More effort should be made to develop a framework for international monetary coordination, not only to maintain stable exchange rates among the U.S. dollar, the Japanese yen, and the euro, but to minimize the risk of currency and financial crises in emerging economies in East Asia and elsewhere

The authors examine the implications of the East Asian currency crisis for exchange rate arrangements in the region's emerging market economies. They focus on the roles of the U.S. dollar, the Japanese yen, and the euro in the emerging East Asian economies' exchange rate policies. They claim...