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A STUDY OF INFLUENCE OF THE ASIAN CURRENCY AND ECONOMIC CRISIS ON THE INTERNATIONAL ECONOMIC ORDER

亚洲货币及经济危机对国际经济秩序的影响研究

基本信息

批准号：
12630068
负责人：
HIRAKAWA Hitoshi
金额：
$ 0.77万
依托单位：
GRADUATE SCHOOL OF ECONOMICS, NAGOYA UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2000
资助国家：
日本
起止时间：
2000 至 2002
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-12630068/
关键词：
Excess liquidity of Capital Free Trade Agreements (FTAs)The International Monetary Fund (IMF)The World Bank Regionalism ASEAN+3 UNCTAD 地域協力アジア通貨基金コンディショナリティ国際経済秩序構造調整

项目摘要

The Thai currency, the Baht, started to depreciate drastically after July 1997, when the Thai government moved her exchange rate system from one pegged to the dollar to a floating rate system. The effect of this depreciation immediately spread to Southeast Asian and Northeast Asian economies. Indonesia and South Korea suffered currency crises within the same year. Just after the crisis took place, the Asian model of capitalism, including its internal organizations and systems, was focused on as a cause of the crisis. The Asian model was condemned as crony capitalism, because certain organizations and systems in the model were seen as distorting the market mechanism. As a result, the IMF, World Bank, and the United States Government forced structural reforms in those countries. However, the currency crisis was not a problem that affected Asia alone. In 1998, it spread to Russia and Latin America and seemed to presage a world crisis. That, in turn, changed the main understanding of the cause of the crisis.Excess liquidity in the international financial system was regarded as a main cause, and lead to a discourse of how to manage excess liquidity. Yet the United States has never accepted the control of short-term capital mobility beyond national boundaries, believing that globalization would maximize world welfare.However, Asian countries had to adopt their own measures to prevent the crisis, a main reason why regional cooperation has progressed since the crisis, in addition to the domestic economic reforms already enacted. The ASEAN + 3 summit meetings have been held yearly and free trade agreements and other arrangements have also been discussed. The crisis lead East Asia to regionalism, following that of Europe and America. The globalization of the world economy will be divided into three main areas, Europe, the Americas and Asia.

泰铢在1997年7月后开始大幅贬值，当时泰国政府将汇率制度从盯住美元转变为浮动汇率制度。这种贬值的影响立即蔓延到东南亚和东北亚经济体。印尼和韩国在同一年遭遇了货币危机。就在危机发生后不久，亚洲模式的资本主义，包括其内部组织和制度，被作为危机的原因而受到关注。亚洲模式被谴责为裙带资本主义，因为该模式中的某些组织和制度被认为扭曲了市场机制。结果，国际货币基金组织、世界银行和美国政府迫使这些国家进行结构性改革。然而，货币危机并不是一个只影响亚洲的问题。1998年，它蔓延到俄罗斯和拉丁美洲，似乎预示着一场世界危机。这反过来改变了对危机原因的主要理解。国际金融体系中流动性过剩被视为主要原因，并引发了如何管理过剩流动性的讨论。然而，美国从来不接受对短期资本跨国界流动的控制，认为全球化将使世界福祉最大化。然而，亚洲国家不得不采取自己的措施来防止危机，这是自危机以来区域合作取得进展的主要原因，此外还有国内已经实施的经济改革。东盟+3峰会每年举行一次，还讨论了自由贸易协定和其他安排。这场危机将东亚引向了继欧美之后的地区主义。世界经济全球化将分为欧洲、美洲和亚洲三大区域。