英文文献：Far-Reaching Consequences of U.S. Financial Sanctions. The Dollar Shortage and the "Triffin Moment"-美国金融制裁的深远影响。美元短缺和“特里芬时刻”
英文文献作者：Miriam L. Campanella
英文文献摘要：
The dollar’s dominance in global finance and its cross-border political power confer on the United States control over directing, gating, and influencing capital flows. These holds derive from the U.S.’s overwhelming metrics, in any sector of the economy, but also from its far-reaching jurisdiction over the dollar’s financial infrastructures. By threating disconnection from capital markets, and imposing large fines on third parties, U.S. administrations have achieved full compliance with these measures. Yet, the use of these measures, and the uncertainty over access to dollar liquidity, have the potential of endangering the smooth functioning of capital markets that at a some point in time will turn to sub-optimal supply of liquidity, or an outright dollar shortage. This situation epitomizes the tipping point, or the “Triffin Moment”, which predicts that new national sources of liquidity should enter the market to repair the discontinuity of the payment system, and the obstruction of capital flows. So far, the Euro and the Chinese RMB, the most appropriate candidates for delivering alternative liquidity sources, are still in a “dangling mode”, a situation only favouring the dollar dominance by default. With expanding volumes in financial markets, and increasing geo-political tensions, emergency situations call for strong political will to endow and equip the euro and RMB to bring about the Triffin Moment.

美元在全球金融领域的主导地位及其跨境政治权力赋予了美国在引导、控制和影响资本流动方面的控制权。这种观点不仅源于美国在任何经济领域的压倒性指标，还源于其对美元金融基础设施的广泛管辖。通过威胁切断与资本市场的联系，并对第三方处以巨额罚款，美国政府已经完全遵守了这些措施。然而，这些措施的使用，以及获取美元流动性的不确定性，有可能危及资本市场的平稳运行，在某个时候，资本市场将出现流动性供应不足或美元彻底短缺的情况。这种情况是转折点的缩影，或称“特里芬时刻”(Triffin Moment)，它预示着新的国家流动性来源应进入市场，以修复支付体系的不连续性和资本流动的障碍。迄今为止，欧元和人民币——提供替代流动性来源的最合适人选——仍处于“摇摆模式”，这种情况只会默认有利于美元的主导地位。随着金融市场规模的扩大和地缘政治紧张局势的加剧，紧急情况需要强大的政治意愿来赋予和装备欧元和人民币，以促成特里芬时刻的到来。