Financial Liberalization And Monetary Policy Coordination And Cooperation Of The ASEAN

The Association of South-east Asian Nations ( abbreviated as ASEAN ) established in August of 1967, and it is the biggest regional organization of Southeast Asia, it firstly appears in countries as such as Indonesia, Malaysia, Philippine, Thailand and 5 Singaporean countries. Accredited joining ASEAN after April of 1999 was resumed peacefully in Kampuchea, so far, ASEAN has 4,500,000 sq. km. of areas to develop into finally, the regional international cooperative associations made up of 10 countries of Southeast Asia of 500 million people and gross national product of over 700 billion dollars.The initial stage's aim of ASEAN is to accelerate economic growth, social progress and cultural cooperation of this area, did not add the content of political cooperation to formally by 1976. But in fact, ASEAN is over from the beginning of establishment to cold war, takes political, security cooperation as the core, economic cooperation can not be paid attention to, its achievement is quite limited too. Cold war is it lead to the fact world pattern take place great change, in Southeast Asia, beautiful, Su withdraw troops from Philippines, military base separately to finish, have finished lasting militarying confront each other. Various countries of Southeast Asia make the independence one after another politically. The country of ASEAN successively made the independence politically, but their economy remained the single economic structure relying mainly on agricultural mining industry formed in colony period, the whole national economy is great in reliance on the industrial products in foreign countries, the domestic necessary industrial products relies on import mainly, so the country of ASEAN has not made independence, corresponding monetary system and financial system economically, set up on the relatively backward horizontal foundation of productivity. The reality of productivity with backward level, has determined the monetary system of the country of ASEAN and financial system, lower, more financial system is undeveloped that the monetary degree of economy generally exists, such characteristics as financial resources are extremely limited. The country of ASEAN has priority to import the industry of substituting or export the industry of leading and regard this as the economic development strategy in development in order to change this kind of situation. Meanwhile, the main countries government of ASEAN still implements comparatively strict control to the financial system, in order to concentrate on utilizing limited financial resources to lead and have priority the industry department of development. Ofcourse, initial stage of economic development in the country of ASEAN, there is its rationality existing in such restrain monetary system taking leading limited financial resources and having priority in the industry department of development as characteristic, it make ASEAN country through can is it utilize domestic deposit resource and keep the financial stability to concentrate on financial system of structure. However, with the improvement of the economic development level, the government suppresses and demonstrates stronger and stronger negative effect on the finance. So, the country of ASEAN realizes, must reform the already existing monetary system, implement financial liberalization policy, could realize a economic one further to develop smoothly. We can say, the drawback that the finance appearing suppresses in the main country's economic development of ASEAN, its main country launch financial liberalization directness of reform inspire the factor generally since the will it be the seventies the 20th century, it is the most basic , deepest background that the country of ASEAN implements the financial liberalization reform either. Financial liberalization becomes the rational choice that the ASEAN countries bring about an advance in economy.The main content of every ASEAN members' financial liberalization reform is as follows:?Interest rate liberalization is reformed. The country of ASEAN has already cancelled the restriction on interest rate basically at the beginning of 1990s, the liberalization reform of interest rate is a focal point of the reform of the main national financial liberalization of ASEAN.?Cancel the ration system of credit. Relax the restriction on bank loan, reduce the impact on behavior of the bank credit of the administration means, in order to enable bank to manage more independently.?The privatization of state owned bank, set up new financial institution, improve the financial institution to make up.?Reduce the rate of the legal capital reserve by a large margin , in order to increase the ability that the bank budgets the fund independently.(5)Relax the foreign finance to control. Including implement more flexible exchange rate policy, permit the internal and external fund to flow, relax restriction on the thing that financial institution entered the foreign capitals, etc...Though the financial liberalization reform of the country of ASEAN has some questions, but has made very big achievement, a large number of direct investment of foreign businessman of opening attraction of the domestic financial market of country of ASEAN, remedy they main country fund needed badly to accelerate the construction of economy effectively. In the course of every ASEAN members' financial liberalization, the implementation of the monetary policy is a very important respect. Since the eighties of the 20th century, in the course of financial liberalization, the country of ASEANchanged the monetary policy mode of execution obviously, they have made considerable progress in using the general monetary policy tool, is it directly control credit and interest rate carry out the transition to the business of open market to realize progressively, open market business become ASEAN main country effective tool of monetary policy progressively. According to practising the result, though there are some limitations, has made some positive results.Begin will it be the seventies the 20th century, especially enter the 1990s ASEAN main financial liberalization of country progress of reform very fast, the finance has turned reform into the main country of them and brought the economic liftoff of more than ten years in succession freely, known as " the miracle of east Asia ". But took the lead in the Southeast Asian financial crisis that breaks out in Thailand in 1997, made ASEAN countries economy destroyed seriously, cause people's another close examination of financial liberalization and review at the same time. The author, after analysing the Southeast Asian financial crisis and financial liberalization course of country of ASEAN of 1997, think: As regards whole, they main national financial liberalization score reform make worthy to be definite, but the deviation appearing is very obvious in the course of financial liberalization taking interest rate liberalization as the core, the countries of them has all suffered the setback and crisis in various degree, the lesson is very deep and valuable.But Southeast Asia financial crisis have profound reason their, financial liberalization must lead to the fact the financial crisis. So through restrain financial liberalization from maintain financial stability unwise to in the hope of, it is inadvisable too, on the contrary, we should advance the financial liberalization process actively further, however, in its process, should be diligent further in strengthening and taking precautions against, shifting and dispelling financial risks, in order to overcome the defects of macroeconomy and financial supervision, strengthen the financial stability.Since entering new century, under the background of fact that the economic globalization, finance are integrated, ASEAN main financial liberalization monetary policy regulation and control task, targets and ways of course of country the great change has taken place, thus, the main country of them should strengthen and adjust and control the monetary policy. As to this, come to investigate from two aspects: First of all, regard simple close economic environment as starting point investigate ASEAN country should strengthen the construction and perfection of the money market by improving monetary policy efficiency. The country of ASEAN is during the reform of financial liberalization taking interest rate liberalization as the core, the way of...