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Exchange Rate, Monetary and Financial Issues and Policies in Asia
     

Exchange Rate, Monetary and Financial Issues and Policies in Asia

by Shandre M Thangavelu, Rasyad A Parinduri, Ramkishen S Rajan
 

ISBN-10: 9812834575

ISBN-13: 9789812834577

Pub. Date: 04/20/2009

Publisher: World Scientific Publishing Company, Incorporated

A decade has passed since the Asian crisis of 1997-1998 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

Overview

A decade has passed since the Asian crisis of 1997-1998 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.

Product Details

ISBN-13:
9789812834577
Publisher:
World Scientific Publishing Company, Incorporated
Publication date:
04/20/2009
Pages:
324
Product dimensions:
6.10(w) x 9.10(h) x 1.00(d)

Table of Contents

Foreword v

Biography ix

Introduction xv

I Overview 1

1 The Asian Crisis After 10 Years Barry Eichengreen 3

II Exchange Rate Regimes and International Reserves 33

2 Still Searching for the Middle Ground?: Asian Exchange Rate Regimes A Decade since the 1997-1998 Crisis Tony Cavoli Ramkishen S. Rajan 35

3 Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences Yin-Wong Cheung Hiro Ito 77

4 The Domestic Financial Consequences of Reserve Accumulation: Some Evidence from Asia Corrinne Ho Robert N. McCauley 117

III Capital Flows, Spillovers, and Interdependence 155

5 Macroeconomic Conditions and Capital Flows in Emerging East Asian Economies Alex Mandilaras Helen Popper 157

6 Measuring Spillover and Convergence Effects in the Asia-Pacific Region Andrew Hughes Hallett Christian Richter 175

7 Trade Interdependence and Exchange Rate Coordination in East Asia Willem Thorbecke 205

IV Regional Exchange Rate, Monetary and Financial Cooperation 229

8 Regional Monetary Coordination in East Asia Eiji Ogawa 231

9 Monetary and Financial Cooperation Among Central Banks in East Asia and the Pacific Hans Genberg Dong He 247

10 Economic and Financial Integration in East Asia: Lessons from the European Monetary Union Dominick Salvatore 271

Index 297

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