东亚区域货币合作:理论基础与演变发展

The Currency Cooperation in East Asian:Theoretic Base and Evolutions

近年来,东亚区域货币合作发展迅速,东盟的共同利益取向及与中日韩的互补性是东亚在金融领域合作的理论基础。"清迈协议"下确立的货币互换机制是具有双边性质的合作形式,在救援资金数额、形式及与IMF贷款的条件上仍然存在不足;亚洲债券市场的建立一定程度上降低了东亚"银行主导"下的期限错配与货币错配问题,其功效发挥受制于经济体欠发达的国内市场和部分成员实行的资本管制;外汇储备库拓展了多边形式的货币合作,增强了区域内成员的抗风险能力,其仍处于加强建设和不断完善的进程之中。

The currency cooperation in East Asian has been developing rapidly in recent years.the mutual benefit between members of ASEAN including the complementarity between ASEAN and China,Japan,Korea,is the theoretic base of currency cooperation in financial fields.The current mechanism of currency swap under Chiang Mai Initiative is a kind of bilateral form,which has some shortage in bailout scale and contingent credit line.To some extent,the market building of Asian Bonds may reduce probability of maturity mismatch and currency mismatch derived from bank-based financial system,so its function is influenced by less developed domestic bonds market and strict capital control.The form of reserve pool has made every member expand multilateral currency cooperation,strengthen the ability of resisting risk,though it is being constructed and perfected.