东亚现行汇率制度透视及协调路径分析

发布时间：2019-06-20 17:32

【摘要】：1997年东亚金融危机之前,东亚经济体的汇率制度主要是采用盯住美元。危机以来,汇率制度仍然没有改变。"害怕浮动"和"原罪论"对这种倾向作出了代表性的解释,但东亚现行的汇率制度确实暴露出许多问题。东亚进行汇率协调的最重要的目标是减少汇率的大幅波动和降低制度成本。为了建立信息透明、相互信任和互助的汇率协调机制,东亚国家和地区应该在现有的"清迈协议"的基础上增加双边互换规模;加快建立和扩充东亚国家和地区的外汇储备库;在此基础上建立亚洲货币基金组织(AMF),提高东亚经济抵抗危机的能力。同时,大力发展亚洲证券市场,提高东亚货币在国际信贷、投资中的地位。使得东亚经济体最优的汇率选择机制从当前盯住美元转向真正的盯住一篮子的汇率制度安排。
[Abstract]:Before the East Asian financial crisis in 1997, the exchange rate regime of East Asian economies was mainly pegged to the dollar. Since the crisis, the exchange rate system has not changed. "fear of floating" and "original guilt theory" give a representative explanation of this tendency, but the current exchange rate system in East Asia does expose many problems. The most important goal of exchange rate coordination in East Asia is to reduce exchange rate fluctuations and institutional costs. In order to establish a exchange rate coordination mechanism of transparent information, mutual trust and mutual assistance, East Asian countries and regions should increase the scale of bilateral swaps on the basis of the existing Chiang Mai Agreement; speed up the establishment and expansion of foreign exchange reserves in East Asian countries and regions; and on this basis, establish the Asian Monetary Fund (AMF), to enhance the ability of East Asian economies to resist crises. At the same time, we should vigorously develop Asian securities markets and improve the position of East Asian currencies in international credit and investment. It makes the optimal exchange rate selection mechanism of East Asian economies shift from the current pegged to the dollar to the real pegged to a basket of exchange rate regime arrangements.
【作者单位】：苏州大学商学院;
【分类号】：F823.1

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