The case for regional exchange rate arrangement in East Asia

Takuji Kinkyo ()
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Takuji Kinkyo: Department of Economics, SOAS University of London, UK

No 141, Working Papers from Department of Economics, SOAS University of London, UK

Abstract: The Asian crisis highlighted the difficulties for developing countries to actively manage exchange rates in an environment of high capital mobility. Now it became fashionable to argue that the exchange rate should be either allowed to float freely or irrevocably fixed. This paper examines the case for regional exchange rate arrangements as an instrument to enhance the manageability of exchange rates and discusses the options in East Asia. It critically assess the existing proposal of common basket peg system and suggests that East Asia should seek to create an Asian-version of regional monetary system modeled on the EMS.

Keywords: Regional exchange rate arrangements; Exchange rate management; Asian crisis; Common basket peg system; EMS (search for similar items in EconPapers)
JEL-codes: F31 F33 F41 F42 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2004-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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