East Asian Financial Reforms and Global Imbalances

本研究考察了1997-98年金融危机后东亚金融改革的进展。它表明，更灵活的汇率和审慎的金融体系使亚洲经济体不那么容易受到外部冲击。它还表明，中国的汇率制度仍然僵化，阻碍了解决全球失衡所必需的宏观经济调整。此外，本研究还从东亚地区宏观经济调整和金融稳定的角度探讨了东亚金融合作的意义和局限性。

This study has examined the progress of financial reforms in East Asia after the crisis of 1997-98. It has shown that more flexible exchange rates and prudent financial systems have made Asian economies less vulnerable to external shocks. It has also shown that China's exchange rate system remains rigid, preventing macroeconomic adjustments necessary for the resolution of global imbalances. In addition, the study has discussed the significance and limitation of East Asian financial cooperation from the perspectives of macroeconomic adjustments and financial stability in the region.