A decade has passed since the Asian crisis of 1997–1998 which decimated many of the regional economies. While the crisis itself led to severe economic and political consequences, its primary cause was an inappropriate mix of policies, as regional economies attempted to simultaneously maintain fairly rigid exchange rates (soft US dollar pegs) and monetary policy autonomy in the presence of large-scale capital outflows. The chapters in this volume focus on selected exchange rate, monetary and financial issues and policies that are of contemporary relevance and importance to Asia, including choice of exchange rate regimes, causes and consequences of reserve accumulation, international capital flows, macroeconomic synchronization, and regional monetary and financial cooperation.
Sample Chapter(s)
Foreword (35 KB)
Introduction (121 KB)
Chapter 1: The Asian Crisis After 10 Years (265 KB)
Contents:
- Overview:
- The Asian Crisis After Ten Years (B Eichengreen)
- Exchange Rate Regimes and International Reserves:
- Still Searching for the Middle Ground?: Asian Exchange Rate Regimes, A Decade since the 1997–98 Crisis (T Cavoli & R S Rajan)
- Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences Reserves (Y-W Cheung & H Ito)
- The Domestic Financial Consequences of Reserve Accumulation: Some Evidence from Asia (C Ho & R N McCauley)
- Capital Flows, Spillovers, and Interdependence:
- Macroeconomic Conditions and Capital Flows in Emerging East Asian Economies (A Mandilaras & H Popper)
- Measuring Spillover and Convergence Effects in the Asia-Pacific Region (A H Hallett & C Richter)
- Trade Interdependence and Exchange Rate Coordination in East Asia (W Thorbecke)
- Regional Exchange Rate, Monetary and Financial Cooperation:
- Regional Monetary Coordination in East Asia (E Ogawa)
- Monetary and Financial Cooperation Among Central Banks in East Asia and the Pacific (H Genberg & D He)
- Economic and Financial Integration in East Asia: Lessons from the European Monetary Union (D Salvatore)
Readership: Economic policy-makers, think-tanks, central bankers and financial market participants and research scholars.
“Meticulously written by researchers whose previous studies have offered well thought out guides for policy formulation, this book is yet another foray on major policy challenges that confront Asia today and in the next few years that policymakers, academics and practitioners must understand well.”
Mario Lamberte
Director of Research
Asian Development Bank Institute
“The Asian Financial Crisis in 1997 had dealt a severe blow to many Asian economies. The industrialization drive for growth in some countries has been halted or reversed, and the financial sector was topsy turvy. Ten years after the Crisis, a review of the situation is certainly timely and welcomed. This is done in a very readable volume that presents analytical, comparative and empirical works relating to exchange rate regimes, monetary policy and regional policy coordination among Asian economies in the aftermath of the Crisis.”
Toh Mun Heng
Associate Professor
NUS Business School
Ramkishen S Rajan is Associate Professor in the School of Public Policy, George Mason University, Virginia, a position he has held since January 2006. Prior to that, he was on the faculty of the School of Economics, University of Adelaide for five years, where he continues to be a Visiting Associate Professor. Professor Rajan has also taught at the National University of Singapore and the Claremont McKenna College and has held visiting positions in various institutes in Asia including the Hong Kong Institute for Monetary Research. He specializes in international economic policy with particular focus on the emerging Asia-Pacific region. Professor Rajan has been a consultant with the Asian Development Bank, the World Bank, the UN-ESCAP, and other institutions.
Shandre Thangavelu is Associate Professor in the Department of Economics, National University of Singapore. His current research interests are on human capital development, technology transfer, government infrastructure investment, productivity and economic growth. He has also worked on several international projects commissioned by Asian Productivity Organization (APO) and the World Bank. Professor Thangavelu was the Director of SCAPE (Singapore Centre for Applied and Policy Economics) at the Department of Economics, National University of Singapore. He was also the Assistant Dean at the Faculty of Arts and Social Sciences from January 2004 to May 2006.
Rasyad A Parinduri is Assistant Professor at the University of Nottingham, Malaysia Campus. He previously worked as a Senior Researcher at the Econit Advisory Group in Jakarta; a Visiting Lecturer at the Parahyangan Catholic University in Bandung, Indonesia; and a Research Fellow at the Singapore Centre for Applied and Policy Economics. His research interests are in the fields of industrial organization, labor economics, and development economics.
