论全球视角下东亚地区汇率协调的必要性

Necessity of Exchange Rate Coordination in East Asia from a Global View

东亚金融危机后,在该地区出现了多样化的汇率制度安排,而自2000年以来,多数国家或地区出现了正式或非正式地向钉住美元复归的趋势。但是,日元与美元之间的过度波动严重影响了东亚其他经济体实体经济的稳定。内生于东亚生产网络的巨大生产能力带来了出口扩大以及“三角经贸结构”的形成,这种经贸结构内含着巨大不平衡,而且这种不平衡态势眼下似乎愈加严峻。东亚地区近年来兴起了缔结FTA的热潮,而FTA的运行客观上要求东亚各经济体之间的货币稳定。

After the financial crisis in East Asia, the arrangement of exchange rate system appeared diversified. Since 2000, the exchange rate system in the majority of countries and areas has reverted to the dollar pegging formally or informally. But the over - fluctuation of exchange rate between Japanese yen and US dollar greatly affected the economic stabilization of other economic entities in East Asia. The huge throughput that endogenesis production network in East Asia has enlarged exports and formed the triangle structure of economy and trade. This structure of economy and trade is very imbalanced and it is apparently becoming graver. The conclusion of FTA is sweeping East Asia in recent years. But the operation of FTA requires cur- rency stabilization of economic entities in East Asia.