东亚货币合作困境分析的新视角:货币竞争与货币合作的悖论  

New Perspective on the Dilemma of Monetary Cooperation in East Asia:The Paradox of Monetary Competition and Cooperation

作　　者：陆长荣 崔玉明 王越 Lu Chang-rong;Cui Yu-ming;Wang Yue

机构地区：[1]同济大学外国语学院,上海200092 [2]哈尔滨工业大学(深圳)经济管理学院,深圳518055 [3]中山大学国际关系学院,广州510275

出　　处：《亚太经济》2020年第1期32-43,150,共13页Asia-Pacific Economic Review

基　　金：2019年度国家社科基金青年项目“国际金融公共产品视角下的全球人民币供求体系研究”(项目编号:19CGJ045);2017年度上海市社科规划一般课题“新常态下人民币国际化路径选择研究——以国际金融公共产品的供求关系为中心”(项目编号:2017EGJ002);2017年度教育部人文社会科学研究青年项目“国际金融公共产品供求困境问题研究——以全球美元流动性为考察对象”(项目编号:17YJCZH117)的阶段性成果。

摘　　要：为了突破传统分析框架的局限性,着眼于合作参与者的微观诉求,通过对日元单边主导、中日货币双寡头模式的案例考察后发现,东亚货币合作主导者与追随者诉求偏好间的失衡,使区域合作从推进伊始就陷入货币合作与货币竞争间的深层次悖论,最终削减了成员国参与合作进程的意愿与动机。货币竞合悖论成为阻碍东亚区域货币合作的重要内生性因素。与此同时,在双寡头货币模式逐步确立的情况下,如何推动形成新型中日货币竞合关系或将成为破解东亚货币合作瓶颈的一个重要契机。After the Asian financial crisis,a regional multilateral financial cooperation mechanism soon took off under the active promotion by East Asian countries.However,the scope of this cooperation never truly penetrated deep-seated monetary fields like exchange rate linkage,oreven monetary union,which essentially led the financial cooperation into a long-term dilemma.Related traditional research based on the theory of Optimal Currency Area focuses on the economic conditions of promoting cooperation,and regards financial cooperation as the premise of monetary cooperation.Nevertheless,this research trend based on normative interpretation ignores the process of reaching agreement among member states.This study focuses on the micro-demands of the cooperative participants instead,and found that the imbalance between the demands and preferences of the leaders and followers makes the regional cooperation fall into a deep paradox between monetary cooperation and monetary competition,which cuts down the willingness and motivation of member states to participate in the cooperation.The paradox between monetary competition and cooperation has become an important endogenous factor hindering regional monetary cooperation in East Asia.How to promote the formation of monetary co-opetition between China and Japan may become an important opportunity to break the bottleneck of monetary cooperation in East Asia.

关 键 词：货币合作困境 竞合悖论 诉求偏好 主导者与追随者 货币国际化 

分 类 号：F821.6[经济管理—财政学]