Monetary Politics in Southeast Asia: External Imbalances in Regional Context

References

• Abrami, R. and Doner, R. (2008), ‘Southeast Asia and the Political Economy of Development’, in E. M. Kuhonta, D. Slater and T. Vu (eds), Southeast Asia in Political Science: Theory, Region, and Qualitative Analysis (Stanford: Stanford University Press), pp. 227–51.
   Google Scholar
• Aizenman, J. and Lee, J. (2008), ‘Financial versus Monetary Mercantilism: Long-Run View of Large International Reserves’, The World Economy, 31 (5), pp. 593–611. doi: 10.1111/j.1467-9701.2008.01095.x
   Web of Science ®Google Scholar
• Aizenman, J. and Pinto, B. (2011), ‘Managing Financial Integration and Capital Mobility – Policy Lessons from the Past Two Decades’, University of California Santa Cruz Economics Department Working Paper, July.
   Google Scholar
• Aizenman, J., Hutchison, M. and Noy, I. (2011), ‘Inflation Targeting and Real Exchange Rates in Emerging Markets’, World Development, 39 (5), pp. 712–24. doi: 10.1016/j.worlddev.2010.11.005
   PubMed Web of Science ®Google Scholar
• Asher, M. (1994), Social Security in Malaysia and Singapore (Kuala Lumpur: Institute of Strategic and International Studies).
   Google Scholar
• Bergsten, C.F. (2010), ‘Correcting the Chinese Exchange Rate.’ Testimony Before the Hearing on China's Exchange Rate Policy, Committee on Ways and Means, US House of Representatives, September 15. Available from: http://www2.gre.ac.ukwww.iie.com/publications/testimony/bergsten20100915.pdf [accessed 20 November 2013].
   Google Scholar
• Blyth, M. (2013), ‘The Austerity Delusion: Why a Bad Idea Won Over the West’, Foreign Affairs, 92 (3).
   Web of Science ®Google Scholar
• Cahyafitri, R. (2013), ‘Winners, Losers in Weak Rupiah’, Jakarta Post, 26 August.
   Google Scholar
• Calvo, G. and Reinhart, C. (2002), ‘Fear of Floating’, Quarterly Journal of Economics, 117 (2), pp. 379–408. doi: 10.1162/003355302753650274
   Web of Science ®Google Scholar
• Cecilia, K. (2010), ‘Ringgit Rising’, The Star, 24 April.
   Google Scholar
• Cheung, Y.-W. and Qian, X. (2009), ‘Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses’, Review of International Economics, 17 (4), pp. 824–43. doi: 10.1111/j.1467-9396.2009.00850.x
   Web of Science ®Google Scholar
• Cheung, Y.-W., Chinn, M. and Fujii, E. (2010), ‘China's Current Account and Exchange Rate’, in R.C. Feenstra and Shang-Jin Wei (eds), China's Growing Role in World Trade (Chicago: University of Chicago Press), pp. 231–71.
   Google Scholar
• Cohen, B. (2008), ‘After the Fall: East Asian Exchange Rates since the Crisis’, in A. MacIntyre, T.J. Pempel and J. Ravenhill (eds), Crisis as Catalyst: Asia's Dynamic Political Economy (Ithaca, NY: Cornell University Press), pp. 25–44.
   Google Scholar
• Deyo, F. (1989), Beneath the Miracle: Labour Subordination in the New Asian Industrialism (Ithaca, NY: Cornell University Press).
   Google Scholar
• Dooley, M., Folkerts-Landau, D. and Garber, P. (2008), ‘Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next?’, in T. Ito and A. Rose (eds), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (Chicago: University of Chicago Press), pp. 13–37.
   Google Scholar
• Doner, R. (2009), The Politics of Uneven Development: Thailand in Comparative Perspective (Cambridge: Cambridge University Press).
   Google Scholar
• Eichengreen, B. (2011), Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (Oxford: Oxford University Press).
   Google Scholar
• Eichengreen, B. and Hausman, R. (eds) (2005), Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies (Chicago: University of Chicago Press).
   Google Scholar
• Engineering, Printing and Manufacturing Union (2013). ‘Workers Want Action on High Dollar’, press release, 13 February. Available from: http://www.scoop.co.nz/stories/PO1302/S00112/workers-want-action-on-highdollar.htm
   Google Scholar
• Fane, G. (2005), ‘Post-Crisis Monetary and Exchange Rate Policies in Indonesia, Malaysia and Thailand’, Bulletin of Indonesian Economic Studies, 41 (2), pp. 175–95. doi: 10.1080/00074910500117024
   Web of Science ®Google Scholar
• Feith, H. (1962), The Decline of Constitutional Democracy in Indonesia (Ithaca, NY: Cornell University Press).
   Google Scholar
• Frieden, J. (1991), ‘Invested Interests: The Politics of National Economic Policies in a World of Global Finance’, International Organization, 45 (4), pp. 425–51. doi: 10.1017/S0020818300033178
   Web of Science ®Google Scholar
• Gomez, E.T. (1991), Money Politics in the Barisan Nasional (Kuala Lumpur: Forum).
   Google Scholar
• Haggard, S. (2004), ‘Institutions and Growth in East Asia’, Studies in Comparative International Development, 38 (4), pp. 53–81. doi: 10.1007/BF02686328
   Web of Science ®Google Scholar
• Haggard, S., Lee, C. H. and Maxfield, S. (eds) (1993), The Politics of Finance in Developing Countries (Ithaca, NY: Cornell University Press).
   Google Scholar
• Hamilton-Hart, N. (2002), Asian States, Asian Bankers: Central Banking in Southeast Asia (Ithaca, NY: Cornell University Press).
   Google Scholar
• Hamilton-Hart, N. (2007), ‘Government and Private Business: Rents, Representation and Collective Action’, in R. McLeod and A. MacIntyre (eds), Indonesia: Democracy and the Promise of Good Governance (Singapore: Institute of Southeast Asian Studies), pp. 93–114.
   Google Scholar
• Hamilton-Hart, N. (2008), ‘Banking Systems a Decade after the Crisis’, in A. MacIntyre, T.J. Pempel and J. Ravenhill (eds), Crisis as Catalyst: Asia's Dynamic Political Economy (Ithaca, NY: Cornell University Press), pp. 45–69.
   Google Scholar
• Hamilton-Hart, N. (2012), Hard Interests, Soft Illusions: Southeast Asia and American Power (Ithaca, NY: Cornell University Press).
   Google Scholar
• Hewison, K. (1989), Bankers and Bureaucrats: Capital and Role of the State in Thailand (New Haven: Yale Center for International and Area Studies).
   Google Scholar
• Hickey, B. (2011), ‘Rise in Currency Panders to Voters’, New Zealand Herald, 29 May.
   Google Scholar
• Hirschman, A. (1980), National Power and the Structure of Foreign Trade (Berkeley, CA: University of California Press).
   Google Scholar
• Hung Ho-Fung. (2009), ‘America's Head Servant? The PRC's Dilemma in the Global Crisis’, New Left Review, 60, November–December: 5–25.
   Google Scholar
• Hutchcroft, P. (1998), Booty Capitalism: The Politics of Banking in the Philippines (Ithaca, NY: Cornell University Press).
   Google Scholar
• Idris, I. (2009), ‘Are We Better Off with a Stronger Ringgit?’, The Star, 21 October.
   Google Scholar
• Independent Evaluation Office. (2012), International Reserves: IMF Concerns and Country Perspectives. Washington, DC: IMF.
   Google Scholar
• International Monetary Fund. (2012), Malaysia 2011 Article IV Consultation, IMF Country Report No. 12/43, February. Washington, DC: IMF.
   Google Scholar
• Jagdev, S. (2007), ‘Ringgit's Rise is to be Celebrated, not Mourned’, The Star, 28 April.
   Google Scholar
• Jayasuriya, K. (2003), ‘Embedded Mercantilism and Open Regionalism: The Crisis of a Regional Project’, Third World Quarterly, 24 (2), pp. 339–55.
   Web of Science ®Google Scholar
• Jeanne, O. (2007), ‘International Reserves in Emerging Market Countries: Too Much of a Good Thing?’, Brookings Papers on Economic Activity, 1, pp. 1–79. doi: 10.1353/eca.2007.0013
   Google Scholar
• Jesudason, J. (1989), Ethnicity and the Economy: The State, Chinese Business and Multinationals in Malaysia (Singapore: Oxford University Press).
   Google Scholar
• Jomo, K.S. (ed.) (2003), Southeast Asian Paper Tigers? From Miracle to Debacle and Beyond (New York: Routledge).
   Google Scholar
• Khan, M. and Jomo, K.S. (eds) (2000), Rents, Rent-Seeking and Economic Development: Theory and Evidence in Asia (Cambridge: Cambridge University Press).
   Google Scholar
• Kim, C.J. and Lee, J.-W. (2008), ‘Exchange Rate Regimes and Monetary Independence in East Asia’, Pacific Economic Review, 13 (2), pp. 155–70. doi: 10.1111/j.1468-0106.2008.00394.x
   Web of Science ®Google Scholar
• Kirshner, J. (1998), ‘Disinflation, Structural Change, and Distribution’, Review of Radical Political Economics, 30 (1), pp. 53–89. doi: 10.1177/048661349803000103
   Google Scholar
• Kirshner, J. (2001), ‘The Political Economy of Low Inflation’, Journal of Economic Surveys, 15 (1), pp. 41–70. doi: 10.1111/1467-6419.00132
   Web of Science ®Google Scholar
• Kirshner, J. (ed.) (2003), Monetary Orders: Ambiguous Economics, Ubiquitous Politics (Ithaca, NY: Cornell University Press).
   Google Scholar
• Krugman, P. (2013), End This Depression Now! (New York: W.W. Norton).
   Google Scholar
• Kwan, C.H. (2001), Yen Bloc: Toward Economic Integration in Asia (Washington: Brookings Institution Press).
   Google Scholar
• Lavinda (2012), ‘Nilai tukar: BI minta dukungan eksportir jaga rupiah’, Bisnis Indonesia, 8 June.
   Google Scholar
• Lim, L. (1999), ‘Free Market Fancies: Hong Kong, Singapore and the Asian Financial Crisis’, in T.J. Pempel (ed.), The Politics of the Asian Economic Crisis (Ithaca, NY: Cornell University Press), pp. 101–15.
   Google Scholar
• MacIntyre, A. (ed.) (1994), Business and Government in Industrialising Asia (Sydney: Allen and Unwin).
   Google Scholar
• Mahathir, M. (1998), In the Face of Attack: Currency Turmoil (Kuala Lumpur: Limkokwing).
   Google Scholar
• Maxfield, S. (1997), Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries (Princeton: Princeton University Press).
   Google Scholar
• McVey, R. (ed.) (2001), Money and Power in Provincial Thailand (Honolulu: University of Hawaii Press).
   Google Scholar
• Nesadurai, H. (2003), Globalisation, Domestic Politics, and Regionalism: The ASEAN Free Trade Area (London: Routledge).
   Google Scholar
• Obstfeld, M. and Rogoff, K. (2009), ‘Global Imbalances and the Financial Crisis: Products of Common Causes’, Paper prepared for the Federal Reserve Bank of San Francisco Asia Economic Policy Conference, Santa Barbara, CA, 18–20 October.
   Google Scholar
• Oey, B.T. (1991), Sejarah Kebijakan Moneter Indonesia: Jilid I (1945–1950) (Jakarta: Lembaga Pengambangan Perbankan Indonesia).
   Google Scholar
• Pempel, T.J. (1998), Regime Shift: Comparative Dynamics of the Japanese Political Economy (Ithaca, NY: Cornell University Press).
   Google Scholar
• Quiggin, J. (1998), ‘Social Democracy and Market Reform in Australia and New Zealand’, Oxford Review of Economic Policy, 14 (1), pp. 76–95. doi: 10.1093/oxrep/14.1.76
   Web of Science ®Google Scholar
• Ravenhill, J. (2009), ‘The Economics-Security Nexus in the Asia-Pacific Region’, in William Tow (ed.), Security Politics in the Asia-Pacific: A Regional-Global Nexus? (Cambridge: Cambridge University Press), pp. 188–207.
   Google Scholar
• Ranganathan, V. (2012), ‘Foreigners Like Indonesia, but Take a Rain Check on Rupiah’, Jakarta Post, 4 May.
   Google Scholar
• Reuters (2013), ‘NZ Dollar Overvalued, But No Quick Fixes to Lower It – RBNZ‘, Reuters, 19 February.
   Google Scholar
• Ritchie, B. (2005), ‘Coalitional Politics, Economic Reform, and Technological Upgrading in Malaysia’, World Development, 33 (5), pp. 745–62. doi: 10.1016/j.worlddev.2005.01.006
   Web of Science ®Google Scholar
• Robison, R. (1986), Indonesia: The Rise of Capital (Sydney: Allen and Unwin).
   Google Scholar
• Rodan, G., Hewison,K. and Robison, R. (eds) (2006), The Political Economy of South-East Asia: Markets, Power and Contestation, 3rd ed. (Oxford: Oxford University Press).
   Google Scholar
• Rodrik, D. (2006), ‘The Social Cost of Foreign Exchange Reserves’, International Economic Journal, 20 (3), pp. 253–66. doi: 10.1080/10168730600879331
   Google Scholar
• Rose, A. (2007), ‘A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed’, Journal of International Money and Finance, 26 (5), pp. 663–81. doi: 10.1016/j.jimonfin.2007.04.004
   Web of Science ®Google Scholar
• Sally, R. and Sen, R. (2011), ‘Trade Policies in Southeast Asia in the Wider Asian Perspective’, The World Economy, 34 (4), pp. 568–601. doi: 10.1111/j.1467-9701.2011.01336.x
   Web of Science ®Google Scholar
• Singh, J. (2007), ‘Ringgit's Rise is to be Celebrated, not Mourned’, The Star, 28 April.
   Google Scholar
• Singh Sidhu, J. (2009), ‘Favouring a Stronger Currency’, The Star, 15 October.
   Google Scholar
• Slater, D. (2010), Ordering Power: Contentious Politics and Authoritarian Leviathans in Southeast Asia (Cambridge: Cambridge University Press).
   Google Scholar
• Solingen, E. (2004), ‘Southeast Asia in a New Era: Domestic Coalitions from Crisis to Recovery’, Asian Survey, 44 (2), pp. 189–212. doi: 10.1525/as.2004.44.2.189
   Web of Science ®Google Scholar
• Steinberg, D. and Shih, V. (2012), ‘Interest Group Influence in Authoritarian States: The Political Determinants of Chinese Exchange Rate Policy’, Comparative Political Studies, 45 (11), pp. 1405–34. doi: 10.1177/0010414012437168
   Web of Science ®Google Scholar
• Stubbs, R. (2011), ‘The East Asian Developmental State and the Great Recession: Evolving Contesting Coalitions’, Contemporary Politics, 17 (2), pp. 151–66.
   Google Scholar
• Suryadarma, D. and Sumarto, S. (2011), ‘Survey of Recent Developments’, Bulletin of Indonesian Economic Studies, 47 (2), pp. 155–81. doi: 10.1080/00074918.2011.585945
   Web of Science ®Google Scholar
• Tan, D. (2011a), ‘Stronger-Ringgit Winners’, The Star, 25 April.
   Google Scholar
• Tan, D. (2011b), ‘Slower Second and Third Quarters Outlook for Electronics’, The Star, 13 June.
   Google Scholar
• Tee, L.S. (2007), ‘The Ringgit Debate’, The Star, 28 July.
   Google Scholar
• The Star (2007a), ‘Ringgit's Rapid Rise Raises Concern’, The Star, 23 May.
   Google Scholar
• The Star (2007b), ‘Exports Unaffected By Strong Ringgit’, The Star, 30 June.
   Google Scholar
• The Star (2010), ‘Ringgit Rising’, The Star, 24 April.
   Google Scholar
• The Star (2011a), ‘Joy Over Strong Ringgit’, The Star, 25 April.
   Google Scholar
• The Star (2011b), ‘Stronger Ringgit Adds to Woes as Carrier Posts Net Loss of RM242mil’, The Star, 26 May.
   Google Scholar
• Tiruchelvam, R.R. (2010), ‘A Stronger Ringgit Review’, The Star, 9 October.
   Google Scholar
• Vermeiren, M. (2013), ‘Foreign Exchange Accumulation and the Entrapment of Chinese Monetary Power: Towards a Balanced Growth Regime?’, New Political Economy, 18 (5), pp. 680–714.
   Google Scholar
• Walsh, C. (1995), ‘Is New Zealand's Reserve Bank Act of 1989 an Optimal Central Bank Contract?’, Journal of Money, Credit and Banking, 27 (4), pp. 1179–91. doi: 10.2307/2077796
   Web of Science ®Google Scholar
• Woo, J.-E. (1991), Race to the Swift: State and Finance in Korean Industrialization (New York: Columbia University Press).
   Google Scholar
• Xing, Y. and Wan, G. (2006), ‘Exchange Rates and Competition for FDI in Asia’, The World Economy, 29 (4), pp. 419–34. doi: 10.1111/j.1467-9701.2006.00791.x
   Web of Science ®Google Scholar
• Yoshihara, K. (1988), The Rise of Ersatz Capitalism in South-East Asia (Singapore: Oxford University Press).
   Google Scholar
• Zeti, A.A. (2005), Intervention by Tan Sri Dato’ Dr Zeti Akhtar Aziz, Governor, Bank Negara Malaysia at the Frankfurt European Banking Congress, 18 November 2005, Frankfurt. Quarterly Bulletin (Bank Negara Malaysia), 2005, Quarter 4.
   Google Scholar