CAJ | 학술논문

在东亚货币金融合作不断深入的背景下，东亚外汇储备库正式成立。本文使用保险指数指标测算了在外汇储备库建设过程中不同参与者的参与动力差异，并藉此计算出参与者的成本／收益状况。结果发现：总体上，东亚经济体外汇储备库建设中呈现阶段性、“危机驱动型”特征；不同经济体从中受益差异明显，就中国而言，在外汇储备库建设中投入了最高的份额，收益也十分显著；未来外汇储备库的建设应该重点考虑对无参与动力经济体的补偿问题和参与动机强度不一致经济体的协调问题。
재동아화폐금융합작불단심입적배경하，동아외회저비고정식성립。본문사용보험지수지표측산료재외회저비고건설과정중불동삼여자적삼여동력차이，병자차계산출삼여자적성본／수익상황。결과발현：총체상，동아경제체외회저비고건설중정현계단성、“위궤구동형”특정；불동경제체종중수익차이명현，취중국이언，재외회저비고건설중투입료최고적빈액，수익야십분현저；미래외회저비고적건설응해중점고필대무삼여동력경제체적보상문제화삼여동궤강도불일치경제체적협조문제。
Under the background of deepening monetary and financial cooperation in East Asia, East Asian for- eign exchange reserve pooling has been formally established, rlhis article uses coverage ratio index to measure the participation motivation of different participants and calculate the cost/benefit of participation, The results shows： overall, East Asian economies take some periodical and ＂crisis driven＂ characteristic in the construction of reserve pooling; Different economies benefit diversely from the reserve peoling. Although China has invested the highest share in the comtruction of foreign exchange reserve pooling, it also obtained significant gains; Fu- ture construction of foreign exchange reserve pooling should consider two things： first, to compensate economy with no motivation to participate in reserve pooling comtmction; second, to solve participation motivation incon- sistencies problems.