Exchange Rates under the East Asian Dollar Standard
Subtitle: Living with Conflicted Virtue
Publisher: The MIT Press
Published: March 1, 2005
Language: eng
Format: Hardcover
Number of pages: 291
ISBN-13: 9780262134514
Subjects: Economics; Business & Economics; Business / Economics / Finance; Business/Economics; East Asia, Far East; Foreign Exchange; Money & Monetary Policy; Business & Economics / Economics / International; Finance; International - Economics; East Asia; Foreign exchange rates; Monetary policy
Description: "The increasingly integrated economies of East Asia - China, Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand - face the dilemma of how to achieve exchange-rate security in the absence of a unifying "Asian euro." The U.S. dollar has become the region's dominant intraregional trading currency as well as the monetary anchor to which East Asian economies informally peg their currencies. In this timely and original analysis of the benefits and risks of an East Asian dollar standard, Ronald McKinnon takes issue with the conventional view that urges flexible exchange rates on financially fragile economies.

He argues instead that East Asian countries should coordinate their policies to keep their exchange rates stable against the dollar."--Jacket.