华东师范大学学报(哲学社会科学版) ›› 2002, Vol. 34 ›› Issue (1): 23-30.doi: 10.16382/j.cnki.1000-5579.2002.01.003

• 经济 金融 • 上一篇    下一篇

汇率制度、路径依赖与东亚货币合作

方卫星   

  • 收稿日期:2001-04-13 出版日期:2002-01-01 发布日期:2025-12-09

The Exchange Rate Regime, Path Dependence, and East Asian Currency Cooperation

Wei-xing FANG   

  • Received:2001-04-13 Online:2002-01-01 Published:2025-12-09

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摘要：

布雷顿森林体系崩溃后东亚国家(地区)所实行的实际钉住美元汇率制度是引发1997年亚洲金融危机的主要根源, 但近两年东亚部分国家(地区)又重新恢复了这种汇率制度安排; 同时由于欧洲货币合作的成功示范, 也大大激发了东亚国家(地区)对于实现区域货币合作的广泛兴趣。重归实际钉住美元的汇率制度只是各国(地区)在危机后过渡时期内的次优选择, 东亚国家(地区)短期内努力的方向应该是选择实际钉住货币篮子的汇率制度; 而从长远趋势来看, 通过对欧洲货币合作动力机制的经验考察, 东亚国家(地区)的当务之急应当是积极为推动实现区域货币合作创造有利条件。

关键词: 实际钉住美元汇率制度, 路径依赖, 动力机制, 区域货币合作

Abstract:

Although the de factor dollar peg system adopted by East Asian countries after the Breton Woods Monetary System was the main cause of Asian financial crisis in 1997, the linkage of home currencies with the US dollar, as some economists pointed out, has returned to the pre-crisis condition for some countries in this region. The success of the European currency cooperation has stimulated people's great interest in the forthcoming currency cooperation among East Asian countries. The de factor dollar peg system re-adopted is just a second-best choice for East Asian countries and the basket peg system will be more reasonable in a short period of time. But in the long run East Asian countries should learn from the inherent dynamics of European currency cooperation so as to enhance their forthcoming currency cooperation.

Key words: the de factor dollar peg system, path dependence, inherent dynamics, regional currency cooperation