关键词: 全球经济失衡 , 调整 , 贸易渠道 , 金融渠道

Abstract: The paper discussed the trend of global imbalances pattern of U.S. being the center. Despite the periodical adjustments of external imbalance, these adjustments were revolved around U.S.being the economic and benefits center. The trade deficits of U.S.were financed from earnings of capital flow through financial channels.The adjustment of external imbalance with U.S.was varying the trade partners but not reversion of trade balance. For the surplus countries, the adjustments of external imbalances implied the deterioration of trade terms and the adjustment of economic structure. The export trade position would be weakened and substituted by others. Therefore the global imbalances pattern of U.S. as the center would be persistent, only if the breakdown of U.S. dollar and the loss of U.S. economic hegemony.

Key words: global imbalance , adjustment , trade channel , financial channel