东亚区域汇率协调机制的构建——基于不同汇率制度下名义有效汇率稳定性的比较  

Regional Exchange Rate Coordination Mechanism in East Asia——Based on the Comparison with the Nominal Effective Exchange Rate Stability under Different Exchange Rate Regimes

作　　者：王倩[1] 王玉[2,3] 

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012 [2]武汉大学经济与管理学院博士后流动站,湖北武汉430072 [3]中国华融资产管理公司博士后工作站,北京100033

出　　处：《经济经纬》2012年第5期58-62,共5页Economic Survey

基　　金：中央财经大学金融学院211三期项目

摘　　要：笔者通过情景实验模拟出东亚各国货币在钉住美元、钉住G3货币、钉住AMU、钉住G3+1等不同汇率制度下的贸易加权名义有效汇率,在考察其稳定性的基础上对东亚区域汇率协调机制进行构建。东亚各国(除中国、日本外)在各自货币篮子区域内核心货币的选择中,可以考虑将人民币作为锚货币之一,而且人民币的权重逐渐递增;待条件成熟后,区域内经济、贸易、投资联系较为紧密的次区域可以考虑采用钉住共同货币篮子汇率制度,条件完备时在全区域内推行共同货币篮子制度。在汇率协调的不同阶段,人民币都将发挥重要作用。Based on the Scenarios Simulation on different exchange rate regime, such as US dollar pegging, G3 is pegging, AMU pegging, G3＋1 pegging. The paper compares the difference between the stability of each currencies’ nominal effective exchange rate under different exchange rate regimes and evaluates the exchange rate coordination mechanism in East Asian .At present ,each country pegs its currency to a basket consisting of regional currencies and extra-regional currencies . As RMB regionalization makes a progress, the East Asia currencies （excluding China, Japan） take RMB as one of the anchor currencies , and the weight of RMB increase gradually; With the maturity of both internal and external condition, the common currency pegging in sub-regional is an option with regional expansion. It is believed that RMB will play an important role at the different stages in exchange rate coordination.

关 键 词：货币合作 锚货币 汇率制度 汇率合作 

分 类 号：F832.1[经济管理—金融学]