McKinnon, Ronald I.; Schnabl, Gunther - In: International finance 7 (2004) 2, pp. 169-201
Before the 1997/98 crisis, the East Asian economies except for Japan informally pegged their currencies to the dollar. These soft pegs made them vulnerable to a depreciating yen, thereby aggravating the crisis. To limit future misalignments, the IMF wants East Asian currencies to float freely....
