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EXCHANGE RATES UNDER THE EAST ASIAN DOLLAR STANDARD 2005

△看放大圖
ISBN: 0262134519
類別: 經濟學Economics
出版社: MIT PRESS
作者: McKINNON
年份: 2005
裝訂別: 精裝
頁數: 288
定價: 1,150
售價: 1,035
原幣價: USD 35.00
狀態: 缺書
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 US 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.

Table of Contents

Preface ix

Introduction: The East Asian Exchange Rate Dilemma 1

1 The East Asian Dollar Standard, Fear of Floating, and Original Sin
Ronald I. McKinnon and Gunther Schnabl 13

2 Synchronized Business Cycles in East Asia, and Fluctuations in the Yen/Dollar Exchange Rate
Ronald I. McKinnon and Gunther Schnabl 53

3 Japan's Deflation and the Syndrome of the Ever-Higher Yen, 1971-1995
Ronald I. McKinnon and Kenichi Ohno 77

4 Japan's Negative Risk Premium in Interest Rates: The Liquidity Trap and Fall in Bank Lending
Ronald I. McKinnon and Rishi Goyal 103

5 China: A Stabilizing or Deflationary Influence in East Asia? The Problem of Conflicted Virtue
Ronald I. McKinnon and Gunther Schnabl 129

6 The Overborrowing Syndrome and Economic Liberalization
Ronald I. McKinnon and Huw Pill 165

7 Optimum Currency Areas and Key Currencies: Mundell I versus Mundell II 199

8 Rationalizing the Dollar Standard in East Asia: Living with Conflicted Virtue 227

Notes 251

References 257

Index
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