东亚货币合作问题研究

【作者】 白玮炜；

【导师】 孙刚；

【作者基本信息】 东北财经大学 ， 金融学， 2005， 硕士

【摘要】 金融货币合作的理论最初是由诺贝尔经济学奖得主蒙代尔提出的，他综合分析并深入应用了固定和浮动汇率制在汇率制度设计上的优点，提出了建立最优货币区的理论。该理论认为，在经济内部同质的情况下实行单一货币，既有利于该地区微观经济效率的提高，又有利于宏观经济政策在受到外部冲击时做出灵活反应；如果通过适当的方式将世界划分为若干个货币区，各区域内实行共同的货币或固定汇率制，不同区域之间实行浮动汇率制度，那么就可以兼顾两种汇率制度的优点而克服两种汇率制度的弱点，从而更有效的促进各国经济发展以及预定经济目标的实现。 最优货币区理论最重要的实践是1999年欧元的面世以及2002年欧元的正式流通，与此同时世界上许多国家和地区都对货币同盟展现出浓厚的兴趣。在东亚金融危机造成巨大冲击的背景下，亚洲各国也开始讨论进行亚洲货币合作的相关问题。 本文主要通过六个部分来探讨这一问题： 第一部分是引言，引出本文论述和研究的背景。有关东亚货币合作的探讨主要是在欧元面世流通以及东亚金融危机的背景下产生的，而危机是促进亚洲各国合作的主要推动力，这与欧洲的情况有很大区别。 第二部分着重讨论为什么要在东亚地区实行区域货币合作。本文主要从一般性原因和亚洲的特殊因素两方面进行探讨，从贸易投资、货币政策、经济全球化、亚洲经济内在需求以及实现亚洲货币合作的意义等几个方面进行论述。 第三部分主要是针对区域货币合作的相关收益进行分析。东亚进行货币合作对贸易、经济周期的共同运动、阻止经济危机、节约外汇储备以及资本市场融合都具有促进作用，在这些方面都会给整个东亚经济的发展带来不可估量的收益。 第四部分是对东亚货币合作的策略及可行性进行分析。这一部分主要从欧洲经验、东亚情况与欧洲情况对比、东亚现状是否满足最优货币标准以及合作的可行性等几个方面进行分析。 第五部分简要论述目前在东亚实现货币合作可能会存在的政治困难，如果更多还原

【Abstract】 The theory of optimum currency areas (OCA theory) was first put forward by Robert Mundell, the winner of Nobel Prize. He compared the merits of the fixed exchange rate system and the floating exchange rate system, and made a conclusion that it is best to form an optimum currency area. If there is only one currency in an area, it is good for both micro efficiency and the coordination of macro policies. If the world can be divided into several currency areas, which have floating exchange rate between them and fixed exchange rate in them, the development of world economy can be improved and every country’s target can be realized.The most important realization of OCA theory is the circulation of Euro, and many countries and areas seem to be interested in the money union. After the Asian financial crises, many Asian countries began to discuss the Asian currency union.This paper was divided into six parts to discuss this issue:The first chapter introduces the background of Asian money integration. It is Euro and the crises that make Asian countries begin to consider the money cooperation. This is different from Europe.The second chapter discusses why we should integrate money in Asia, including general reasons and special reasons. We analyzed trade, investment, money policy, economy globalization and several other aspects.The third chapter summarizes the profits we can get from money cooperation, such as trade growth, the co-movement of business circle, crises decline and the integration of capital market, etc.The forth chapter analyzes the strategy and possibility of Asian money union. Now Asia doesn’t satisfy the standard of OCA. We compare the condition of Europe and Asia and try to find other ways.The fifth chapter discusses the difficulty we will meet in the construction of Asian money union. It is mainly in political area.In the end we make our conclusion: we may use money integration as one way更多还原