摘要：一国经常项目赤字只有获得足够资金支持才能维持，基于此本文将美国经常项目赤字可持续性问题转化为能否稳定地获得外源性融资的问题。文章从供给和需求角度探讨了美国与东亚之间特殊融资安排的形成与稳定性问题，并用两种方法估计了美国经常项目赤字可持续的必要条件及调整的时间。本文认为国际金融体系下美元霸权和东亚国家内需不足导致了东亚国家的资金供给，美国消费主导型经济导致经常项目赤字进而引致资金的需求，供求之间能达到短期均衡。但是由于制度安排的缺陷，这种特殊的融资安排长期必然走向崩溃。届时美国赤字调整不可避免，中国应采取措施方法赤字调整带来的风险。 Abstract: The current account deficits are sustainable only if it was adequately financed. On this basis, this paper has translated the problem concerning the sustainability of current account deficits into the question of stability of outside financing. Then, our paper discuss the special financing arrangement between East Asia and US, hence after, we further discuss the necessary conditions for the “sustainability” and time to adjust deficits. This paper justified that: East Asia becomes the supplier of financing because of the dollar hegemony under the absent of international financing system and lack of inner demand, US become the demander of financing for sake of the demand-led growth. The demand and supply will reach an equilibrium in short run, but the special financing arrangement dooms to be collapsed for short institutional arrangements, the US has to adjust its currents account deficits passively.