市场塑造制度：东亚区域金融合作制度化路径分析

摘要

就东亚区域金融合作的既有制度安排而言，在复杂的国际政治环境中，由于主导制度框架的不足和可行操作路径的缺失，政府层面的制度培育面临较大障碍。纵观东亚区域金融合作的发展历程，通过市场层面的制度塑造，即区域内银行跨境经营、债券市场合作、证券市场合作等市场路径，加强跨境货币合作，促进跨境资本市场运作，可以实现对区域内金融资源的整合效用，其中尤以银行跨境经营的效用最为显著。在此区域上，区域内各经济体可以通过支付结算、资金融通、金融服务等银行跨境业务受益于区域金融市场的繁荣，从而促进区域金融合作。以市场层面的制度塑造弥补政府层面制度培育的不足，是提升东亚区域金融合作制度化水平的有效路径。%As to the existing institutions of regional financial cooperation in East Asia,in the environment of complicated international relations,the defects of dominant institutional framework and the absence of practical operational path have been the great obstacles to inter -governmental cultivation of institutions.According to an overview of the history of regional financial cooperation in East Asia,it is through institutions shaped by inter -market integration,such as regional transnational banking activities,cooperation in bond markets and coopera-tion in stock markets that transnational monetary cooperation and transnational capital operation could be en-hanced.In this process,transnational bank business may play an outstanding role,thus regional integration of financial resources may be achieved.On this basis,with the help of transnational bank business such as pay-ments and settlements,accommodations of fund and financial services,East Asian economies may benefit from the prosperity in regional financial market,thus regional financial cooperation may be promoted.It is a practical path that defects in inter -governmental cultivation may be compensated by inter -market integration to enhance the institutionalization of regional financial cooperation in East Asia.