Examining The Case For Reserve Pooling In East Asia: Empirical Analysis

Ramkishen Rajan, Reza Siregar and Graham Bird

Working Papers from eSocialSciences

Abstract: Two features of East Asia’s recovery from the financial turmoil of 1997- 98 appear to be rather paradoxical. First, the regional economies (except Hong Kong, China and Malaysia) have allowed a relatively greater albeit modest degree of variability of their currencies according to market conditions. Second, the regional monetary authorities have simultaneously appeared keen on bolstering reserves to historically high levels. This paper examines the subject of reserve management in the broader context of monetary cooperation in East Asia. The paper briefly reviews the factors that go into the determination of “optimal reserves†in general, and specifically in the case of East Asia. It then goes on to investigate the gains, if any, to be reaped if the East Asian economies were to pool their reserves. [Working Paper No. 15]

Keywords: East Asia; Financial turmoil; Hong Kong; China; Malaysia; Optimal Reserves; monetary authorities (search for similar items in EconPapers)
Date: 2010-07
New Economics Papers: this item is included in nep-ifn, nep-mon and nep-sea
Note: Institutional Papers
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Working Paper: Examining the case for Reserve Pooling in East Asia: Empirical Analysis (2003)
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