冰岛危机、货币脆弱性与东亚货币合作

2008年下半年开始,冰岛的经济形势急转直下,甚至濒临"国家破产"。冰岛的货币体制是导致冰岛危机的重要原因。冰岛克朗是全世界可自由兑换、汇率自由浮动的流通量最小的货币。当金融危机出现的时候,冰岛克朗会受到最大的冲击,货币不稳定又会进一步放大金融危机的作用。这说明小国开放经济体的货币存在国际脆弱性。东亚各经济体货币同样面临国际脆弱性问题,其根源是东亚发展模式的脆弱性。为了防范货币国际脆弱性引起经济危机,东亚应该加强区域金融合作,其现实路径是建立各经济体汇率的分层次协调机制。

Iceland Crisis,Currency Vulnerability,and East Asian Monetary Cooperation

Since the second half of 2008,Iceland's economic situation has worsened rapidly,even at the verge of "national bankruptcy".One important reason is Iceland's monetary system.The currency of Iceland(ISK)is the smallest one in the world in circulation that can float and convert freely.When the U.S.financial crisis broke,the ISK was struck heavily.Currency instability will further enlarge the impact of the financial crisis.The currency of a small open economy is vulnerable to external shock.East Asian economies...