* : : : F83 : A (the land of last lord) (IMF) IMF : * : ( : : 08JC790087) 30 /200.6
300 2007 () ( ) 60 2008 0 : OECD 962 5 4 962 ( ) 8 20 ; 967 5 4 (Aizenman Pasricha 2009) () 9 997 (Chiang Mai Initiative CMI) 2000 5 0 3 ( 0+3) ( ) CMI : (ASA ASEAN Swap Arrangement) 2 0 (2005 20 ); 0+3 975 ( Network of Bilateral 200 90 Swaps and Repurchase Agreements BSA) Richard N Cooper.Almost a century of central bank cooperation. BIS Working Papers.No 98. February 2006. 999 0+3 0+3 0+3 977 ( ) 2000 997 998 2 (2005) 8~9 /200.6 3
- 2007 2 2-2008 3 : 200 40-2008 9 8 800 2007 2 2 2007 2 2 300 60 2008 9 30 600 2008 9 8 00 2009 30-2008 0 29 300 2009 4 30-2009 2 3 300 ( 2008 2009 4 30 0 ) 0 3 CMI ( 2005; Wang 2004; 0 2005) 0+3 3 CMI 0+3 2008 0+3 CMI 855 ( ASA 20 ) CMI CMI 6 65 (CMI Multilateralization) ( 2) 2 3.0 4.0 4.0.5 2.0 2.0 6.5 3.0 3.0 6.0.0 6.0 3.0 6.0 38.0 4.0 8.0 2.0.5 2.0.0 8.5 2.0 2.0 CMI 2007 CMI : 0 CMI ( 3) 2009 2 0+3 200 384.5.5 0.5.5 2.0.0.0 3.0.0 4.0 7.0 5.5 23.0 2.0 4.0 0.0 3.0 9.0 83.5 : ADB.Emerging Asian Regionalism A Partnership for Shared Prosperity. ADB Publications.2008. 92 47.7 36.8 0.02 6000 0.3 5 2.5 5 5 0.5 2008 2 32 /200.6
CMI CMIM 20 2009 5 CMI 6 80 CMI ( 600 ) Kaiwai (2009) 9.25 ( CMI 47.7 2.5) 2 CMI CMI 2009 55 2008 2 2 (standby loan facility) : 0 CMI 0 ADB5 40 00 3 0+3 CMI CMI 200 5 4 3 CMI 2004 5 7 CMI ( CMI ) CMI 2005 5 8 CMI :() 0+3 (ASEAN+3 economic surveillance) CMI ;(2) CMI ;(3) ;(4) IMF 0% 20% 2006 5 9 2007 5 0 2008 5 0+3 CMI CMI CMI ; 0+3 CMI 800 80% 0 20%; 800 2009 2 200 IMF 2009 5 2 2009 (CMIM) 2009 2 : Joint Ministerial Statement of ASEAN+3 Finance Ministers Meetings May 2000-Dec 2009. www.aseansec.org. CMI 20 ( 2) 2009 2 60 20 80 Kawai Masahiro. Reform of the International Financial Architecture: An Asian Perspective. Asian Development Bank Institute Working Paper Series No. 67. November 2009. /200.6 33
300 CMI 30 200 2009 4 ; 2009 3 3 2009 0 30 8 2009 2 2 60 20 4 6 CMI CMI 65 855 545 27 () 6500 384 260 ( ) 7 970 80% IMF IMF 2008 2 7 2009 3 6500 ( 4) 4 / / 2008/2/2 2009/0/20 2009/02/08 2009/03/ 2009/03/ 2009/04/02 800 /38 2000 /2270 800 /400 200 /8 000 /75 700 /380 6500 : http://www.mof.go.jp/english/if/pcmie.htm. 34 /200.6
; ; ; ; CMI 0+3 (CMIM) ; : ; ; IMF IMF 997~998 Rajan (2003) (tiers of liquidity) ( concentric defence lines) IMF IMF ; ; IMF IMF IMF /200.6 35
IMF CMI IMF IMF IMF IMF ERPD IMF (peer review) (peer pressure) ( due diligence) (OECD 2007) 2 (OECD 2007) 200 3 0+3 CMI IMF 0+3 (ERPD) (a high level of scrutiny) ERPD : 0+3 20% 2 (Organization of Economic Cooperation and Development OECD) 40 OECD 36 /200.6
CMI ERPD ERPD 2006 5 0+3 (BSA) ERPD IMF 0+3 ERPD (Asian Bond Market Initiative ABMI) ERPD CMI CMI ; ABMI 997 ( ASEAN Surveillance Process ASP) ASP ( 2008) 0+3 2005 5 0+3 ERPD /200.6 37
; 0 ( 2008 (2006) : 8) 2008 997 2008 0 29 300 CMI ( 2) 0+3 (Sorensen CMI Yosha 998) CMI 70 800?? :. [J]. 2008 5. 38 /200.6
: () 20000 92 : ; () CMI (2009) CMI IMF 40 44% /200.6 39
() ( : ) : []. [J]. 2005 (7) 6~22. [2] []. [M].. 2005: 43~54. [3]. : [M]. 2008: 50~58. [4]. [R]..Policy Brief No. 09032.2009 5 7. [ 5] Aizenman J. Gurnain Kaur Pasricha.Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation[R]. NBER Working Paper 482.2009. [6] Bernanke B.. Policy Coordination among Central Banks[C]. Speech Delivered at the Fifth European Central Banking Conference. The Euro at Ten: Lessons and Challenges Frankfurt Germany November 4 2008. [7] Cooper R.. Almost a century of central bank cooperation[r]. BIS Working Papers.No 98. February 2006. [8] Eichengreen B.. Insurance Underwriter or Financial Development Fund: What Role For Reserve Pooling in Latin America? [R] National Bureau of Economic Research Working Paper 245. 2006. [9] Kawai M.. Evolving Economic Architecture in East Asia[R]. ADB Institute Discussion Paper No. 84 December 2007. [0] Kawai M.. Reform of the International Financial Architecture: An Asian Perspective [R]. Asian Development Bank Institute Working Paper Series No. 67. Nov. 2009. [] Kawai M. Cindy Houser. Evolving ASEAN+3 ERPD: Towards Peer Reviews or Due Diligence? [R]. ADB Institute Discussion Paper No. 79 September 2007. [2] OECD. Peer Review: A Tool for Cooperation and Change[R]. OECD Policy Brief January 2007. www.oecd.org/publications/policybriefs. [3] Mckinnon R. The Euro Threat is Exaggerated[J]. The International Economy Vol. 2 (May/June) 998 (60) 32~33. [4] WangY.J. Financial cooperation and integration in East Asia[J]. Journal of Asian Economics 2004 (5) 939~955. Abstract: Following the outbreak of the financial crisis in U.S.A. the developed countries have provided liquidities to each other through Bilateral Swap Arrangement. In the mean time different levels of liquidity rescue facilities in East Asia have also been strengthened and demonstrated a new trend. Since the financial cooperation in East Asia hasn t evolved into the stage of exchange rate coordination the effectiveness of the existing liquidity rescue facilities is not enough. If the fluent liquidity resources could be used in developing regional financial markets maybe it is a more effective way to ensure the regional financial stability. China must take active part in the process of regional financial cooperation and propose the roadmap for the development regional financial markets through which China can promote the RMB regionalization and internationalization. Keywords: Bilateral Swap Arrangement; the Liquidity Rescue Facilities; Financial Cooperation 40 /200.6