金融危机背景下东亚货币合作成本研究

The Research on the Cost of East Asian Monetary Cooperation under the Background of Financial Crisis

货币合作有助于维护区域内金融稳定,促进经济发展,同时抵御外部冲击。亚洲金融危机后,东亚各国促成的《清迈倡议》开启了东亚货币合作的实质性进程,此后东亚货币合作机制不断深化。但是,国际金融危机的爆发给东亚货币合作进程带来了挑战。本文采用OCA指数法,对金融危机背景下东亚货币合作成本的动态变化进行了研究分析。实证结果显示,东亚货币合作成本在危机后呈现上升态势。其中,和日本相比,中国与其他国家的合作成本较低;新加坡、马来西亚、泰国与菲律宾四国具备开展次区域货币合作的基础。

Monetary cooperation leads to maintain regional financial stability and promote economic development,and resist external shocks.The Asian financial crisis spawned the regional rescue mechanism represented by Chiang Mai Initiative(CMI).However,the global financial crisis has brought challenges to the East Asian monetary cooperation process.Based on OCA Index method,this paper compares the dynamic changes of the monetary cooperation cost of East Asian economies in different phases of the global financial crisis to examine the new features and trends of monetary cooperation in East Asia.The empirical results show that,in the post-crisis period,the overall cost of East Asia monetary cooperation illustrates an upward trend;Compared with Japan,the cooperation cost between China and other countries is lower,thus China has a basis for sub-regional monetary cooperation with Singapore,Malaysia,Thailand,and the Philippines.