摘要
简介与概要在１９９７年的金融动荡历时一年之后，东亚五个主要债务国（泰国、印尼、马来西亚、菲律宾、韩国）的经济都出现了复苏的迹象，其货币兑美元的汇率都比恐慌时的最低汇率有了不同程度的升值，利率逐渐回落，出口增长（除了面向经济仍在下滑的日本的出口外）也已...
Abstract In order to solve the Asian part of the problem,coordination of exchange
rate policies is necessary.This coordination should focus more on expected future spot rates
over the long term.The anticipation of an ever higher yen,and absolute domestic
deflation,discourages current Japanese private consumption,The recovery of Japanese
economy require the changing in the expection of future spot rates and an agreement on a
specific benchmark parity for the yen/dollar rate which is sustainable in the longer run.If the
Asian economies around china do not slump futher,China's exchange rate and interest rate
regime is sustainable and appropriate.As soon as the markets see the new public expenditure
program to be properly bond,rather than bank,financed,and to be of strictly limited duration,then
confidence should remain high so that the counter cyclicd program succeeds.The nature of the
world dollar standard makes the United states the natural international lender of last resort to
stable the world financial market. There is a need for governments,particularly the American,to
recycle these dollars to prevent the contagion from spreading.
出处
《金融研究》
CSSCI
北大核心
1999年第1期7-14,共8页
Journal of Financial Research
