Strategy for a Regional Exchange Rate Arrangement in East Asia: Analysis, Review and Proposal

References

• Aghevli BB et al (1991) Exchange rate policy in developing countries: some analytical issues Occasional Paper 78 (March) Washington DC IMF
   Google Scholar
• Arize A et al. (2000) Exchange rate volatility and foreign trade: Evidence from thirteen LDCs Journal of Business and Economics Statistics 18 (January) pp. 10–17
   Google Scholar
• Bayoumi T Eichengreen B (1994) One money or many? Analyzing the prospects for monetary unification in various parts of the world Princeton Studies in International Finance 76 Princeton NJ International Finance Section, Princeton University
   Google Scholar
• Bayoumi T et al. (2000) On regional monetary arrangements for ASEAN Journal of the Japanese and International Economies 14 (June) pp. 121–148
   Google Scholar
• Benassy-Quere A (1999) Optimal pegs for East Asian currencies Journal of the Japanese and International Economies 13 (March) pp. 44–60
   Google Scholar
• Benassy-Quere A et al. (1999) Exchange rate strategies in the competition for attracting FDI Mimeographed (November)
   Google Scholar
• Bird G Rajan RS (2002) The evolving Asian financial architecture Essays in International Economics 226 (February) Princeton NJ International Economics Section, Princeton University
   Google Scholar
• Blanchard OJ Quah D (1989) The dynamic effects of aggregate demand and supply disturbances American Economic Review 79 (September) pp. 655–673
   Google Scholar
• Caballero RJ Corbo V (1989) The effect of real exchange rate uncertainty on exports: Empirical evidence World Bank Economic Review 3 (May) pp. 263–278
   Google Scholar
• Calvo GA Reinhart CM (2000) Fixing for your life, Mimeographed (April) College Park MD University of Maryland
   Google Scholar
• Calvo , GA and Reinhart , CM . (2002) . Fear of floating . Quarterly Journal of Economics , 117 (2) : pp. 379–408
   Google Scholar
• Clarida , R and Gali , J . (1994) . Sources of real exchange rate fluctuations: how important are nominal shocks? . Carnegie–Rochester Conference Series on Public Policy , 41 : 1 – 56 .
   Google Scholar
• Collignon S (1999) Bloc floating and exchange rate volatility: the causes and consequences of currency blocs in: S. Collignon, et al (Eds) Exchange Rate Policies in Emerging Asian Countries pp. 285–322 London and New York Routledge
   Google Scholar
• Darby J et al. (1999) The impact of exchange rate uncertainty on the level of investment Economic Journal 109 March C55 C67
   Web of Science ®Google Scholar
• Dell'Ariccia G (1998) Exchange Rate Fluctuations and Trade Flows: Evidence from the European Union Working Paper 98/107 (August) Washington DC IMF
   Google Scholar
• Dixit AK Pindyck RS (1994) Investment Under Uncertainty Princeton NJ Princeton University Press
   Google Scholar
• Dornbusch R Park YC (1999) Flexibility or nominal anchors? in: S. Collignon, et al (Eds) Exchange Rate Policies in Emerging Asian Countries London and New York Routledge pp. 3–34
   Google Scholar
• Edison HJ Melvin M (1990) The determinants and implications of the choice of an exchange rate system in: W. S. Haraf and T. D. Willett (Eds) Monetary Policy for a Volatile Global Economy Washington DC AEI Press pp. 1–44
   Google Scholar
• Eichengreen B (1994) International Monetary Arrangements for the 21st Century Washington DC Brookings Institution
   Google Scholar
• Eichengreen B (1999a) Kicking the habit: moving from pegged rates to greater exchange rate flexibility Economic Journal 109 March C1 C14
   Google Scholar
• Eichengreen B (1999b) Toward A New International Financial Architecture: A Practical Post-Asia Agenda Washington DC Institute for International Economics
   Google Scholar
• Eichengreen B Bayoumi T (1999) Is Asia an optimum currency area? in: S. Collignon, et al (Eds) Exchange Rate Policies in Emerging Asian Countries London and New York Routledge pp. 347–366
   Google Scholar
• Eichengreen B Hausmann R (1999) Exchange rates and financial fragility. Paper presented at the Federal Reserve Bank of Kansas City Conference on Issues in Monetary Policy September
   Google Scholar
• Fernandez-Arias EF Hausmann R (1999) What's wrong with international financial markets?, Mimeographed December Washington DC Inter-American Development Bank
   Google Scholar
• Fischer S (2001) Exchange rate regimes: is the bipolar view correct? Journal of Economic Perspectives 15 (Spring) pp. 3–24
   Google Scholar
• Flood RP Rose AK (1999) Understanding exchange rate volatility without the contrivance of macroeconomics Economic Journal 109 November F660 F672
   Web of Science ®Google Scholar
• Frankel JA (1999) No single currency regime is right for all countries or at all times Essays in International Finance No. 215 August Princeton NJ International Finance Section
   Google Scholar
• Frankel JA Rose AK (1998) The endogeneity of the optimum currency criteria Economic Journal 108 July pp. 1009–1025
   Google Scholar
• Furman , J and Stiglitz , JE . (1998) . Economic crises: evidence and insights from East Asia . Brookings Papers on Economic Activity , 2 : pp. 1–135
   Google Scholar
• Gagnon JE (1993) Exchange rate variability and the level of international trade Journal of International Economics 34 May pp. 269–287
   Google Scholar
• Ghosh AR et al. (1997) Does the nominal exchange rate regime matter?, NBER Working Paper No. 5874 January
   Google Scholar
• Glick R et al (1999) Is pegging the exchange rate a cure for inflation? East Asian experiences in: R. J. Sweeney, et al (Eds) Exchange-Rate Policies for Emerging Market Economies Boulder CO Westview Press pp. 165–192
   Google Scholar
• Goldstein M (2002) Managed floating plus in: Policy Analyses in International Economics No. 66 March Washington DC Institute for International Economics
   Google Scholar
• Goto J Hamada K (1994) Economic preconditions for Asian regional integration in: T. Ito and A. O. Krueger (Eds) Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows Chicago IL University of Chicago Press pp. 359–385
   Google Scholar
• Hausmann R et al. (1999) Why do countries float the way they float?, Mimeographed November Washington DC Inter-American Development Bank
   Google Scholar
• Hernandez L Montiel PJ (2003) Post-crisis exchange rate policy in five Asian countries: filling in the “Hollow Middle”? Journal of the Japanese and International Economies 17 September pp. 336–369
   Google Scholar
• Honohan , P and Lane , PR . (1999) . Pegging to the dollar and the euro . International Finance , 2 (3) : pp. 379–410
   Google Scholar
• Ito T et al. (1998) How did the dollar peg fail in Asia? Journal of the Japanese and International Economies 12 December pp. 256–304
   Google Scholar
• Ito T et al. (1996) Exchange rate movements and their impact on trade and investment in the APEC region Occasional Paper 145 December Washington DC IMF
   Google Scholar
• Jeanne O Rose AK (1999) Noise trading and exchange rate regimes NBER Working Paper No. 7104, April
   Google Scholar
• Kawai M (1987) Optimum currency areas in: J. Eatwell, et al (Eds) The New Palgrave: A Dictionary of Economics 3 London Macmillan Press pp. 740–743
   Google Scholar
• Kawai M (1998) The East Asian currency crisis: causes and lessons Contemporary Economic Policy 16 April pp. 157–172
   Google Scholar
• Kawai M (2002) Exchange rate arrangements in East Asia: Lessons from the 1997–98 currency crisis in: Monetary and Economic Studies (Special Edition, Institute for Monetary and Economic Studies, Bank of Japan), 20 (S-1) December pp. 167–204
   Google Scholar
• Kawai M Akiyama S (1998) The role of nominal anchor currencies in exchange rate arrangements Journal of the Japanese and International Economies 12 December pp. 334–387
   Google Scholar
• Kawai M Akiyama S (2000) Implications of currency crisis for exchange rate arrangements in emerging East Asia Policy Research Working Paper No. 2502 December Washington DC World Bank
   Google Scholar
• Kawai M Okumura T (1996) International interdependence of macroeconomic shocks: an empirical analysis of the East Asian economies. Paper presented at the Second International Symposium on “Macroeconomic Interdependence in the Asia-Pacific Region” Economic Planning Agency Tokyo 22–23, October
   Google Scholar
• Kawai M Takagi S (2005) Towards regional monetary cooperation in East Asia: Lessons from other parts of the world International Journal of France and Economics 8 (forthcoming)
   Google Scholar
• Kumar R Dhawan R (1991) Exchange rate volatility and Pakistan's exports to the developed world, 1974–85 World Development 19 September pp. 1225–1240
   Google Scholar
• Kuroda H Kawai M (2002) Strengthening regional financial cooperation in East Asia Pacific Economic Papers 51 October
   Google Scholar
• Levy-Yeyati E Sturzenegger F (2003) To float or to fix: evidence on the impact of exchange rate regimes on growth American Economic Review 93 (4) September pp. 1173–1193
   Google Scholar
• McKenzie MD (1999) The impact of exchange rate volatility on international trade flows Journal of Economic Surveys 13 February pp. 71–106
   Google Scholar
• McKinnon RI (2000) The East Asian dollar standard, life after death? Economic Notes 29 February pp. 31–82
   Google Scholar
• McKinnon RI Ohno K (1997) Dollar and Yen: Resolving Economic Conflict between the United States and Japan Cambridge MA MIT Press
   Google Scholar
• Montiel PJ (1994) Capital mobility in developing countries: some measurement issues and empirical estimates World Bank Economic Review 8 September pp. 311–350
   Google Scholar
• Mussa M et al. (2000) Exchange rate regimes in an increasingly integrated world economy Occasional Paper 193 August Washington DC IMF
   Google Scholar
• Nakamuna S Oyama T (1998) The determinants of foreign direct investment from Japan and the United States tp East Asian countries, and the linkage between FDI and trade Working paper 98–11 (November) Research Statistics Department, Bank of Japan Tokyo
   Google Scholar
• Obstfeld M Rogoff K (1995) The mirage of fixed exchange rates Journal of Economic Perspectives 9 (Fall) pp. 73–96
   Google Scholar
• Ogawa , E and Ito , T . (2002) . On the desirability of a regional basket currency arrangement . Journal of the Japanese and International Economies , 16 : 317 – 334 .
   Web of Science ®Google Scholar
• Ohno K (1999) Exchange Rate Management in Developing Asia: Reassessment of the Pre-crisis Soft Dollar Zone Working Paper 1 (January) Tokyo Asian Development Bank Institute
   Google Scholar
• Ohno K Shirono K (1997) Persistence of the East Asian dollar zone, Mimeographed (July) Urawa Graduate School of Policy Sciences, Saitama University
   Google Scholar
• Park YC et al. (1999) Exchange rate policies in Korea: has exchange rate volatility increased after the crisis? Mimeographed (December)
   Google Scholar
• Quirk PJ (1994) Recent experience with floating exchange rates in developing countries in: R. C. Barth and C.-H. Wong (Eds) Approaches to Exchange Rate Policy Choices for Developing and Transition Economies Washington DC IMF pp. 133–147
   Google Scholar
• Radelet , S and Sachs , JD . (1998) . The East Asian financial crisis: diagnosis, remedies, prospects . Brookings Papers on Economic Activity , 1 : 1 – 90 .
   Google Scholar
• Stiglitz JE (1998) Sound finance and sustainable development in Asia Keynote address delivered at the Asian Development Forum, Manila, 12 March
   Google Scholar
• Sweeney RJ Wihlborg CG Willett TD (1999) Introduction in: R. J. Sweeney, et al (Eds) Exchange-Rate Policies for Emerging Market Economies Boulder CO Westview Press pp. 1–19
   Google Scholar
• Takagi S (1988) A basket peg policy: operational issues for developing countries World Development 16 February pp. 271–279
   Google Scholar
• Takagi S (1999) The yen and its East Asian neighbors, 1980–1995: Cooperation or competition in: T. Ito and A. O. Krueger (Eds) Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues Chicago IL University of Chicago Press pp. 185–207
   Google Scholar
• Tavlas GS (1993) The ‘new’ theory of optimum currency areas World Economy 16 November pp. 663–685
   Google Scholar
• Van Meerhaeghe MAG (1985) International Economic Institutions 4th edition Dordrecht, Boston, and Lancaster Martinus Nijhoff Publishers
   Google Scholar
• Williamson J (1982) A survey of the literature on the optimal peg Journal of Development Economics 11 August pp. 39–61
   Google Scholar
• Williamson J (1999) The case for a common basket peg for East Asian currencies in: S. Collignon, et al (Eds) Exchange Rate Policies in Emerging Asian Countries London and New York Routledge pp. 327–343
   Google Scholar
• Williamson J (2000) Exchange rate regimes for emerging markets: reviving the intermediate option Policy Analyses in International Economics No. 60 Washington DC Institute for International Economics
   Google Scholar
• Williamson J (2001) The case for a basket, band and crawl (BBC) regime for East Asia in: D. Gruen and J. Simon (Eds) Future Directions for Monetary Policies in East Asia Sydney Reserve Bank of Australia pp. 96–111
   Google Scholar