毕业论文外文翻译-金融自由化与货币政策东亚合作

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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