【摘要】 以国际最后贷款人视角看,全球或区域性应急储备安排的主要缺陷在于救助资金的有限性。金砖国家应急储备安排的"承诺式"具有易发起且节约大量非危机时期运营成本的合理性,但金砖国家相互贸易、投资和金融联系日益密切将导致经济协动性增强而加剧资金有限性,因而本文主张转向"嵌入式",借鉴欧亚稳定和发展基金经验,着重解决将发展与稳定功能置于同一机构带来的资金来源、运用和管理上的功能冲突。更多还原

【Abstract】 From an ILOLR perspective,the main drawback which exists in global or regional CRA is limited funding. The commitment mode which selected in the CRA of BRICS is reasonable, because it’s easy to build and it will save a great deal of operation cost in non-crisis period. However, with BRICS’mutual trade and growing investment and capital flow, the co-movements of economy in BRICS is increasingly strong. Then, the commitment mode will make limited funding worse. So this paper puts forward the embedded mode for CRA of BRICS. By taking the experience of EFSD, it should deal with functional conflicts of the sources, use and management of funds which issued from putting the function of development and stability in an agency.更多还原