区域货币联动与政策干预：中日韩实证分析

Abstract:The infectious of financial risk make the national markets no longer isolated within open economy，financial markets are more dependent. Based on the reality and importance of Asian regional economics financial cooperation，we study the volatility and linkage mechanism within China，Japan and South Korea，and test the intervention effects of monetary policy on foreign exchange market. The empirical result shows that，there are some differences in currency volatility，the yen and won fluctuations suffer greater impact by financial crisis. Only China intervention in the foreign exchange market is effective，and the intervention effect of Japan and South Korea are not significant. We can also see that the correlation between country exchange rates tend to increase during the financial crisis，and the currency risk contagion effect is significant. Considered the joint intervention of monetary policy，the result shows that the intervention on foreign exchange markets between China and Japan，China and South Korea，are effective，while Japan and South Korea not.

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