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Exchange rate systems and policies in Asia /

This important book comprises insightful papers on lessons learned from some major exchange rate and monetary experiences in Asia, exchange rate crisis management in Asia and choice of exchange rate systems in Asia. Originally published in the Singapore Economic Review, Vol. 52, No. 3, 2007, it deal...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Otros Autores: Yip, Paul Sau-Leung
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Singapore : World Scientific, ©2008.
Temas:
Acceso en línea:Texto completo

MARC

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245 0 0 |a Exchange rate systems and policies in Asia /  |c editor, Paul S.L. Yip. 
260 |a Singapore :  |b World Scientific,  |c ©2008. 
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504 |a Includes bibliographical references. 
520 |a This important book comprises insightful papers on lessons learned from some major exchange rate and monetary experiences in Asia, exchange rate crisis management in Asia and choice of exchange rate systems in Asia. Originally published in the Singapore Economic Review, Vol. 52, No. 3, 2007, it deals primarily with the exchange rate systems and policies in the three largest economies in Asia: China, Japan and India. It also contains a paper on Singapore's exchange rate system, whose success could make it a role model for other small open economies. Notable contributors include Ronald McKinnon. 
588 0 |a Print version record. 
505 0 |a Cover -- CONTENTS -- Introduction: Important Lessons from Some Major Exchange Rate and Monetary Experiences in Asia Paul S.L. Yip -- 1. Introduction -- 2. Lessons on the Choice of Exchange Rate Systems -- 2.1. The risks and costs of a fixed exchange rate system -- 2.2. Major misalignments could also happen in a floating regime -- 2.3. The real choice of exchange rate system for most economies -- 3. Capital Control and Speculative Attacks -- 4. Undervaluation of Yen: A Threat to Global Financial Stability? -- 4.1. Currency mismatch, low interest rate, carry trade and run of yen -- 4.2. Japan is caught -- 4.3. A potential threat to global financial stability? -- 5. Remarks: Other Major Lessons -- 5.1. Control of asset inflation -- 5.2. Exit strategy from a fixed exchange rate system -- 5.3. China8217;s experience of banking reform -- 5.4. US bashing could be misleading -- 5.5. Variable wage component -- References -- The InternationalMonetary Fund and Exchange Rate Crisis Management Chong-Yah Lim -- 1. Post-Crisis Per Capita Income -- 2. China and Capital Control -- 3. East Asia and Capital Control -- 4. IMF and New Exchange Crises -- 5. Future Exchange Crises -- 6. Asian IMF Proposal -- 7. Another Southeast Asian Crisis -- Acknowledgments -- References -- The Case for an Intermediate Exchange Rate Regime John Williamson -- 1. A Taxonomy of the Options -- 2. Fixed Rates -- 3. Freely Floating Rates -- 4. The Adjustable Peg -- 5. The BBC Regime -- 6. Managed Floating -- 7. The Bipolarity Thesis -- 8. Choices -- 9. Concluding Remarks -- Acknowledgments -- References -- Japan8217;s Deflationary Hangover:Wage Stagnation and the Syndrome of the Ever-Weaker Yen Ronald McKinnon -- 1. Introduction -- 2. The Historical Origins of Japan8217;s Deflationary Trap -- 3. Wage Growth and the Exchange Rate -- 4. Parsing the Yen8217;s Real Depreciation -- 5. Intra-European Differences in Wage and Productivity Growth: An Aside -- 6. Interest Rates and Japan8217;s Currency Mismatch -- 7. The Liquidity Trap and Portfolio Instability -- 8. The Yen Carry Trade -- 9. Fragile Export-Led Recovery: 20032007 -- 10. Stabilizing the Yen: A Concluding Note -- Acknowledgments -- References -- Managing Flexibility: Japanese Exchange Rate Policy, 19712007 Shinji Takagi -- 1. Introduction -- 2. Learning to Float: The Early to Late 1970s -- 2.1. From Bretton Woods to Smithsonian -- 2.2. Foreign exchange market intervention -- 2.3. Use of capital controls7 -- 3. Liberalizing the Capital Account: The Late 1970s to the Mid-1980s -- 3.1. Liberalization and the revised foreign exchange law -- 3.2. Further liberalization and its reversal -- 3.3. Liberalization under Japan-US agreement -- 4. From Plaza to Louvre and Beyond: 1985 Through the Early 1990s -- 4.1. From Plaza to Louvre -- 4.2. Policy coordination under the Louvre Accord -- 4.3. Additional policy measures during the Plaza-Louvre period -- 5. The Lost Decade and Fragile Recovery: From the Mid-1990s Through 2004 -- 5.1. The macroeconomic environment -- 5.2. The big bang and its impact on the yen -- 5.3. Intervention as a tool of macroeconomic policy -- 6. Characterizing Japan8217;s Exchange Rate Policy -- 7. Conclusion -- Acknowledgments -- References -- China8217;s Exchange Rate System Reform Paul S.L. Yip -- 1. Introduction -- 2. Debate Before the Re. 
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