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汇率调整:中国还是亚洲——面对人民币升值压力的一种协同解决方案

Exchange Rate Adjustment:China or Asia?
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摘要 人民币升值压力具有其深厚的国际政治背景,但美国与亚洲乃至与中国之间的对外经济问题失衡绝非归罪于人民币币值被“低估”所能够解决的。由于亚洲国家已经成为一个紧密融合的经济体,因此人民币单一汇率浮动可能会把亚洲各国经济拖入动荡之中,而亚洲国家汇率的协同调整将能够避免这种被动局面的发生,更为重要的是,汇率协同调整将能够把亚洲各国解救出汇率变动的囚徒困境,进而为可能的亚洲货币一体化打下良好基础。 In this paper a tentative approach is put forward in order to rebalance the world economy, namely the currencies in Asia should adjust together against Dollar, rather than adjust the RMB solely. The advantages and necessities of this approach are analyzed from both the Chinese and the Asian perspective, respectively. In the short run, the adjustment of Asian Currencies could avoid the unnecessary competition within these economies, even in a worse case, maybe a large fluctuation due to the unnecessary competition. In the long run, as a result of the increasing trade integration within Asian countries, there will be a need for further cooperation with each other in the monetary and financial field. This kind of cooperation could, on the one hand, provide a stable regional financial market for the Asian economies and thereby reduce the economic dependence on USA gradually; on the other hand, promote the even tighter trade integration and lay a solid foundation for the potential economic integration in the future.
作者 高群山 许闲
出处 《广东金融学院学报》 2005年第4期33-38,共6页 Journal of Guangdong University of Finance
关键词 人民币 汇率体制 金融合作 协同调整 Exchange Rate of RMB Asian Exchange Rate Regime Asian Monetary and Financial Cooperation
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参考文献3

  • 1Calvo,G. and Reinhart,C.Fear of Floating[].Quarterly Journal of Economics Volume.2002
  • 2McKmnon,R. and Schnabl,G.The East Asta Dollar Stand ard, Fear of Floating, and Original Sin[].Review of Development Economics.2004
  • 3Goldstein,M.Adjusting China’s Exchange Rate Policies[].Working Paper of Institute for International Economics.2003

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