摘要
后危机时期,东亚经济体面临包括全球经济复苏具有极强的不稳定性、全球新流动性形成迫使东亚新兴经济体不得不应对资本流入的风险,以及国际金融体系面临全面改革等一系列外部风险。与此同时,东亚经济体较低的投资本土倾向,外汇储备管理难题等自身的金融脆弱性,强化了外部金融风险的影响力度。本文在评估东亚货币合作必要性的基础之上分析东亚现有区域合作机制的缺欠,提出东亚货币合作的未来路径。论文认为现阶段可行的步骤是,以储备库增资和机制多边化为契机,进一步强化区域流动性机制,并在中期建立区域货币基金;大力鼓励在区内贸易、投资和金融救助中使用本币,增加新的本币计价的区域债券发行;区域汇率政策协调可以设定为一个开放性的目标,在可行的范围内考虑联合行动的必要性。
East Asia is facing a number of external risks in the post-crisis era,including uncertain globale conomic recovery,volatile international capital inflows and unfolding international financial regimer eform.Meanwhile,their own financial fragilities,such as low local investment bias and difficulty inm anaging foreign exchange reserves have magnified the negative effect of those external financial risks.O n the basis of evaluating the necessity of East Asian monetary cooperation,this article analyzes thed eficiencies in the current regional cooperation mechanisms and proposes a roadmap for futurem onetary cooperation.It calls for further regional monetary cooperation,arguing for strengtheningr egional liquidity mechanism and developing it into a regional monetary fund in the mid-term on theb ack of expanding the regional reserve pool and multilateralism.It calls for encouraging intraregionalt rade,investment and use of local currencies in financial aid and increasing localc urrency-denominated bonds.It also argues that the regional exchange rate policy coordination can bes een as an open-ended target and the possibility of concerted action by those countries should bec onsidered.
出处
《国际经济评论》
CSSCI
北大核心
2011年第5期128-138,5,共11页
International Economic Review
