号：1002-3291(2006)01-0113-08
