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时间:2017-07-12
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1、FinancialLiberalizationandMonetaryPolicyCooperationinEastAsiaAuthor:HweeKwanChow,PeterN.Kriz,RobertoS.MarianoandAugustineH.H.TanNationality:SingaporeSourseandType:SMUEconomicsandStatisticsWorkingPaper,SeriesHttp://unjobs.orgJournaltime:May2007,P2-3,5-7,21Itiswellrecognizedthatstrongdomesti
2、cfinancialmarketscanplayakeyroleineconomicgrowthanddevelopment.Soundfinancialinstitutionsandwell-functioningmarketsfacilitatethemobilizationandefficientallocationofsavings,therebyimprovingproductivityandcontributingtogrowth(Levine2004).ThisisparticularlyimportantforEastAsiainviewofthehighs
3、avingratesoftheregionalcountries.ThelimiteddevelopmentoflocalfinancialmarketsandtheirsmallfragmentednaturehavealsoledtoalargepartofAsiansavingsbeingintermediatedoutsidetheregion.SurplussavingshavemostlybeenchanneledtotheUSandthefundsreturntoAsiathroughUSdirectandportfolioinvestment.Fosteri
4、ngdomesticfinancialmarketsandregionalfinancialintegrationisimportantbecauseitnotonlyfacilitatestheintermediationofAsiansavingswithintheregion,butalsoattractsforeigninvestmentininstrumentsdenominatedinthedomesticcurrency.SuchalternativesourcesoffundingwouldreduceEastAsia’srelianceonforeignc
5、urrencyborrowingandconcomitantly,theriskexposureoftheregiontomaturityandcurrencymismatches.However,asthecountriesinEastAsiaderegulatetheirfinancialsectorsanddeveloptheircapitalmarkets,akeyissuethatconfrontspolicymakersisthegreatercomplexityofrisksthatisinjectedintothefinancialsystem.Inpart
6、icular,capitalaccountliberalizationheightensthespeedandmagnitudeofinternationalspilloversandmaypotentiallyincreasethevulnerabilityofindividualcountriestoexternalfinancialshocks.Manystudieshavefoundempiricalevidencethatfinancialdevelopmentandinparticular,financialopennesscanincreaseacountry
7、’svulnerabilitytocrisis(seeinteraliaRajan2005andKaminskyandReinhart2003).Infact,considerableblameforthepastfinancialcumcurrencycriseshasbeenplacedonimpropersequencingofliberalization.Overthepastquartercentury,thecombinationofafixedexchangeratewithanopencapital
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