NO to ¥E$? Enhancing Economic Integration in East Asia through Closer Monetary Cooperation
NO to ¥E$? Enhancing Economic Integration in East Asia through Closer Monetary Cooperation
复制标题
通过更密切的货币合作加强东亚经济一体化
DOI：
--
复制
发表时间：
2001
期刊：
影响因子：
--
通讯作者：
Victor Pontines
中科院分区：
文献类型：
--
作者：
M. Lamberte;M. Milo;Victor Pontines
本文件回顾了过去30年来的四个主要发展：布雷顿森林安排的崩溃;世界范围内经济一体化的深化;不仅影响发展中经济体而且也影响发达经济体的危机的频率和严重性;以及欧元区的形成。在这一背景下，东亚区域内贸易和投资不断增加。现有的实证研究普遍表明，东亚已经满足最优货币区的经济标准。这意味着东亚将从共同货币安排中受益。然而，这需要强有力的政治承诺，而目前东亚显然缺乏这种承诺。如果东亚能够凝聚足够的政治意愿推进更深层次的经济一体化，那么它也必须为货币一体化做好准备。该文件接着审查和评估了五种可能的东亚共同货币安排的优缺点，这些安排有助于该区域金融体系的稳定，并支持该区域经济一体化的深化。东亚一体化的最佳安排是建立东亚共同货币联盟，区域货币相对于世界其他货币独立浮动。然而，鉴于东亚目前的经济和政治现实，这一安排应被视为一个长期目标，应在20年或30年内实现。在此期间，东亚最好就一个由日元、欧元和美元组成的区域货币篮子体系达成一致。在这一过渡时期，东亚经济体应努力实现以下先决条件：加强中央银行的独立性，提高工资和价格的灵活性，加强金融部门，协调货币政策。在海事委员会和扩大东盟监督进程下正在出现的安排是一个建设性的迹象，表明东亚经济体可以共同努力，促进其共同利益。这些安排的成功将最终导致该区域更大的货币合作。
This paper has reviewed four major developments in the last 30 years: the collapse of the Bretton Woods arrangements; deepening of economic integration worldwide; the frequency and severity of the crises that affected not only developing economies but developed economies as well; and the formation of the Euroland. Against this background was the increasing intra-regional trade and investment in East Asia. Existing empirical studies generally show that East Asia has satisfied the economic criteria for an optimum currency area. This implies that East Asia will benefit from having a common monetary arrangement. However, this requires a strong political commitment, which admittedly is absent in East Asia at the moment. Should East Asia be able muster enough political will to go ahead with deeper economic integration, then it must also prepare itself for monetary integration. The paper then went on to review and assess the strengths and weaknesses of five possible common monetary arrangements for East Asia that can contribute to the stability of the financial system in the region and support the deepening of economic integration in the region. The best arrangement for a more integrated East Asian region is the East Asian common currency union, with the regional currency independently floating vis-a-vis other currencies in the world. However, given the present economic and political realities in East Asia, this arrangement should be considered as a long-term goal that should be accomplished over 2 or 3 decades. In the interim, it is better for East Asia to agree on a regional currency basket system consisting of the yen, the euro and the US dollar. During this transition period, East Asian economies should strive to work on the following pre-conditions: strengthening central bank independence, enhancing wage and price flexibility, strengthening the financial sector, and harmonizing monetary policy. The emerging arrangements under the CMI and the expanded ASEAN Surveillance Process are a constructive sign that East Asian economies can work together to advance their common interests. Success in these arrangements will eventually lead to greater monetary cooperation in the region.
盯住美元是如何失败的？
DOI：
--
发表时间：
2007
期刊：
A Basket Currency for Asia
影响因子：
--
作者：
Takatoshi lto;Eiii Ogawa;Yuri Nagataki Sasaki
通讯作者：
Yuri Nagataki Sasaki