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Structural Disequilibrium,Trade Deficit and the Roots of Subprime Crisis

YU Chun-hai(School of Economics,Renmin University of China,Beijing 100872)  
The root of U.S.trade deficit is the structural disequilibrium between domestic production and domestic demand.Because the ratio of non-tradable to tradable in domestic production is larger than the ratio in domestic demand,to harmonize the conflict between economic growth and stability,domestic must exceed domestic production.As a result,the trade deficit appears.The sustainability depends on the creation of debt and deficit financing mechanism.In this respect,the expansion of real estate,subprime asset and financial markets,and the crisis,are inevitable.So,in the future,U.S.will promote the adjustment of trade deficit through increasing the tradability of its domestic production.
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