论东亚最优汇率制度选择

东亚经济体的汇率制度选择面临两难困境一事表明,东亚汇率制度选择必须进行区域汇率制度合作。东亚经济条件的实证分析表明,东亚汇率合作中最优汇率制度安排应该是共同钉住货币篮子汇率制度,以推动东亚汇率制度一体化,最终实现亚洲单一货币区。

On the Choice of Optimum Exchange Rate Regime in East Asia

Before Asian Financial Crisis in 1997,most of East Asia economic entities adopted Fixed Exchange Rate Regime Pegged to US Dollar de facto.During the period of the Crisis,they abandoned the Regime and adopted Floating Exchange Rate Regime.After the Crisis,each entity returned to the Regime Pegged to Us Dollar.In present international monetary system,East Asia economic entities fall into a dilemma of Regime choices,which reveals that East Asia should cooperate in exchange rate regime choice.From the empirical analysis of economic conditions in East Asia,the optimum exchange rate regime of East Asia ought to be the Regime Pegged to a Common Currency Basket in order to promote the East Asia Exchange Rate Regime Integration,and realize the ultimate goal of Asia Currency Area.