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Author : Ronald I. McKinnon
Publisher : MIT Press
Page : 300 pages
File Size : 54,9 Mb
Release : 2005
Category : Business & Economics
ISBN : 0262134519
The policy dilemmas inherent in using the US dollar as the key currency for stabilizing exchange rates in East Asia.
Author : Duck-Koo Chung,Barry Eichengreen
Publisher : Rowman & Littlefield
Page : 176 pages
File Size : 46,8 Mb
Release : 2007-05-01
Category : Business & Economics
ISBN : 9780815714187
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 I. McKinnon
Publisher : Oxford University Press
Page : 237 pages
File Size : 47,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780199937004
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 : Frank Rövekamp,Hanns Günther Hilpert
Publisher : Springer
Page : 167 pages
File Size : 51,5 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9783319030623
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 : Masahiro Kawai,Gordon de Brouwer
Publisher : Routledge
Page : 588 pages
File Size : 53,6 Mb
Release : 2004-08-02
Category : Social Science
ISBN : 9781134351923
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 : Hans Genberg
Publisher : Centre for Economic Policy Research
Page : 152 pages
File Size : 52,6 Mb
Release : 2005
Category : Business & Economics
ISBN : STANFORD:36105114511889
Addressing the questions related to accumulation of reserves in East Asia, this book provides some conclusions. It says that: the reserve build up is not driven by deliberately undervalued exchange rates; and the autonomous exchange rate adjustment is not an efficient method, to deal with account imbalances between the United States and East Asia.
Author : George Allayannis,Gregory W. Brown,Leora Klapper
Publisher : World Bank Publications
Page : 50 pages
File Size : 49,8 Mb
Release : 2001
Category : Debts, External
ISBN : 8210379456XXX
In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.
Author : Ramkishen S. Rajan,Shandre Thangavelu,Rasyad A. Parinduri
Publisher : World Scientific
Page : 325 pages
File Size : 48,9 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789812834584
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 : Suthiphand Chirathivat,Emil Maria Claassen,Jürgen Schröder
Publisher : Edward Elgar Publishing
Page : 270 pages
File Size : 48,9 Mb
Release : 2004
Category : Business & Economics
ISBN : UCSD:31822034176594
East Asia's Monetary Future is an illuminating and valuable work which uniquely focuses on a long-term monetary view of the region. There are multiple and varied future scenarios which can be applied to this region - an enlarged Singapore-Brunei currency area, a greater China monetary bloc and even a Northeast Asian bloc comprising Japan and Korea. Leading scholars from East Asia, Europe and the US contribute valuable new insights to the key questions facing the organization and future of the monetary system in East Asia. Central questions discussed and analysed in the book include, amongst others: should the region move towards monetary union? Should countries peg their exchange rates to the US dollar? Is complete dollarization an option for East Asia? The authors argue that, having realized price stability over the last twenty years, in contrast to Latin America and Africa, the next logical step would be the gradual formation of various currency blocs within the region. This comprehensive discussion of the fundamental issues at stake will ensure the book's appeal to academics and researchers of Asian studies and financial economics. Financial experts working in this area and policymakers will also find much of interest to them within this book.
Author : Yong-hyŏp O,Thomas D. Willett
Publisher : 한국방송출판
Page : 292 pages
File Size : 48,9 Mb
Release : 2004
Category : Finance
ISBN : UCSD:31822035162056
Author : Takatoshi Ito,Anne O. Krueger
Publisher : University of Chicago Press
Page : 466 pages
File Size : 43,7 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226386935
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Author : John Williamson
Publisher : Peterson Institute
Page : 110 pages
File Size : 45,9 Mb
Release : 2000
Category : Business & Economics
ISBN : 0881322938
In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systems to prevent new crises from occurring? This study challenges current orthodoxy by advocating the revival of intermediate exchange rate regimes. In so doing, Williamson presents a reasoned challenge to the new prevailing attitude which claims that all countries involved in the international capital markets need to polarize to one of the extreme regimes (to a fixed rate with either a currency board or dollarization, or to a lightly-managed float). He concludes that although there is some truth in the allegation that intermediate regimes are vulnerable to speculative crises, they still offer offsetting advantages. He also contends that it would be possible to redesign them to be more flexible so as to reduce their vulnerability to crises.
Author : Sŭng-yŏng Kwak
Publisher : 대외경제정책연구원
Page : 96 pages
File Size : 51,9 Mb
Release : 2003
Category : East Asia
ISBN : UCSD:31822032963456
Author : Sanjay Kalra
Publisher : International Monetary Fund
Page : 34 pages
File Size : 53,8 Mb
Release : 2008-09
Category : Business & Economics
ISBN : IND:30000087928291
During 2001-07, increases in mature market volatility were associated with declines in forex returns for East Asian countries, consistent with an overall "flight to safety" effect. Estimates from GARCH models suggest that a 5 percentage point increase in mature market equity volatility generated an exchange rate depreciation of up to 1⁄2 percent. This sensitivity rose during the latter period in the sample, suggesting greater integration of Asian financial markets with global markets. Unconditional standard deviations estimated from these models also provide operational measures of "long-term" and "excess" volatility in forex markets. Long-run forex volatility declined as Asian economies settled down with generally stronger fundamentals in the post-crisis period to more flexible regimes along with a generally lower level of mature market volatility.
Author : Sam-mo Kang,Yun-jong Wang
Publisher : 대외경제정책연구원
Page : 66 pages
File Size : 52,8 Mb
Release : 2002
Category : Monetary unions
ISBN : UCSD:31822031351919