Author : Ronald I. McKinnon
Publisher : MIT Press
Page : 300 pages
File Size : 14,59 MB
Release : 2005
Category : Business & Economics
ISBN : 9780262134514
The policy dilemmas inherent in using the US dollar as the key currency for stabilizing exchange rates in East Asia.
Author : Duck-Koo Chung
Publisher : Rowman & Littlefield
Page : 176 pages
File Size : 35,39 MB
Release : 2007-05-01
Category : Business & Economics
ISBN : 0815714181
East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves. Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration. Contributors include Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).
Author : Ronald McKinnon
Publisher :
Page : 35 pages
File Size : 42,2 MB
Release : 2007
Category :
ISBN :
Before the crisis of 1997-98, the East Asian economies ő except for Japan but including China ő pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's predominant weight in East Asian currency baskets has returned to its pre-crisis levels. By 2002, the day-to-day volatility of each country's exchange rate against the dollar has again become negligible. In addition, most governments are rapidly accumulating a quot;war chestquot; of official dollar reserves, which portends that this exchange rate stabilization will come to extend over months or quarters. From the doctrine of quot;original sinquot; applied to emerging-market economies, we argue that this fear of floating is entirely rational from the perspective of each individual country. And, although Japan remains an important outlier, their joint pegging to the dollar benefits the East Asian dollar bloc as a whole.
Author : Ronald I. McKinnon
Publisher : Oxford University Press
Page : 237 pages
File Size : 28,74 MB
Release : 2013
Category : Business & Economics
ISBN : 0199937001
Th world dollar standard greatly facilitates international exchange. Since the Bretton Woods Agreement of 1945, the dollar has been the key currency for clearing international payments among banks, including government interventions to set exchange rates. IT is the dominant currency for invoicing trade in primary commodities and official exchange reserves.
Author : Masahiro Kawai
Publisher : Routledge
Page : 588 pages
File Size : 46,49 MB
Release : 2004-08-02
Category : Social Science
ISBN : 1134351925
There is a deepening debate in East Asia about the prospects for common exchange rate arrangements, even including the formation of a common currency in the longer term. This raises a complex set of issues and this volume provides a detailed yet comprehensive examination of key issues in the debate. It looks, for example, at the nature and extent of linkages in East Asia, in terms of trade and foreign investment, finance, labour, and consumption, investment and output. It examines how the exchange rate affects various aspects of economies. And it critically analyzes various proposals for currency regimes for the region, including floating exchange rates, basket pegs, and currency union.
Author : Frank Rövekamp
Publisher : Springer
Page : 167 pages
File Size : 37,22 MB
Release : 2014-07-08
Category : Business & Economics
ISBN : 3319030620
This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible “currency war”, thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint.
Author : Ramkishen S. Rajan
Publisher : World Scientific
Page : 325 pages
File Size : 31,45 MB
Release : 2009
Category : Business & Economics
ISBN : 9812834583
A decade has passed since the Asian crisis of 1997OCo1998 which decimated many of the regional economies. While the crisis itself led to severe economic and political consequences, its primary cause was an inappropriate mix of policies, as regional economies attempted to simultaneously maintain fairly rigid exchange rates (soft US dollar pegs) and monetary policy autonomy in the presence of large-scale capital outflows. The chapters in this volume focus on selected exchange rate, monetary and financial issues and policies that are of contemporary relevance and importance to Asia, including choice of exchange rate regimes, causes and consequences of reserve accumulation, international capital flows, macroeconomic synchronization, and regional monetary and financial cooperation.
Author : Ronald I. McKinnon
Publisher :
Page : 30 pages
File Size : 41,72 MB
Release : 2002
Category : Dollar, American
ISBN :
Author : Yong-hyŏp O
Publisher : 한국방송출판
Page : 292 pages
File Size : 25,22 MB
Release : 2004
Category : Finance
ISBN :
Author : Masahiro Kawai
Publisher : World Bank Publications
Page : 52 pages
File Size : 27,41 MB
Release : 2000
Category : Foreign exchange rates
ISBN :
A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intraregional exchange rates and effective exchange rates, in a way consistent with the medium-term objective of promoting trade investment and growth in the region.
