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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58914


    Title: 論IMF與區域性金融穩定機制之競合關係
    A study on the relationship between IMF and regional financial stability mechanism
    Authors: 陳家豪
    Contributors: 楊光華
    陳家豪
    Keywords: 金融穩定
    國際貨幣基金會
    歐洲金融穩定基金
    歐洲穩定機制
    清邁倡議
    清邁倡議多邊化
    financial stability
    International Monetary Fund
    European Financial Stability Facility
    European Stability Mechanism
    Chiang Mai Initiative
    Chiang Mai Initiative Multilateralisation
    Date: 2012
    Issue Date: 2013-07-22 10:11:29 (UTC+8)
    Abstract: 長久以來，維持全球經濟秩序及貨幣穩定一直是國際貨幣基金（IMF）著重的工作及任務，然自2008年全球金融危機之後，區域性的金融穩定機制接連成立，某種程度上與IMF之功能相類似。於歐洲，歐盟成員建置了歐洲金融穩定基金（EFSF）以及歐洲穩定機制（ESM），針對歐元區成員提供必要的資金支援；而於亞洲，東南亞國協與中、日、韓三國共同將原本創設之清邁倡議進一步地多邊化，成為一區域貨幣基金，提供遭遇流動性或是國際收支失衡危機的國家援助，而此種區域機制與IMF並立的現象，將對於穩定全球金融體系之成效產生一定的影響。
    從歐洲以及亞洲成員形塑該些區域機制的過程與脈絡中可以發現，其建置實與IMF維持一定程度的連結，而本文進一步針對區域機制與IMF之架構、成員組成以及實際功能作細部比較後發現，不同的區域機制因為有著不同的成員組成以及發展程度，使得二者與IMF之合作關係有所差別。值得注意的是，由IMF發布之援助希臘計畫的事後評估報告中，卻明顯看出區域機制與IMF間的衝突與矛盾，本文探討後認為，此係因IMF與區域成員立場的本質差異所致，因而呈現出區域機制與IMF功能上相互補足，但立場上卻又彼此衝突的複雜關係。
    For a long time, International Monetary Fund (IMF) has been playing the main role in sustaining the global financial and monetary stability. However after the global financial crisis of 2008-09, many regional financial stability mechanisms, which somewhat have similar tasks and functions to IMF, were founded one by one. For instance, EU members established their own financial arrangement called European Financial Stability Facility (EFSF) and ASEAN+3 introduced the new Chiang Mai Initiative framework (Chiang Mai Initiative Multilateralisation, CMIM) as a regional monetary fund. As a result, not only IMF but also these regional financial stability mechanism take the work to sustain the global financial stability. This phenomenon may probably have certain impact on the global financial system.
    This article begins with the establishment of the European and Asian financial stability mechanisms. To examine how those arrangements will interact with IMF, we compare the organizational structure, membership and actual function between IMF and those regional mechanisms. In general, we found that the two mechanisms, though to varying extents, still keep cooperative relationship with IMF. Nevertheless, in the IMF ex post evaluation report on the Greece’s Stand-By Arrangement implies a great conflict between the interests of EU member and IMF.
    Conclusively, in our opinion, regional financial mechanisms and IMF can complement each other in function, yet contradict on their own interests and purpose.
    Reference: 一、 中文文獻
    1. 李貴英，歐盟經濟治理與歐盟財政條約，臺灣歐洲聯盟中心論壇，頁131，2012年。
    2. 洪德欽，歐元之法律分析，歐美研究，29卷2期，頁184-221，1999年。
    3. 洪德欽，歐債危機與歐盟財政規範的改革，中華國際法與超國界法評論，8卷2期，頁158，2012年。
    4. 施文真，論國際貨幣基金會之治理改革—以決策機制為主要焦點，載：第十一屆國際經貿法學發展學術研討會論文集，頁309，2011年。
    5. 黃得豐，全球金融危機與歐元區之發展與困境─整體觀察與分析，臺灣歐洲聯盟中心論壇，頁3-4，2011年。
    6. 張福昌，德國批准「財政公約」的辯論、發展與影響，臺灣歐洲聯盟中心論壇，頁2-5，2012年。
    7. 鄂晓梅，析IMF贷款条件的法律效力，法学评论，2002:5期，頁36-42，2002年。
    二、 英文文獻
    (一) 專書與期刊
    1. JEAN-PAUL FITOUSSI & JACQUES LE CACHEUX, REPORT ON THE STATE OF THE EUROPEAN UNION CRISIS IN THE EU ECONOMIC GOVERNANCE VOLUME 3 (2010).
    2. Cavoli, T., R. S. Rajan and R. Siregar, A Survey of Financial Integration in East Asia; How Far? How Much Further to Go?, Centre for International Economic Studies Discussion Paper 0401 (2004).
    3. Moon, W-S., Currency Crisis and Stock Market Integration: A Comparison of East Asian and European Experiences, 8 Journal of International and Area Studies 41,56 (2001).
    4. Financial Regionalism, FINANCE & DEVELOPMENT, Vol.49, No. 3, September 2012, available at http://www.imf.org/external/pubs/ft/fandd/2012/09/pdf/kawai.pdf.
    (二) 歐盟相關文件
    法律文件
    1. EFSF, Articles of Incorporation.
    2. EFSF Framework Agreement.
    3. EFSF, Maximising the capacity of the EFSF-Terms and Conditions, at 2-3, available at http://www.efsf.europa.eu/attachments/efsf_terms_of_reference_maximising_the_capacity.pdf.
    4. EFSF, Frequently Asked Questions on the European Financial Stability Facility (EFSF).
    5. EFSF, Guideline on Precautionary Programmes.
    6. EFSF, Guideline on Primary Market Purchases.
    7. EFSF, Guideline on Secondary Market Purchases.
    8. EFSF, Guideline on Recapitalisation of Financial Institutes (FIs) via loans to non-progremme countries.
    9. ESM, Frequently Asked Questions on the European Stability Mechanism.
    10. ESM, Terms and conditions of capital calls for ESM.
    11. ESM, Guideline on Loans.
    12. ESM, Guideline on Precautionary Financial Assistance.
    13. ESM, Guideline on Primary Market Support Facility.
    14. ESM, Guideline on Secondary Market Support Facility.
    15. ESM, Guideline on Financial Assistance for Recapitalisation of Financial Institutes.
    16. EU, Consolidated versions of the Treaty on European Union and of the Treaty Establishing the European Community, OJ 2006, C 321 E/97.
    17. Regulation 974/98 on the introduction of the euro, OJ 1998, L 139/1.
    18. Treaty on European Union.
    19. Treaty on the Functioning of the European Union.
    20. Treaty establishing the European Stability Mechanism.
    21. Treaty on stability, Coordination and Government in the Economic and Monetary Union.
    相關宣言與決議
    1. Council of the European Union, 2990th Council meeting Economic and Financial Affairs, PRES/10/6, Jan. 19, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/112456.pdf.
    2. Council of the European Union, Extraordinary Council meeting Economic and Financial Affairs, PRES/10/108, May 10, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf.
    3. Council of the European Union, 3105th Council meeting Economic and Financial Affairs, PRS/11/231, at 15, July 11,2011, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/123656.pdf.
    4. European Council, Strong measures for more efficient economic governance, Nov. 4, 2010, available at http://www.consilium.europa.eu/homepage/showfocus?lang=en&focusID=67065.
    5. European Council, Conclusions, at 8, Jan. 25, 2011, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/118578.pdf.
    6. European Commission, Statement by Commissioner Almunia on Greece, MEMO/09/541, Dec. 9, 2009, available at http://europa.eu/rapid/press-release_MEMO-09-541_en.htm.
    7. European Commission, Commission assesses Stability Programme of Greece; makes recommendations to correct the excessive budget deficit, improve competitiveness through structural reforms and provide reliable statistics, IP/10/116, Feb. 3, 2010, available at http://europa.eu/rapid/press-release_IP-10-116_en.htm.
    8. European Commission, The European Stabilization Mechanism, MEMO/10/173, May 10, 2010, available at http://europa.eu/rapid/press-release_MEMO-10-173_en.htm.
    9. European Commission, José Manuel Durão Barroso President of the European Commission Statement by President Barroso at the press conference following the meeting of the Heads of State or Government of the euro area Press Point Brussels, 27 October 2011, SPEECH/11/713, Oct. 27, 2011, available at http://europa.eu/rapid/press-release_SPEECH-11-713_en.htm?locale=en.
    10. Eurogroup, Statement on the support to Greece by Euro area Member States, Apr. 11, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/113686.pdf.
    11. Eurogroup, Terms of reference of the Eurogroup-European Financial Stability Facility, June 7, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/misc/114977.pdf.
    12. Eurogroup, Statement by the Eurogroup, Nov. 28, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/118050.pdf.
    13. Eurogroup, President Van Rompuy welcomes the statement of the Eurogroup on a European stability mechanism and the agreement on the Irish programme, Nov. 28, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/118053.pdf.
    14. Eurogroup, Statement by the President of the Eurogroup Jean-Claude Juncker on the entry into force of the ESM Treaty, Sept. 27, 2012, available at http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ecofin/132622.pdf.
    15. Eurogroup, Eurogroup Statement on Cyprus, Mar. 25, 2013, available at http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ecofin/136487.pdf.
    16. Euro Summit, Statement of 26 October 2011, Oct. 26, 2011, available at http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ec/125644.pdf.
    17. Heads of State or Government of the Euro Area, Statement by the Heads of State or Government of the European Union, Feb. 11, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/112856.pdf.
    18. Heads of State or Government of the Euro Area, Statement by the Heads of State and Government of the Euro Area, Mar. 25, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/113563.pdf.
    19. Heads of State or Government of the Euro Area, Statement of the Heads of State or Government of the euro area, May 7, 2010, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/114295.pdf.
    20. Heads of State or Government of the Euro Area, Conclusions of the Heads of State or Government of the euro area of 11 March 2011, at 3, Mar. 3, 2011, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/119810.pdf.
    21. Heads of State or Government of the Euro Area and EU Institution, Statement by the Heads of State or Government of the euro area and EU institution, ¶ 8, July 21, 2011, available at http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/123978.pdf.
    (三) IMF文件
    1. IMF Agreement.
    2. IMF, IMF Approves US$17.8 Billion Stand-By Credit for Mexico, Press Release No. 95/10, available at http://www.imf.org/external/np/sec/pr/1995/pr9510.htm.
    3. IMF, IMF Overhauls Lending Framework, Press Release No. 09/85, available at http://www.imf.org/external/np/sec/pr/2009/pr0985.htm.
    4. IMF, IMF Statement on Greece, Press Release No. 10/31, available at http://www.imf.org/external/np/sec/pr/2010/pr1031.htm.
    5. IMF, IMF Statement on Greece, Press Release No. 10/70, available at http://www.imf.org/external/np/sec/pr/2010/pr1070.htm.
    6. IMF, The Fund’s Mandate—The Future Financing Role: Reform Proposals, June 29, 2010, available at http://www.imf.org/external/np/pp/eng/2010/062910.pdf
    7. IMF, The Fund’s Mandate—Future Financing Role, Public Information Notice No. 10/124, available at http://www.imf.org/external/np/sec/pn/2010/pn10124.htm.
    8. IMF, The Fund’s Financing Role: Reform Proposals on Liquidity and Emergency Assistance, Oct. 28, 2011, available at http://www.imf.org/external/np/pp/eng/2011/102811.pdf.
    9. IMF, Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arrangement, IMF Country Report No. 13/156, June 2013, available at http://www.imf.org/external/pubs/ft/scr/2013/cr13156.pdf.
    10. Stanley Fischer, The Asian Crisis: A View from the IMF, IMF Speeches, available at http://www.imf.org/external/np/speeches/1998/012298.htm.
    11. Singh, M. and Banerjee, A., Testing Real Interest Parity in Emerging Markets, IMF Working Paper, WP/06/249, available at http://www.imf.org/external/pubs/ft/wp/2006/wp06249.pdf.
    (四) 東協加三相關會議文件
    1. Action Plan to Restore Economic and Finance Stability of the Asian region, AMRO Document, Feb. 22, 2009, available at http://www.amro-asia.org/wp-content/uploads/2011/11/AFMM3_Phuket20090222.pdf.
    2. The Joint Ministerial Statement of the ASEAN + 3 Finance Ministers Meeting, AMRO Document, May 6, 2000, available at http://www.amro-asia.org/wp-content/uploads/2011/11/AFMM3_ChiangMai20000605.pdf.
    3. The Joint Ministerial Statement of the 8th ASEAN+3 Finance Ministers’ Meeting, AMRO Document, May 4, 2005, available at http://www.amro-asia.org/wp-content/uploads/2011/11/AFMM3_Istanbul20050504.pdf.
    4. The Joint Ministerial Statement of the 10th ASEAN+3 Finance Ministers’ Meeting, AMRO Document, May 5, 2007, available at http://www.amro-asia.org/wp-content/uploads/2011/11/JMS-Kyoto-May-2007.pdf.
    5. The Joint Media Statement of the 12th ASEAN+3 Finance Ministers’ Meeting, AMRO Document, May 3, 2009, available at http://www.amro-asia.org/wp-content/uploads/2011/11/AFMM3_Bali20090503.pdf.
    6. The Joint Statement of the 15th ASEAN+3 Finance Ministers and Central Bank Governors` Meeting, AMRO Document, May 3, 2012, available at http://www.amro-asia.org/wp-content/uploads/2012/05/120503AFMGM+3-JS.pdf.
    (五) 其他研究文件
    1. ADB, Monetary and Financial Cooperation in East Asia: The Chiang Mai Initiative and Beyond, 6 ERD WORKING PAPER SERIES 7, February 2002.
    2. Barry Eichengreen, Regional Financial Arrangements and the International Monetary Fund, 394 ADBI WORKING PAPER SERIES, November 2012.
    3. Chalongphob Sussangkarn, The Chiang Mai Initiative Multilateralization: Origin, Development and Outlook, 230 ADBI WORKING PAPER SERIES 1, July 2010.
    4. ECB, The European Stability Mechanism, Monthly Bulletin 07/2011, available at http://www.ecb.int/pub/pdf/mobu/mb201107en.pdf.
    5. Masahiro Kawai, From the Chiang Mai Initiative to an Asian Monetary Fund, in THE FUTURE GLOBAL RESERVE SYSTEM—AN ASIAN PERSPECTIVE (2010).
    6. P. Athanassiou, Withdrawal and expulsion from the EU and EMU: some reflections, ECB Legal Working Paper Series No. 10, Dec., 2009, available at http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf.
    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    101351010
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101351010
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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