Reisen, Helmut (contributor); Grandes, Martín (contributor) - 2005
and certain repercussions for main OECD countries. Asia is unlikely to drop the
dollar peg — explicit or implicit — as long as China does not. Sizable current account surpluses
have translated into a sustained increase in US Treasury bill purchases on the part of East Asian … what has happened in early 2004. The accommodative stance of the US Federal
Reserve and the Asian … Japan and China absorbing US Treasury bills, spreads on emerging‐market
bonds shrank to levels not seen since just ahead of the Asian crisis in 1997, while raw material
and …