Cross-Border Production Sharing and Exchange Rates in East Asia
Cross-Border Production Sharing and Exchange Rates in East Asia
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东亚跨境生产共享和汇率
DOI：
10.2139/ssrn.976502
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Sven W. Arndt
中科院分区：
文献类型：
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作者：
Sven W. Arndt
东亚经济一体化正在沿着两条轨道进行。一个是政府间的讨论，重点是双边和区域自由贸易区的正式协定，以及宏观经济稳定层面的合作。另一种是非正式的，主要由市场力量驱动，是更大的全球化进程和各国经济日益融入世界经济的一部分。这一进程的一个关键特征是跨界生产网络的扩散。本文探讨了这一发展对官方一体化的影响，并得出结论认为，其影响对传统自由贸易区和关税同盟的适用性是负面的，但对“单一市场”政策是正面的。事实上，以市场为导向的一体化降低了贸易流量对汇率变化的敏感性，这可以被解释为减少了浮动汇率的理由，有利于（或促进）货币合作。
Economic integration in East Asia is proceeding along two tracks. One involves discussions among governments and focuses on formal agreements covering bilateral and regional free trade areas, as well as cooperation at the level of macroeconomic stabilization. The other is informal and driven mainly by market forces, as part of the larger process of globalization and the growing integration of national economies into the world economy. A key feature of that process is the spread of cross-border production networks. The paper examines the implications of this development for official integration and concludes that its effects are negative for the suitability of traditional free trade areas and customs unions, but positive for "single-market" policies. De facto, market-oriented integration diminishes the sensitivity of trade flows to exchange-rate changes, which may be interpreted as reducing the case for floating rates and favoring (or facilitating) monetary cooperation.