| After the disaggregation of Bretton Wood System, with the development of finanical globalization and financial liberalization, the flow of international capital speeds up globally, which gives a great impact on the stability of international financial market. As a result, financial crises happen frequently. As there is not enough financial cooperation among countries, and the institutional establishments of the current international currency and finance system is not well-developed, countries are not efficient in combating international financial crises. In order to ensure the stability of international financial market, countries in the world begin to strengthen regional currency and finance cooperation intentionally. This dissertation studies the nature and causation of international regional finacial cooperation under institutional analysis, discusses the transition of international currency and finance system in view of international political economics, and summerizes the basic modes of the transition of international regional financial cooperation. In addition, the dissertation tests its opinions with practical experiences. The dissertation has important theoretical and practical value, because it studies international regional financial cooperation profoundly and brings forward innovative ideas.The dissertation is made up of eight parts: the introduction, six chapters, and the conclusive remarks.In the introduction, it describes the background, importance, basis, structure, and methods of the research, and puts forward innovative opinions and topics that are wothy of further research.In chapter one, it defines the concepts that are relevant to international regional financial cooperation, explaining the meaning of cooperation, international cooperation, international financial cooperation, international regional economic integration, and international regional financial cooperation, etc. and distingushing them emphatically. It points out specially that international regional financial cooperation is a comprehensive concept. It can be divided into three aspects. And it includes the content of currency cooperation.Chapter two first answers the controversial question of whether institutional analysis is suitable for international issues, then establishes the institutional analysis structure for international regional financial cooperation, and then discusses the tentative actions of countries who are principle participants of international regional financial cooperation. The institutional analysis structure is defined through five dimensions.Chapter three probes into the nature of international regional financial cooperation with the theories and methods of new institutional economics under institutional analysis structure. It answers the question of"what it is". Firstly, it discusses the institutional attributes of international regional financial cooperation, such as the institutional establishments and the institutional functions of international regional financial cooperation, etc. Secondly, international regional financial cooperation is a process of institutional transition and complicated games.Chapter four studies the causation of international regional financial cooperation 1through institutional supply-demand analysis, answers the question of"why it is". In general, the changes in international political and economic situations and in international political and economic strength result in the transition of international financial system and the transfer of financial authority, which brings the demand for regional financial cooperation; financial globalization and liberalization bring on larger-scope, higher-frequency financial crises, which makes international regional financial cooperation necessary; as regional financial cooperation is the exhibition of regional economic integration in the field of finance, international regional integration lays down the foundation for regional financial cooperation.Chapter five puts forward the neorealist mode (superpower cooperation), neoliberalist mode (institutional cooperation), constructionalist mode (culture cooperation), and neomarxist mode (attachment cooperation) of international regional financial cooperation according to international political economics. It answers the question of"how it is". We discuss the power structure, interst realization, process attribute, and nature judgement of the four modes of international regional cooperation so as to summarize the characters of each mode.Chapter six tests the theories of the former five chapters with practical experiences. This chapter chooses the most influential and representative practices of international regional financial cooperation in the present age, European currency cooperation,"dollarization"of Latin American countries, and East Asia regional financial cooperation, to test the theories we bring forward. Firstly, it explores the causation and process of European currency integration, and studies the power structure, interest realization, process attribute, and nature judgement of European currency integration. It points out that European currency cooperation is a process of induced institutional transition drived by market strength and government behaviour which is"coordinate games". It is a North-North financial cooperation which shows neoliberalist tendency. In other words, it is the regional financial cooperation among developed countries which is characteristic of neorealism and constructionalism. It uses the logic of"institutional cooperation"of neoliberalism. Secondly, it studies the dollarization phenomenon of Latin America countries. The financial cooperation of Latin America countries whose nature is"currency substitution"is not based on the common interests of the cooperative parties. It is not a voluntary and active behaviour, but a passive, unilateral behaviour. The aim of the cooperative parties is to attach themselves to the financial superpower, and seek protection from the superpower. As an international financial regionalization mode, it reflects a certain extent of mutual coordination and communication. Therefore, we call it"passive","asymmetrical"cooperation. According to the power structure, interest realization, process attribute, and nature judgement of the financial cooperation of Latin America countries, the regional financial cooperation of Latin America countries is a South-North cooperation which possesses the characters of neorealism. In other words, it takes advantage of the theories of"superpower cooperation"of neorealism, is the cooperation between the financial superpower and developing countries which shows the color of neomaxism and constructionalism. Thirdly, it analyzes East Asia regional financial cooperation which is still at the beginning stage. We believe that East Asian countries differ greatly in economic systems, political institutions, and social conformations. So the degree of market integration of the region is not high, and the motivation of economic integration is not strong. In addition, as the region runs short of nations that have absolute advantage in political and economic power, there is no basis for superpower cooperation. Therefore, we should find other ways to realize regional financial cooperation. According to constructionalism, we should first cultivate a common sense of regional identity and status identity among East Asian countries on the basis of common culture origin. This perception is scientific and feasible to some extent. Mutual identification can reduce the transition cost of regional financial cooperation between East Asian countries, and break through the bottleneck of cooperation at present. Therefore, the conditions East Asia financial cooperation faces decides that a"constructionalism"cooperation road is practical.At last, the disseration summerizes the main conclustions of the theoretical and empirical anlyses. The main conclusions are as follows. (1) international regional financial cooperation can be divided into three aspects. The first one is functional financial cooperation. The second and third onets belong to currency cooperation in the narrow sense, that is, institutional currency cooperation. (2) According to static analysis, international regional financial cooperation satisfies the provisions of the connotation, functions, and forms of institution. So it has the attributes of institution. According to dynamic analysis, international regional financial cooperation possesses the attributes of institutional transition and game process. (3) The causation of international regional financial cooperation can be find through institutional demand-supply analysis. To sum up, the causation of international regional financial cooperation are: the change of international political and economic situations; market expansion brought by the development of international finance in both speed and scope; risks caused by technological progress and financial innovation; the evolvement of international regional economic integration and international financial system, etc. (4) Based on international political economics, the modes of international regional financial cooperation can be summarized as superpower cooperation mode of neorealism, institution cooperation mode of neoliberalism, culture cooperation mode of constructionalism, and attachment cooperation mode of neomarxism. In practice, European currency cooperation is a North-North regional financial cooperation of neoliberalism, the dollarization cooperation of Latin America countries is a South-North regional financial cooperation of neorealism, East Asia regional financial cooperation is a South-South regional financial cooperation. The culture cooperation mode of constructionalism should be the inevitable choice for the region. (5) Mature, perfect, and stable international regional financial cooperation is a mode that combines neoliberalism, neorealism, and constructionalism logics. The degree of institutionalization is very high; the core leading country is definite and its effects are outstanding; the cooperative parties have strong sense of regional identification. Therefore, European currency cooperation is the case of the mode.
|
PDF Full Text Request