东亚金融一体化现状分析——基于金融资产视角

Analysis on the Status of East Asia Financial Integration——Based on Total Portfolio Investment Assets

1997年亚洲金融危机爆发后,东亚各国一直致力于加强区域金融合作。文章基于2001-2015年全球主要国家跨境资产投资组合数据,对现阶段东亚地区金融一体化的程度进行研究。通过采用对比分析的方法,反映了东亚金融一体化的发展趋势。研究结果表明:东亚金融一体化程度虽不及欧盟地区,经过这些年的发展,已经有显著的提高;虽然美国仍然是东亚金融资产投资的主要目的国,但美国对于东亚金融的影响正在减弱。此外,还对制约东亚金融一体化发展的经济、政治因素进行分析,提出东亚各国应大力发展经济、制定适合东亚金融合作的制度框架,在尽可能摆脱美国干预的情况下,加强政治互信合作的建议,以期能够进一步加强东亚金融一体化。

After the Asian financial crisis, East Asian countries try to strengthen regional financial cooperation. This paper calculates the data of geographic breakdown of total portfolio investment assets from 2001 to 2015 to analyze the degree of financial integration in East Asia. The results show that the degree of financial integration in East Asia has been a significant increase, although it is lower then Euro Area. Although the Unite State is still important destination of total portfolio investment assets for East Asia, the impact for East Asia is waning. At the same time, we also analyze the hindering economic and political factors of financial integration in East Asia such as developing economic, building the suitable institution, reducing the influence of the United States and strengthening the political cooperation. Based on the above suggestions, we can be better to develop regional financial cooperation.