东亚金融货币合作基本元素探析

东亚金融货币合作的三大基本元素分别是流动性支持、区域监测监控以及汇率协调。流动性支持是互助救援机制的概括表现。目前有货币互换机制和亚洲债券基金两类形式。区域监测监控存在于东亚金融货币合作的各个阶段。目前已形成的机制有马尼拉框架组、东盟监督机制以及东盟 3监督机制。三大基本元素中较高层次的当属汇率协调。东亚汇率协调是一个循序渐进的进程。东亚各国需认清形势,将汇率协调的目标分为短期目标和长期目标,在推进短期目标实现的同时逐步过渡到长期目标的阶段性实施。

On Basic Elements of East Asian Financial and Monetary Cooperation

The basic elements of East Asian financial and monetary cooperation are liquidity assistance, regional supervision and monitoring, exchange rate coordination. Liquidity assistance embodies mutual aid mechanism. At present, there exist Currency Swap Arrangement and Asian Bonds Fund. Regional supervision and monitoring does appear in every phase, with three mechanisms to be developed: Manila Framework Group, ASEAN Surveillance Mechanism and ASEAN 3 Surveillance Mechanism. Exchange rate coordination, the higher level of the three basic elements, is a gradual process. East Asian countries should see through the situation, recognizing the short-term goal and the long-term goal of the exchange rate coordination and put forward the short-term goal, while gradually transiting to the phased implementation of the long-term goal.