东亚金融一体化程度研究

The study on bilateral finance integration degree in East Asia

本文通过使用汇率波动率、人均消费增长率的相关度、未抛补的利率平价偏差、双边贸易强度、利率相关度这五个指标来反映中国、日本、韩国以及中国香港、中国台湾任意两个经济体之间金融一体化的程度,并采用主成分分析的方法计算出了任意两个经济体之间金融一体化程度的大小。最后,本文依照分析结果结合目前东亚金融合作现状、东亚经济体面临的国际国内经济环境提出了促进东亚金融一体化的政策建议。

This paper uses five indexes of exchange rate volatility, consumption correlation, deviations from uncovered interest parity, trade intensity and interest rate correlation to study the bilateral finance integration degree among china, Japan, Korea, Hong Kong and Taiwan, and uses principal components analysis to calculate the financial integration for each economy pair. Finally, this paper puts forward some suggestions on boosting finance integration in East Asia.