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Growing Global Needs for ACU -Denominated Reserve Assets
( Gong Pil Choi ) 한국금융연구원 2014 금융연구 working paper Vol.2014 No.1
In the wake of recurrent financial crises, significant efforts toward monetary cooperation have been documented. However, it is time to realign divergent moves into a unified approach to provide effective buffers against financial instability in the region. One of the glaring missing link in monetary cooperation has been lack of safe reserve assets that are produced in the region, despite the growing economic clout of Asia in a global context. Overall, we have achieved a partial replication of FX liquidity support system, but it has serious incentive problems and implementation issues surfaced during the crisis. We can turn around this situation by starting to supply ACU denominated assets that properly reflect different economic fundamentals in the region. We need to join forces to supply reserve assets denominated in ACU, and future cooperation should be directed in a way that promotes such efforts. Going forward, it is important to rebalance the central banks` portfolio with a new type of regional reserve assets from Asia so as to preserve the value of the overly stretched reserve assets and to ensure sustainable global financial stability.
A Regional Repo Market Initiative for Global Financial Stability
( Gong Pil Choi ) 한국금융연구원 2014 금융연구 working paper Vol.2014 No.16
The prevailing international monetary system suffers from a shortage of good collateral for nonbank secured lending. Given that the global financial crisis was mainly triggered by the collapse of the collateral pool for dealer-based credit intermediation, there is a need for reforms to prevent it from happening again. This would be possible with a better use of U.S. Treasuries that are kept in silos and a broader recognition of an emerging market sovereign collateral pool. The inclusion of new collateral into the existing nonbank credit intermediation facilities of core countries would be expected to stabilize global capital flows and improve financial stability. The market-driven, risk-mitigating regional repo market initiative would also bring balance to an increasingly market-driven financial ecosystem and mitigate the global shortage of safe assets. Given the geopolitical constraints, developing a regional repo market in Asia is a viable option to take care of long-term rebalancing needs via market development as well as mitigating financial instabilities caused by increasingly collateral-based integration of the dollar-centric international monetary system.