彼得森经济研究所：2026年如何购买贸易顺差（英文版）

This paper shows that fiscal policy and net official financial flows, including foreign exchange intervention, are important drivers of trade (current account) imbalances. Each $1 that a government devotes to a fiscal surplus invested in foreign-currency assets raises a country’s current account balance by about $0.80. Other factors also matter, including trend growth rates, per capita income, stocks of foreign assets, and aging populations. The paper extends previous research (Gagnon and Sar