Research on the adaptability of the European Financial and Monetary Area (EFCA) Model to Asia

首先，在2005年12月召开的第三届欧盟亚太研究协会会议上宣读了题为《区域金融货币区的形成：从欧洲到亚洲的一些经验》的论文。本文讨论了作为亚洲一体化不可或缺的一个方面的欧洲金融货币区(EFCA)模式。第二，关于作为FCA不可或缺的要素的股票市场，提交了一篇论文给NIRA(National Institute For Research Advantage)。文章认为，从欧洲经验的角度来看，欧洲金融和货币区(EFCA)模式是亚洲一体化的一个不可或缺的方面。亚洲国家应该在中长期内推动流动性水平较高、相互联动的母国证券交易所的发展，尽管传统的外国股票在东京等核心国家金融中心上市的措施，只要许多限制措施仍然有效，将会取得一些积极的结果。这篇论文是在第67届全国证券经济研究学会会议上作为小组报告阅读的。第三，在2007年6月大分欧盟学会成立20周年研讨会上题为《ACU借鉴欧元的可能性》的演讲中，我们发现，尽管ACU可以作为一种地区汇率标准等，但货币联盟应该在经济发展处于同一阶段并观察到一定程度的经济一体化的有限区域内进行。第四，在《当代国际金融》一书中，我们表明，EFCA成功的欧元区在周边地区稳步扩张，由于其经常余额的中长期稳定性，但在全球范围内，它并没有取代美元。

The following points were clarified through this research.First, paper titled 'Formation of Regional Financial and Currency Area: Some Lessons from Europe to Asia' was read in the 3rd Conference of European Union Studies Association-Asia Pacific on December 2005.In the paper, the model of the European Financial and Currency Area (EFCA) was discussed as an indispensable aspect of Asian Integration.Second, concerning the equity markets that are the indispensable element of the FCA, a paper was submitted to NIRA(National Institute for Research Advancement).It was argued that, from the point of view of European experience, promotion of stock exchanges of home country with high level of liquidity and mutual linkage of them should be pursued in a mid-long term in Asian countries, although the traditional measure of the listing of foreign stock on the financial centers in core countries such as Tokyo will have some positive results as long as many restrictions are still effective. The paper was read on the 67th National Conference of Society for the Economic Studies of Securities, June 2007 as a panelist report.Thirdly, in the presentation titled 'Possibility of ACU learnt from Euro' in the Oita EU Society 20th Anniversary Symposium on June 2007,it was shown that, although ACU could be of some use as a regional standard of exchange rate etc, the Monetary Union should be pursued in such a limited region as ASEAN5 where economic development is in the same stage and some extent of economic integration is observed.Fourth, in the book, Contemporary International Finance, we showed that the euro zone where EFCA had been succeeded has expanded steadily in the surrounding area, because of the medium and long term stability of its current balance though it has not substituted dollar in global perspective.