近 400 年來的歐洲，是主權國家平等的「西發里亞體系」，以權力平衡維繫國際秩序;近 600 年以來的東亞，則是中國為天朝而四方小國臣服的「朝貢體系」，是上下層級的國際秩序。為何會有「朝貢體系」?它為何能運作?從現實主義式的觀點來看，「朝貢體系」只是一個包裝過的權力政治，骨子裡仍是物質上的利害與效益計算，中國霸權之下區域國家抵抗無望，不得不臣服。但是，從建構主義式的觀點來看，之所以會有「朝貢體系」的國際秩序，並不只是因為中國的強大，也是因為區域國家認同中國的..

For nearly four centuries, Europe had the so-called Westphalian System of sovereign states, in which balance of power was the basis of international order. In contrast, for nearly six centuries, East Asia had the so-called “tribute system,” a hierarchical order where China was the supreme leader. Why? From a realist perspective, the tribute system was just a wrapper over power politics based on material calculations of interest and benefit: East Asian countries had no choice but submission to China’s hegemon..

2007-08 年爆發全球金融危機後，美聯準會(Fed)實施三輪的量化寬鬆貨幣(QE)政策以支持金融穩定與刺激經濟成長。Fed 的 QE 政策導致美元貶值，這意味持有過半美國債券作為儲備貨幣之外國官方機構(Foreign Official Institutions, FOIs)，其國債部位將產生巨大之資本損失。強調新自由主義世界秩序重要性之國際政治經濟學文獻，在論述金融全球化時指出， Fed 的銀行紓困計畫對其他經濟體形成非意圖性之資本流動的外溢效果。藉由 ..

In the wake of the global financial crisis that struck the world in 2007- 08, the U.S. Federal Reserve(the Fed)has undertaken three rounds of quantitative easing(QE)in an effort to sustain financial stability and stimulate economic growth. However, the Fed’s QE policy inevitably resulted in dollar depreciation, which means a huge capital loss for foreign official institutions ( FOIs ) since FOIs hold more than half of the outstanding stock of U.S. Treasury securities as official reserve holdings. Existing International ..