Toward an East Asian Exchange Rate Regime by Duck-Koo Chung, Barry Eichengreen

By Duck-Koo Chung, Barry Eichengreen

East Asian trade charges became a world flashpoint. U.S. policymakers blame artificially low Asian foreign money values for international imbalances, together with America's ballooning present account deficit. the answer, they argue, lies in a few mix of larger alternate fee flexibility and the appreciation of Asian currencies opposed to the buck. Asian officers realize the necessity to permit their alternate charges upward push, yet they worry that may impede development and reduce sharply into the worth in their greenback reserves.

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15. The magnitude of the negative effect of exchange rate volatility on trade (and, by implication, the trade-creating effects of exchange rate stability) is disputed by economists; the literature is described and some additional evidence is presented by Shin and Wang in chapter 4 below. 16. S. S. external debt. It will be more disruptive insofar as large exchange rate 02-1419-4-CH02 12/28/06 4:55 PM Page 37 global imbalances and monetary cooperation 37 expanding rapidly (see table 2-6). Much of that trade, notably the portion in parts and components, derives from intricate production and distribution networks that increasingly bind together regional economies.

Intraregional FDI flows have worked to reinforce the development of these networks. The classic example is how Japan, South Korea, Taiwan, and multinational corporations operating in various ASEAN countries produce sophisticated technology-intensive intermediate and capital goods that are then shipped to China for assembly by low-wage workers, with the finished products then exported to markets throughout the world. Recent data show that these processed exports now account for fully 55 percent of China’s total exports (see table 2-7).

NBER Working Paper 11541. : National Bureau of Economic Research (August). Gaulier, Guillaume, Francoise Lemoine, and Deniz Unal-Kesencis. 2004. ” Tokyo: Research Institute of Economy, Trade and Industry (June 17). Gourinchas, Pierre-Olivier, and Helene Rey. 2005. S. ” Working Paper 11563. : National Bureau of Economic Research (August). , and Steven Kamin. 2005. ” International Finance Discussion Paper 846. Board of Governors of the Federal Reserve System (November). Hausmann, Ricardo, and Federico Sturzenegger.

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