东亚外汇储备集体管理与区域福利增进  

Collective Management on East Asia's Forex Reserves and the Increase of Regional Welfare

作　　者：杨权[1] 

机构地区：[1]厦门大学国际经济与贸易系,福建厦门361005

出　　处：《厦门大学学报（哲学社会科学版）》2010年第4期106-114,共9页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：教育部社科规划青年项目"东亚外汇储备库研究--以互利共赢理念探索区域合作的实现形式和中国战略"(08JC790087)

摘　　要：近年来,东亚经济体逐渐累积了与其经济规模极不相称的外汇储备。在没有区域协调与约束的情况下,东亚经济体竞争性增持会造成区域福利损失。在测算超额外汇储备规模的基础上,东亚超额外汇储备的两种使用途径对区域整体的福利改进程度可采用变量分解法进行度量。建立外汇储备库改进了区域整体福利,但与完善的区域金融市场所能发挥的产出平滑和消费保险相比仍相去甚远。东亚经济体若将超额外汇储备用于区域金融市场发展,区域整体的福利水平能够得到较大程度的提高。In recent years, a large number of foreign exchange reserves have been accumulated in East Asian Economies, which has been disproportional to its economic scale. Such competitive hoarding of forex reserves will cause the loss of regional welfare if there are no regional coordination and constraints. On the basis of estimating the scale of excess forex reserves, we use variable decomposition method to measure how the two approaches of East Asian excess forex reserves promote the regional overall welfare. Although building the foreign reserve pool has improved the regional overall welfare, it is far from enough when compared with the output smoothing and consumption insurance that a well developed regional financial market can provide. If the excess forcx reserves in East Asian Economies can be applied to regional financial market development, the level of regional overall welfare will be improved greatly.

关 键 词：外汇储备 产出平滑 东亚经济体 区域福利 

分 类 号：F114.46[经济管理—国际贸易]