中文摘要：

一、问题的提出 自东南亚金融危机以来，东亚货币合作已经成为目前学术界的一个热点问题。McKinnon（1998）认为在亚洲抑制金融危机的关键在于中国和日本的汇率政策，强调日元兑美元汇率的稳定不仅有助于恢复日本经济，也有助于组织亚洲和任何其他地区的投机性短期资本流动。日本学者关世雄（2003）提出通过在日本与东亚邻国之间建立日元区来维持邻国货币与日元间的汇率稳定，从而谋求东亚各国和日本共同的经济利益，同时也有助于国际货币秩序的稳定。

英文摘要：

The paper studies the conunml characteristics of the current exchange rate regimes in east-asia, and it illustrates the dilemma of de facto pegging USD regime through the demonstration of trade flow and purchase power parity. Based on that, the paper also explores the new exchange rate arrangement of the economies in east-asia by means of an economy model. It detailedly analyses two ways through which exchange rate affects economic output and proof-test the conclusion of the model. Finally, it gives some corresponding policy proposals.