:::

詳目顯示

回上一頁
題名:東亞區域金融合作的政治經濟分析 1997-2012
作者:黃美鳳
作者(外文):Mei-Fong Huang
校院名稱:國立臺灣大學
系所名稱:政治學研究所
指導教授:蕭全政
學位類別:博士
出版日期:2013
主題關鍵詞:偏差偏差動員清邁倡議區域債券市場合作人民幣國際化biasmobilization of biasChiang Mai Initiativeregional bond market cooperationRMB internationalization
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:16
中文摘要
1997年夏天泰銖遽貶引發了亞洲金融危機,重創許多東亞國家經濟,也激起東亞國家展開對話,針對得自亞洲金融危機的教訓,推動區域金融合作。1999年起,金融議題成為「東協加三」合作領域之一,而後以「東協加三」為平台的區域金融合作聚焦在建立緊急流動性工具、發展區域債券市場以及區域貨幣合作三方面。本研究即以「偏差」和「偏差動員」概念,針對上述三個主要的區域金融合作議題進行研究,藉由探討東亞國家,尤其是較具資源和影響力的中國和日本,對既有區域金融與貨幣制度安排所隱含之「偏差」之好惡,以及對區域金融合作中出現的新的金融與貨幣制度安排之偏好,分析其在參與區域金融合作時的立場與行動,並探討和解釋東亞區域金融合作的發展。
建立區域緊急流動性工具的合作始於2000年日本提出清邁倡議獲得「東協加三」全體支持,這一緊急流動性合作發展迄今超過十年,成果豐碩,如今已發展為總換匯規模達2,400億美元的多邊儲備池,並建立了特定投票權重分配的權力結構和決策模式,突破東亞區域合作普遍採行的「東協模式」。在此合作議題的討論中,本研究指出,日本在亞洲金融危機中提出亞洲貨幣基金倡議,已顯示其欲建立具區域自主性的緊急紓困工具,使美國不再能利用國際貨幣基金的紓困角色,強迫東亞國家接受新自由主義發展模式。雖然因中日之間存在競爭區域領導地位的關係,使中國未對亞洲貨幣基金倡議給予支持,但中日間的競爭關係也促使中國選擇以「東協加三」取代「東協加一」(東協加日本)作為東亞區域金融合作的對話架構,並促成清邁倡議及清邁倡議多邊化合作。
甚至,在與美國領銜的全球主義對抗中,中日策略性地集結在東亞主義的旗號下,並建立共享區域領導地位且相互制衡的權力分配模式。雖然清邁倡議多邊合作中有著「IMF連結」,使合作成員在面對危機時的緊急提款須以提出IMF紓困談判為前提,但不與「IMF連結」掛勾的可動用資金比例逐漸升高,且「東協加三」亦藉建立「『東協加三』總體經濟研究辦公室」來培養東亞國家自主監管區域金融事務的能力,這些發展凸顯出在中日既競爭又合作的關係下,東亞區域緊急流動性合作將朝向捍衛區域發展自主性的方向前進。
在東亞區域債券市場合作的討論中,本研究欲探討東亞國家在促進區域債券市場整合以求債券市場成長,以及維持跨境資本流動管制以確保匯率穩定之間,有何偏好、如何取捨,及其對區域債券市場合作之影響。本研究透過分析《2011年匯兌安排與匯兌限制年度報告》,發現多數東亞國家仍維持程度不等的跨境資本流動管制,此意謂東亞國家雖以發展本幣債券市場為矯正資產負債表上的「雙重錯置」問題的合作方案,但實際上多以維持匯率穩定為優先政策,不願撤除跨境資本管制以促進債券市場發展。是以,在自願性合作模式下,日本和新加坡雖偏好促進跨境債券交易,但中國和泰國則旨在藉由區域債市合作為境內基礎建設吸引投資資金,並未有意擴大區域債市整合。再加上,東亞國家企業規模偏中小型、企業經營透明度低等問題,使市場不易取得可靠的信用評等,即使東亞國家推出了「亞洲債券基金」和「亞洲債券市場倡議」,東亞國家本幣債券市場規模雖有增大,但多並未能顯著提升本幣債券市場佔國內融資結構的比例,也未能矯正依賴銀行融資的現象。
在區域貨幣合作議題上,本研究指出既有「東亞美元本位體系」中隱含促成日本長期通縮的「偏差」,故日本亟欲藉由區域貨幣合作,使東亞國家取消釘住美元的匯率政策;而亞洲金融危機凸顯出亞幣釘住美元的不合理性和潛在風險,2008年美國次級貸款違約引發全球金融危機和美元貶值,則使中國主張應改革以美元為主要準備貨幣的國際貨幣體系,並感到迫切需要進行外匯準備多元化,這兩個事件恰為日本鼓吹東亞區域貨幣合作提供適當時機。本研究分析了三種主要區域貨幣合作方案(G-3貨幣籃、平行流通亞洲貨幣單位,以及日本參與東亞國家集體盯住美元)之內涵,指出各方案隱含的利害得失,以及中國和日本對三種方案的偏好。結果發現,走向區域共同貨幣合作的方案均可打破「東亞美元本位體系」,故為日本所偏好;東協國家則早將發展區域共同貨幣納為長期合作目標,惟策略上將先行促成東協共同貨幣,藉以在東亞貨幣合作中爭取較大利益;而區域共同貨幣合作雖可達成減少依賴美元和避免中國的外匯準備價值貶損,但歐元區債務違約問題亦凸顯共同貨幣合作的缺陷,即共同貨幣區內成員的財政問題將使所有成員須共同承擔匯率大幅波動,且區內富有國家還需分擔更重的紓困角色。因此,中國在2009年加速推展人民幣國際化,成為參與區域共同貨幣合作之外的另一選擇。
總的來說,既然東亞國家尚不具備推動共同貨幣合作的總體經濟條件,且區域共同貨幣合作有其缺陷,中國可望加速推動人民幣國際化,作為降低對美元依賴的方案,其對區域共同貨幣合作的需求亦降低。而由於人民幣國際化具有鬆動「東亞美元本位體系」的效果,且人民幣國際化「倒逼」其利率與匯率市場化後,預期人民幣長期升值,有利日本擺脫通縮,亦為日本所樂見。

Abstract
The Asian financial crisis in 1997 heavily damaged some East Asian countries and induced cooperative dialogues among them. In 1999, financial cooperation officially staged itself among other topics of regional cooperation in ASEAN Plus Three (APT). Regional financial dialogues after 1999 focused on three important issues: emergency liquidity support, regional bond market and the birth of a possible common currency. In this dissertation, the concepts of “bias” and “mobilization of bias” are mobilized for analyzing the development of regional financial cooperation in the three issues.
The Chiang Mai Initiative initiated by Japan and supported by APT unanimously in 2000 started the cooperation on emergency liquidity support, and has evolved into a multilateralized reserve pool of 240 billion dollars in size. Moreover, competition between China and Japan for leadership in East Asia not only stifled the AMF proposal, but also promotes CMI and CMIM. China and Japan, the biggest two in East Asia, share the common interest and sentiment as a camp of East Asian regionalism resist the globalist drive led by the U.S. for regaining regional autonomy on development path. The later developments in reducing the proportion of IMF-linked bail-out resources and the establishment of AMRO show consistency on pursuing regional autonomy as the management of financial crisis is concerned.
As for the regional bond market cooperation, the dissertation offers its explanation of APT members’ choices between integrating market to enlarge regional bond market and keeping regulation on cross-border movement of capital to stabilize exchange rate. By analyzing the Annual Report on Exchange Arrangements and Exchange Restrictions 2011 and the actions that APT countries took in promoting the Asia Bond Fund and the Asian Bond Market Initiative, the author defines various preferences of individual APT countries for bond market cooperation and the priority of preserving exchange rate stable for some of them. Therefore, though the scale of local currency bond outstanding grows, mobilization of local bond markets is still in a low level. In addition, dispersed actions of APT countries in ABMI cooperation didn’t help enhancing the role of bond market in domestic finance, nor balancing the existing over reliance of local funding demand on banking.
It is presented that the bias of the existing “East Asia dollar standard system” has contributed to Japan’s long lasting deflation. That’s why Japan keens to encourage regional monetary cooperation in East Asia for decomposing the system. Given this desire of Japan, the 1997 Asia financial crisis and the 2008 American subprime mortgage default presented golden chances for Japan to persuade her neighbors to join regional monetary cooperation. However, moving toward a regional common currency though helps reducing heavy reliance on dollar and releasing worries on devaluation of dollar reserves, the default of Euro zone countries extends the flaw of common currency cooperation as well. Considering that it takes time to form a regional common currency, as well as the issues declared in the flaws of Euro case, China unilaterally accelerates controllable RMB internationalization in 2009 as an alternative. Therefore, it is very unlikely to set off the necessary regional cooperation in constructing a common currency in a decade. RMB internationalization will continue to consume China’s motivation for participating common currency cooperation in East Asia. Besides, RMB internationalization is an acceptable solution to Japan for it’s helpful to decomposing the East Asia dollar standard system.

參考文獻

中文文獻

中國人民銀行 (2011). "中日加強合作發展金融市場." Retrieved 6. 10, 2012.

中華民國經濟部統計處 (2012). 經濟統計年報(100年). 經濟部統計處. 台北, 經濟部統計處: 17-41.

巴曙松 (2011). "2011年中國宏觀金融政策走向." 中國遠洋航務 2011(08): 22-26+10.

巴曙松 (2011) 人民幣國際化:進程、挑戰與路徑. 基金會報告 116, 1-12

左正東 and 葉國俊 (2011). "金融海嘯後中國對於東亞貨幣整合的策略分析:亞元與人民幣之間的抉擇." 遠景基金會季刊 12(1): 81-128.new window

李文志 (1999). "從開放性區域主義和APEC與WTO的關係." 中華台北APEC通訊 88(5): 28-34.

李文志 (2006). "亞太貨幣體系發展下APEC的角色與挑戰." 政治科學論叢(30): 21-60.new window

周小川 (2009). "關於改革國際貨幣體系的思考." Retrieved 11 November, 2011, from http://www.pbc.gov.cn/publish/hanglingdao/2950/2010/20100914193900497315048/20100914193900497315048_.html.

林建甫 (2012). "人民幣直兌日圓 是台灣的機會." Retrieved June, 5, 2012, from http://www.npf.org.tw/post/1/10863.

俞建拖 (2011) 中美專家關於人民幣國際化問題的觀點和爭論. 研究參考 2011, 1-5

夏斌 (2009). "關於國際金融體改革與我國金融開放的思考." 新金融 2009(12/250): 19-20.

夏斌 and 陳道富 (2011). 中國金融戰略2020. 台北, 財信出版有限公司.

秦亞青 (2007). "東亞金融合作:機遇、挑戰和對策." 外交評論 2007(3): 25-27.

張宇燕 and 張靜春 (2008). "貨幣的性質與人民幣的未來選擇:兼論亞洲貨幣合作." 當代亞太 2008(2): 9-43.

張斌 and 何帆 (2006). "亞洲貨幣單位對東亞貨幣合作和人民幣匯率改革的影響." 管理世界 2006(4): 11-18轉65.

陳暉 (2007). 日圓國際化的經驗與教訓. 北京, 中國社會科學院金融研究所.

黃仁德 and 張勝峰 (2004). "人民幣國際化問題之探討." 中山人文社會科學期刊 12(1): 33-69.

鉅亨網新聞中心 (2012). 日圓先生榊原:日圓升值 助日企全球化. 鉅亨網新聞中心 (2012. 5. 22).

劉昌黎 (2002). "日圓國際化的發展及其政策課題." 世界經濟研究 2002(4): 65-70.

蕭全政 (1988). 政治與經濟的整合. 台北, 桂冠.new window

蕭全政 (1997). "組織與制度的政治經濟分析." 暨大學報 1(1): 1-15.

蕭全政 (2001). "東亞「區域主義」的發展與臺灣的角色." 政治科學論叢(14): 201-222.new window

蕭全政 (2004). "論中共的「和平崛起」." 政治科學論叢(22): 1-30.new window

戴相龍 (2009). "中國金融業改革開放30年的思考." 中國金融 2009(01): 9-11.

戴相龍 (2009). "當前的國際金融危機及我國的應對政策." 中國人民大學學報 2009(03): 34-44.

英文文獻

Adams, C. and R. Semblat (2004). Options for currency arrangements and their policy implications. Exchange Rate Regimes in East Asia. G. d. Brouwer and M. Kawai. London and New York, RoueledgeCurzon: 417-432.

Amyx, J. (2005) What Motivates Regional Cooperation in East Asia Today? Asia-Pacific Issues 1-8

Amyx, J. (2008). Regional Financial Cooperation in East Asia since the Asian Financial Crisis. Crisis as Catalyst: Asia''s Dynamic Political Economy. A. MacIntyre, T. J. Pempel and J. Ravenhill. Ithaca, Cornell University Press: 117-139.

Baldwin, D. A. (1993). Neorealism and Neoliberalism. New York, Columbia University Press.

Brouwer, G. d., R. Duncan, et al. (1999). Financial Integration in East Asia. Cambridge, Cambridge University Press: 295 p.

Calder, K. E. (2008). Critical Junctures and the Contours of Northeast Asian Regionalism. East Asian Multilaterialsm. K. E. Calder and F. Fukuyama. Baltimore, The Johns Hopkins University Press: 15-39.

Calder, K. E. and F. Fukuyama (2008). East Asian Multilateralism: Prospects for Regional Stability. Baltimore, The Johns Hopkins University Press.

Chan, E., M. Chui, et al. (2012). Local currency bond markets and the Asian Bond Fund 2 Initiative. BIS Papers. Basel, Bank for International Settlements. 63: 35-61.

Chey, H.-k. (2009). "The changing political dynamics of East Asian financial cooperation: the Chiang Mai Initiative." Asian Survey XLIX(3): 450-467.

Chow, H. K., P. N. Kriz, et al. (2007). Toward Greater Financial Stability in the Asian Region: Exploring Steps to Create Regional Monetary Units. Singapore, Singapore Management University.

Chung, D.-K., B. J. Eichengreen, et al. (2007). Toward an East Asian exchange rate regime. Washington, D.C., Brookings Institution Press: viii, 164 p.

Cohen, B. J. (1977). Organizing the world''s money : the political economy of international monetary relations. New York, Basic Books.

Cohen, B. J. (1993). The International political economy of monetary relations. Aldershot, Hants, England ; Brookfield, Vt., USA, Edward Elgar.

Cohen, B. J. (2008). Capital Controls: The neglected option. Global Monetary Governance. B. J. Cohen. London and New York, Routledge: 190-204.

Cohen, B. J. (2008). Global monetary governance. London ; New York, Routledge.

Cohen, B. J. (2010). The future of global currency : the euro versus the dollar. Abingdon, Oxon ; New York, NY, Routledge.

Dhillon, K. S. (2009). Malaysian Foreign Policy in the Mahathir Era 1981-2003: Dilemmas of Development. Hawaii, University of Hawaii Press

Eichengreen, B. (2007). Parallel Processes? Monetary Integration in Europe and Asia. Tpward an East Asian Exchange Rate Regime. D.-K. Chung and B. Eichengreen. Washington, D.C., Bookings Institution: 137-156.

Eichengreen, B. (2007). Parallel Processes? Monetary Integration in Europe and Asia. Toward an East Asian Exchange Rate Regime. D.-K. Chung and B. Eichengreen. Washington, D.C., Brookings Institution: 137-156.

Eichengreen, B. and P. Luengnaruemitchai (2006). Why doesn''t Aisa have bigger bond Markets? BIS Papers. Basel, Bank for International Settlements: 40-77.

Emmers, R. and J. Ravenhill (2010) Tha Asian and global financial crises: consequences for East Asian regionalism. RSIS Working Paper

Goldstein, M. (1998). The Asian Financial Crisis: Causes, Cures, and Systemic Implications. Washington, D.C., Institute for International Economics.

Green, M. J. (2003). Japan''s Reluctant Realism: Fireign Policy Chanllenges in an Era of Uncertain Power. New York, Palgrave Macmillian.

Grimes, W. W. (2009). Currency and contest in East Asia the great power politics of financial regionalism. Cornell studies in money. Ithaca, N.Y., Cornell University Press: xvi, 248 p.

Grimes, W. W. (2011). "The Asian Monetary Fund reborn? Implications of Chiang Mai Initiative Multilateralization." Asia Policy(11): 79-104.

Guzzini, S. and A. Leander (2006). Constructivism and International Relations: Alexander Wendt and his Critics New York, Routledge.

Hamilton-Hart, N. (2008). Banking System a Decade after the Crisis. Crisis as Catalyst: Asia''s Dynamic Political Economy. A. MacIntyre, T. J. Pempel and J. Ravenhill. Ithaca, Cornell University Press: 45-69.

Hamilton-Hart, N. (2011). Distribution, Domestic Politics, and Monetary Cooperation in East Asia. ADBI Working Paper Series. Manila, Asian Development Bank Institute: 1-24.

Helleiner, E. (1994). "Freeing money: Why have states been more willing to liberalize capital controls then trade barriers?" Policy Science(27): 299-318.

Henning, C. R. (2002). East Asian Financial Cooperation. Washington, D.C., Institute for International Economics.

IIMA (2003). Searching for A Stable Surrency Regime in East Asia: Role of Yuan, Dollar and Yen. IIMA Occasional Paper. Tokyo, Institute of International Monetary Affairs. No. 14: 1-60.

IIMA (2007). Toward Greater Financial Stability in the Asian Region: Exploring STeps to Create Regional Monetary Units (RMUs). Tokyo, Institute for International Monetary Affairs: 1-121.

IMF (1997). "IMF Approves SDR 15.5 Billion Stabd-By Credit for Korea." IMF Press Release No. 97/55.

IMF (1997). "IMF Approves Stand-By Credit for Indonesia." IMF Press Release No. 97/50.

Inc., M. U. F. G. and IIMA (2007). Towards Regional Prosperity in Asia. Towards Regional Prosperity in Asia: How Can Japan and Other Asian Countries Contribute to Enhancing Financial Markets?, Kyoto, IIMA.

Ito, T., S. Koibuchi, et al. (2010). Why has the Yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese exporters'' invoicing behavior. NBER Working Paper. Cambridge, MA, National Bureau of Economic Research: 1-38.

Kawai, M. (1999). Evolving patterns of capital flows and the East Asian economic crisis. Asia Pacific Financial Deregulation. G. d. Brouwer and W. Pupphavesa. London and New York, Routledge: 89-126.

Kawai, M. (2004). The case for a tri-polar currency basket system for emerging East Asia. Exchange Rate Regimes in East Asia. G. d. Brouwer and M. Kawai. London and New York, RoutledgeCurzon: 360-384.

Kawai, M. (2007). Dollar, Yen, or Renminbi Bloc? Toward an East Asian Exchange Rate Regime. D.-K. Chung and B. Eichengreen. Washington, D.C., Brookings Institution: 90-120.

Kawai, M. (2010). From the Chiang Mai Initiative to an Asian Monetary Fund. Future Global Reserve System. Tokyo, Columbia University, ADB, ADBI.

Kawai, M. (2010). "From the Chiang Mai Initiative to an Asian Monetary Fund." Retrieved 28 March, 2011, from http://aric.adb.org/grs/papers/Kawai%205.pdf.

Kisselev, K. and F. Packer (2006). Minding the gap in Asia: foreign and local currency ratings. BIS Papers, Bank for International Settlements: 174-199.

Kuik, C.-C. (2008). China''s Evolving Multilateralism in Asia: The Aussenpolitik and Innenpolitik Explanations. East Asian Multilateralism. K. E. Calder and F. Fukuyama. Baltimore, The Johns Hopkins University Press: 109-142.

Lee, Y. W. (2006). "Japan and the Asian Monetary Fund: An Identity-Intention Approach." International Studies Quarterly(50): 339-366.

Lipscy, P. Y. (2003). "Japan''s Asian Monetary Fund Proposal " Stanford Journal of East Asian Affairs(3): 93-104.

McCauley, R. N. and Y.-C. Park (2006) Developing the bond market(s) of East Asia: global, regional or national? BIS Paper 1-21

McKinnon, R. and K. Ohno (2005). Japan''s Deflation and the Syndrome of the Ever-High Yen, 1971-1995. Exchange Rate under the East Asian Dollar Standard. R. McKinnon. Cambridge, MIT Press: 77-102.

McKinnon, R. and G. Schnabl (2005). The East Asian Dollar Standard , Fear of Floating, and Original Sin. Exchnage rate under the East Asian Dollar Standard. R. McKinnon. Cambridge, MIT Press. 13-52.

McKinnon, R. and G. Schnabl (2005). The East Asian Dollar Standard, Fear of Floating, and Original Sin. Exchange Rate under the East Asian Dollar Standard. R. McKinnon. Cambridge, MIT Press: 13-52.

McKinnon, R. I. (2005). Exchange rates under the East Asian dollar standard : living with conflicted virtue. Cambridge, MA, MIT Press.

Mitsubishi UFJ Financial Group, I. and IIMA (2007). Towards Regional Prosperity in Asia. Towards Regional Prosperity in Asia: How Can Japan and Other Asian Countries Contribute to Enhancing Financial Markets?, Kyoto, IIMA.

Moon, W., Y. Rhee, et al. (2007). Regional Currency Unit in Asia: Property and Prospective. Working Paper. Seoul, Korea Institute for International Economic Policy.

Mundell, R. A. (1968). International Economics. New York, Macmillan.

Nakao, T. (2012). Challenges in International Finance and Japan''s Responses. International Finance Symposium. Tokyo, IIMA: 1-15.

Nesadurai, H. E. S. (2008). Southeast Asia''s New Institutional Architecture for Cooperation in Trade and Finance. Asia''s New Institutional Architecture. V. K. Aggarwal and M. G. Koo. Berlin, Springer.

Noble, G. W. and J. Ravenhill (2000). The Asian financial crisis and the architecture of global finance. New York, Cambridge University Press.

Ogawa, E. (2010). Towards the Establishment of a Regional Common Currency Unit in Asia. Diversification of Reserve Currencies and Developmenr of Regional Financial Markets in Asia. Beijing, Asian Development Bank Institute and China Center for International Economic Exchange: 1-27.

Ogawa, E. and T. Ito (2002). "On the Desirability of a Regional Basket Currency Arrangement." Journal of the Japaneses and International Economies 16(3): 317-334.

Ogawa, E. and J. Shimizu (2005). A Deviation Measurement for Coordinated Exchange Rate Policies in East Asia. RIETE Discussion Paper Series. Tokyo, The Research Institute of Economic, Trade and Industry: 1-31.

Polanyi, K. (1944). The Great Transformation. Boston, Beacon Press.

Sakakibara, E. (2003). Structural Reform in Japan. Washington, D.C., The Brookings Institution.

Samuels, R. J. (2007). Securing Japan. Ithaca and London, Cornell University Press.

Subramanian, A. and M. Kessler (2012). China''s Currency Rises in the US Backyard. Financial Times. London.

Takagi, S. (2012). Internatinalising the yen, 1984-2003: unfinished agenda or mission impossible? BIS Papers. Basel, Bank of International Settlement: 75-92.

Takeuchi, A. (2006). Identifying impediments to cross-border bond investment and issuance in Asian countries. BIS Papers Basel, Bank for International Settlements. 30: 246-260.

Williamson, J. (1999). The Case for a Common Basket Peg for East Asian Currencies. Exchange Rate Policies in Emerging Asian Countries. S. Collignon, J. Pisani-Ferry and Y. C. Park. London, Routledge: 327-343.

Williamson, J. (1999). The Case for a Common Basket Peg for East Asian Curriencies. Exchange Rate Policies in Emerging Asian Countries. S. Collignon, J. Pisani-Ferry and Y. C. Park. London, Routledge: 327-343.

Yu, Y. (2007). Toward East Asian Monetary and Financial Cooperation: A Chinese Perspective. Toward an East Asian Exchange Rate Regime. D.-K. Chung and B. Eichengreen. Washington, D.C., Bookings Institution: 49-66.


.



 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE