亚洲区域金融合作:挑战和未来发展方向

Asian Financial Cooperation:Challenges and Future Direction

亚洲金融危机爆发至今的20年间,亚洲区域贸易、产业链一体化程度不断加深,金融一体化也在发展。然而,亚洲国家的储蓄仍主要在区外循环,美元仍是亚洲国家的重要货币锚和融资货币,这使得亚洲区域易受外部金融冲击。维护区域金融稳定,是清迈倡议多边机制的重要使命。在全球经济复苏乏力、主要国家之间货币政策持续分化的环境下,亚洲国家需要加强区域金融合作,共建全球金融安全网,提高清迈倡议多边机制救助贷款的适应性、灵活性以及与其他救助资源的协同性,提升东盟和中日韩宏观经济研究办公室经济监控职能,建立区域货币基金,确保清迈倡议多边机制与国际货币基金组织的互补关系,以及建设区域本币债券市场。

It has been 20 years since the outbreak of Asian financial crisis. In the past two decades, Asianeconomies have achieved closer integration in trade and production chains. Financialintegration, meanwhile, has also improved in the region. However, savings of the Asianeconomies still mainly circulate outside the region, and the US dollar remains the anchor ofAsian currencies and a key financing currency in the region. It means Asia is vulnerable toexternal financial shocks. The main objective of the Chiang Mai Initiative Multilateralization(CMIM) is to secure regional financial stability. Against the background of the worldeconomy's weak recovery and diverging monetary police stances of major economies, Asianeconomies need to strengthen regional financial cooperation, establish a Global FinancialSafety Net(GFSN), and enhance the flexibility of the CMIM lending mechanism. It is alsonecessary to coordinate the CMIM with other sources of funding and, more importantly, thefunction of surveillance of the ASEAN, China, Japan and Korea(10 + 3) MacroeconomicResearch Office(AMRO) needs to be improved. Moreover, a regional monetary fund should beestablished to re-define the relationship between the CMIM and the International MonetaryFund. A regional financial market should also be established to strengthen regional resilienceagainst financial instability.