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

通过本研究，明确了以下几点。首先，2005年12月在第三届欧盟研究协会亚太会议上宣读了题为《区域金融货币区的形成：欧洲对亚洲的启示》的论文。本文讨论了欧洲金融货币区（EFCA）模式作为亚洲一体化不可或缺的一个方面。第二，关于作为FCA不可或缺的要素的股票市场，向NIRA（国家研究进步研究所）提交了一篇论文。有人认为，从欧洲的经验来看，亚洲国家应在中长期内推行流动性水平较高的母国证券交易所并相互联动，尽管只要许多限制仍然有效，外国股票在东京等核心国家的金融中心上市的传统措施将会产生一些积极的效果。这篇论文在2007年6月的第67届全国证券经济研究学会会议上作为小组成员报告宣读。第三，在2007年6月大分欧盟学会20周年研讨会上题为“从欧元学习ACU的可能性”的演讲中，它表明，尽管ACU可以作为区域汇率标准等，但货币联盟应该在东盟5这样一个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》（Contemporary International Finance）一书中，我们指出EFCA成功的欧元区在周边地区稳步扩张，这是因为欧元区虽然没有在全球范围内取代美元，但其经常收支的中长期稳定性。

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.