Exchange Rates, Currency Crisis and Monetary Cooperation in by Ramkishen Rajan

By Ramkishen Rajan

This book concentrates on exchange charges and their macroeconomic effects, analytical and empirical matters on the subject of foreign money crises and coverage responses and fiscal and fiscal cooperation in Asia. it truly is truly pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.

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2005 and McKinnon and Schnabl 2004). In addition, part of the change in reserves in US dollar terms arises from “revaluation gains” due to the depreciation of the US dollar against the major currencies in which reserves might be held, especially the Euro. Our focus is on emerging Asian economies. Japan was not considered since it stopped large-scale intervention in 2004. 3) is somewhat more appropriate for quasi-flexible/managed exchange rate regimes. In any event, Hong Kong does not appear to use monetary instruments to sterilize reserve build-up, as one would expect with a currency board arrangement (Mohanty and Turner 2005 and Pang 2005).

The World Bank (2005) and Mohanty and Turner (2005) discuss the latter two costs and Rodrik (2006) discusses the issue of opportunity costs. These costs need to be balanced against the likelihood that higher reserve holdings reduce a country’s perceived international credit standing, hence lowering the country’s risk premium. References Aizenman, J. and N. Marion (2003). ,” Journal of Japanese and International Economics, 17, 370–400. , Y. Lee, and Y. Rhee (2007). “International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea,” Journal of the Japanese and International Economies, 21, 1–15.

Rational and Self-fulfilling Balance of Payments,” American Economic Review, 76, 72–81. Obstfeld, M. (1994). “The Logic of Currency Crises,” Cahiers Économiques et Monetaries, 43, Banque De France, Paris, 189–213. S. D. Willett (2007). 10/2007, Hong Kong Institute for Monetary Research. Pang, P. (2005). “Foreign Exchange Operations: The Recent Experience of Hong Kong,” in Foreign Exchange Market Intervention in Emerging Markets: Motives, Techniques and Implications, BIS Papers No. 24, 162–170.

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