Exchange Rate Policy and Interdependence: Perspectives from the Pacific Basin

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Overview

Over the past thirty years the Pacific Basin region has become more integrated with the rest of the world and played an increasingly important role in the world economy. While much has been written on Pacific Basin trade and economic growth, relatively few studies have been published on the conduct of exchange rate and monetary policies in the economies of the region. The papers should be of interest to readers with an interest in broadening their understanding of different exchange rate arrangements as well as those wishing to deepen their knowledge of Pacific Basin economies.
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Editorial Reviews

From the Publisher
"The essays contained in the book are...solid contributions to our understanding of exchange rate policy. Future research on exchange rate arrangements in the Pacific Basin should start by consulting this work." Journal of Economic Literature

"Overall, this collection of essays will appeal to a wide audience. The contributors are effective researchers who employ sophisticated techniques. Students of international finance will find the essays provocative and potentially helpful in identifying research projects. Economists specializing in this area will admire the attention to detail, the emphasis on policy considerations, and the focus on a set of often-neglected countries." Eastern Economic Journal

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Product Details

  • ISBN-13: 9780521041232
  • Publisher: Cambridge University Press
  • Publication date: 10/18/2007
  • Pages: 392
  • Product dimensions: 5.98 (w) x 9.02 (h) x 0.87 (d)

Table of Contents

List of contributors
Preface
1 Overview 1
2 Financial links around the Pacific Rim: 1982-1992 17
3 Relative returns on equities in Pacific Basin countries 48
4 Exchange rate policy, international capital mobility, and monetary policy instruments 68
5 Exchange rate management: a partial review 99
6 Exchange rate policy and insulation from external shocks: the cases of Korea and Taiwan, 1970-1990 138
7 Trade price shocks and insulation: Australia's experience with floating rates 159
8 The role of the exchange rate in New Zealand monetary policy 176
9 Officially floating, implicity targeted exchange rates: examples from the Pacific Basin 198
10 Monetary policy, intervention, and exchange rates in Japan 225
11 The signaling effect of foreign exchange intervention: the case of Japan 258
12 Sterilization of the monetary effects of current account surpluses and its consequences: Korea, 1986-1990 287
13 On the possibility of a yen bloc 317
14 Economic fundamentals and a yen currency area for Asian Pacific Rim countries 344
Index 363
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