五 简要结语
众多理论与经验研究就过去20年通货膨胀率成因及其表现方式给予了广泛的分析与判断。然而，纵观文献研究路径，目前国外文献的研究存在以下两点不足：
第一，没有关注全球通胀下降与全球性失衡的联系。自20世纪80年代以来，全球经济的两个主要特征是“大稳健”和全球性失衡。全球性失衡的形成与国际货币体系的缺陷不无关系，美元作为世界性关键货币必然支持全球贸易与金融的失衡，也确定了其长期贬值的趋势。全球性失衡与全球性通胀趋势有着怎样的关系，却在有关文献中鲜有研究。
第二，缺乏立足于新兴市场国家的通胀理论研究。尽管各种文献在经验分析中往往将新兴市场国家纳入考虑，但是真正立足新兴市场国家通胀理论研究的文献不够充分，而发达国家经济主体的行为模式往往与新兴市场国家还是有所不同的，因此，基于它们的研究框架并不完全适合新兴市场国家。
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