本文依據Karl Polanyi的經典著作-《鉅變》,主張國際貨幣與匯兌體系是國際權力與利益互動下的產物;貨幣既是國家主權的象徵,也是國家在國際競逐權力的基礎。根據Polanyi的論點,本文將從競合激烈的亞太權力關係中,分析亞太貨幣體系的發展及亞太經濟合作會議(APEC)在其間的機會與挑戰。一九九七年的東亞金融危機對APEC造成極大的衝擊與傷害,這主要是因東亞國家對APEC的期待和主導APEC發展的美國存在嚴重的歧異。面對美國-IMF-APEC強勢主導APEC貨幣與金融議題的設定,東協及中國為主的東亞國家乃另起爐灶,企圖假「東協加一(中國)」挾「東協加三(中國、南韓與日本)」(APT)的策略進程,在區域貨幣及自由貿易區等議題上,拉出與美國迴旋的戰略縱深與籌碼。很顯然,在APT積極促進如「清邁協議」與「亞洲債劵市場」等機制的壓力下,APEC對區域貨幣與金融議程的主導地位已面臨極大的挑戰。然而,儘管APEC在金融危機的處理上,不能符應絕大部分東亞國家的需求;但不可否認,APEC在此過程中所展現對相關議題的創新上,仍扮演極為重要的「智囊」角色。
Derived from Karl Polanyi's classic work, ”the Great Transformation” this article argues that international currency and exchange systems are the products of interaction between international powers and financial interests. Currency is not only the symbol of national sovereignty but also a base for the competition of international powers. This paper analyzes the development of currency systems in Asia-Pacific and the opportunities and challenges of APEC from the point of view of Polanyi. Owing to the widening gap between social expectations of East Asian countries and APEC's U.S. dominated role, the East Asian Financial Crisis of 1997 caused tremendous harm to APEC. Under pressure from the triple alliance- US, IMF, and APEC, with regards to APEC's monetary and financial issues, ASEAN and China-led East Asian countries established ASEAN PLUS THREE (APT) to check and counter-balance the predominance of U.S. power within APEC. APEC encountered severe challenges from the development of regional monetary and financial systems when APT actively promoted Chiang Mai Initiative (CMI) and Asian Bond Fund (ABF). Although APEC did not effectively meet a lot of the requests from East Asian countries in the 1997 Financial Crisis, the innovation to deal with those related issues of APEC as a think-tank is still very important.