两岸四地区域货币合作框架设计和机制研究

The Research on the Monetary Cooperation Framework and Mechanism in Four-regions of China across the Straits

货币合作是两岸四地区域合作的关键领域。本文从时间视角将两岸四地货币合作进程划分为短期、中期和长期三个阶段,并借鉴欧洲货币一体化经验,对每阶段货币合作的具体机制以及其中可能涉及的技术细节进行前瞻性研究。在此基础上,本文构建了两岸四地货币合作的基本框架。概括而言,两岸四地货币合作内容主要包括五部分:(1)建立区域危机预警和紧急救助机制;(2)建立以"中华货币单位"为纽带的区域汇率水平调整预警机制;(3)建立和完善区域债券市场——"中华债券市场";(4)设立区域汇率制度趋同机制;(5)创建中华货币联盟。

Monetary cooperation is the key field of the regional economic cooperation in four-regions of China across the straits.This article divided the monetary cooperation process in this area into three stages:short-term,middle-term and long-term.Based on the monetary integration experience in Europe,this article analyzed the concrete mechanism and the technicality in each stage and construct the basic monetary cooperation framework of four-regions across the straits.In general,this cooperation framework includes five parts:(1)establishing a regional crisis warning and urgent relief mechanism;(2)setting up the regional exchange rate level adjustment mechanism;(3)constructing the regional bond market—Chinese Bond Market;(4)forming the regional exchange rate system convergence mechanism;(5)establishing the Chinese Monetary Union.