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).
General
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