China's financial conundrum arises from two sources: (1) its large trade (saving) surplus results in a currency mismatch because it is an immature creditor that cannot lend in its own currency. Instead foreign currency claims (largely dollars) build up within domestic financial institutions. And...

Because many authors have proposed stimulating the ailing Japanese economy by monetary expansion and yen depreciation, we explore the repercussions of depreciating the yen against the dollar on the other East Asian economies¡Xwhich largely peg to the dollar. Since 1980, economic integration...

Instability in the world dollar standard, as most recently manifested in the US Federal Reserve's near-zero interest rate policy, has caused consternation in emerging markets with naturally higher interest rates. China has been provoked into speeding RMB “internationalization”; that is,...

This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world’s...

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...

Before the crisis of 1997-98, the East Asian economies ¡X except for Japan but including China ¡X pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the...

Rapidly growing Chinese exports are middle-tech¡V¡Vand increasingly high-tech¡V¡Vmanufactured goods. China runs a huge and growing bilateral trade surplus with the United States, and the position of Japan has changed radically from being a net exporter to China in the 1980s and most of the...

January 2003 <p> Before the crisis of 1997-98, the East Asian economies—except for Japan but including China— pegged their currencies to the US dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the...</p>

May 2003 <p> Rapidly growing Chinese exports are middle-tech—and increasingly high-tech—manufactured goods. China runs a huge and growing bilateral trade surplus with the United States, and the position of Japan has changed radically from being a net exporter to China in the 1980s and most of...</p>

August 2002 <p> Since the early 1980s, the smaller East Asian economies have experienced a synchronized business cycle. Before the Asian crisis of 1997-98, they pegged their exchange rates to the US dollar. Post crisis, we show that they have resumed dollar pegging on a high frequency, i.e.,...</p>