摘要
东亚地区至今未在汇率合作方面取得区域性的成果。本文认为,随着东亚贸易、投资和金融一体化程度的不断提升,对汇率合作的要求日益紧迫。在金融危机的推动和建设区域外汇储备库的带动下,汇率合作的时机也日益成熟。就东亚汇率合作而言,基础框架的选择是最基本的问题,从现有东亚财金合作所取得的成果看,将其限定在"10+3"框架之内最有希望。鉴于东亚经济体之间的竞争性及其对外部的依赖性,我们建议构建东亚双层货币篮子结构,从而在东亚货币之间以及东亚货币与区域外主要贸易伙伴货币之间建立平价关系。其中,汇率合作对经常性支持机构的需要可以通过区域储备库满足。
Currently no consensus has been reached on the regional exchange rate arrangement in East Asia. This paper holds that, given the increasing integration of trade, investment and finance, East Asian economies are increasingly pressed for exchange rate policy coordination, while the opportunity is ripe due to the financial crisis and Self-managed Reserve Pooling Arrangement （SRPA） . The primary issue for pohcy coordination is to choose a basic framework, and the most promising choice, from the experience of financial cooperation within East Asia, is to restrict it to the ASEAN Plus three cooperation framework. Taking into consideration the facts that competition exists, to some extent, between and among East Asian economies and they are all sensitive to external shocks, this paper argues that a two-level structure of two common currency baskets should be created so as to establish sustainable numeraire relationships among intraregional currencies on one hand and between them and currencies of major extraregional trading partners on the other. Furthermore, East Asian economies should use SRPA as a permanent agency for technical support.
出处
《国际金融研究》
CSSCI
北大核心
2010年第6期15-23,共9页
Studies of International Finance
关键词
汇率合作
双层货币篮子结构
经常性支持机构
Exchange Rate Policy Coordination
Two-Level Structure of Two Common Currency Baskets
Permanent Agency
