毕业论文外翻译-金融自由化与货币政策东亚合作.docx

Financial Liberalization and Monetary Policy Cooperation in East AsiaAuthor：Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano and Augustine H. H. TanNationality: Singapore Sourse and Type: SMU Economics and Statistics Working Paper,Series Http://Journal time: May 2007,P2-3,5-7,21It is well recognized that strong domestic financial markets can play a key role in economic growth and development. Sound financial institutions and well-functioning markets facilitate the mobilization and efficient allocation of savings, thereby improving productivity and contributing to growth (Levine 2004). This is particularly important for East Asia in view of the high saving rates of the regional countries. The limited development of local financial markets and their small fragmented nature have also led to a large part of Asian savings being intermediated outside the region. Surplus savings have mostly been channeled to the US and the funds return to Asia through US direct and portfolio investment. Fostering domestic financial markets and regional financial integration is important because it not only facilitates the intermediation of Asian savings within the region, but also attracts foreign investment in instruments denominated in the domestic currency. Such alternative sources of funding would reduce East Asia’s reliance on foreign currency borrowing and concomitantly, the risk exposure of the region to maturity and currency mismatches.However, as the countries in East Asia deregulate their financial sectors and develop their capital markets, a key issue that confronts policymakers is the greater complexity of risks that is injected into the financial system. In particular, capital account liberalization heightens the speed and magnitude of international spillovers and may potentially increase the vulnerability of individual countries to external financial shocks. Many studies have found empirical evidence that financial development and in particular, financial openness can increa