东亚外汇储备库:参与动力与成本收益的实证考察

East Asia Reserve Pooling: An Empirical Investigation on Participation Motivation and Participants Cost-Benefit

在东亚货币金融合作不断深入的背景下,东亚外汇储备库正式成立。本文使用保险指数指标测算了在外汇储备库建设过程中不同参与者的参与动力差异,并藉此计算出参与者的成本/收益状况。结果发现:总体上,东亚经济体外汇储备库建设中呈现阶段性、"危机驱动型"特征;不同经济体从中受益差异明显,就中国而言,虽然在外汇储备库建设中投入了最高的份额,但收益十分显著;未来外汇储备库的建设应该重点考虑对无参与动力经济体的补偿问题和参与动机强度不一致经济体的协调问题。

Under the background of deepening monetary and financial cooperation in East Asia,East Asian foreign exchange reserve pooling has been formally established. This article uses coverage ratio index to measure the participation motivation of different participants and calculate the cost /benefit of participation. The results show: overall,East Asian economies take some periodical and ' crisis driven' characteristic in the construction of reserve pooling; Different economies benefit diversely from the reserve pooling. Although China has invested the highest share in the construction of foreign exchange reserve pooling,it also obtained significant gains; Tow things should be considered in the future construction of foreign exchange reserve pooling: first,to compensate economy with no motivation to participate in reserve pooling construction; second,to solve participation motivation inconsistencies problems.