Exchange Rates Under the East Asian Dollar Standard
Living with Conflicted Virtue
By (author) Ronald I. McKinnon
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Exchange Rates Under the East Asian Dollar Standard by Ronald I. McKinnon
Book DescriptionThe 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.McKinnon develops a conceptual framework to show where the conventional wisdom on exchange rates has gone wrong. Pressure on the "virtuous" high-saving dollar-creditor East Asian nations to appreciate their currencies leads to a "conflicted" choice between a possible deflationary slump if they do appreciate and threatened trade sanctions if they do not. Analyzing interactions among the East Asian economies, McKinnon explains the rationale, and the need, for greater exchange-rate security in the region, pointing to the soft-dollar pegs adopted by these nations as steps in the right direction. He suggests that the dollar standard in East Asia could be rationalized through collective action by national governments and considers the effect of American monetary and trade policies on the East Asian economy.
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Book DetailsISBN: 9780262633413
(229mm x 152mm x 15mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 5-Sep-2006
Country of Publication: United States
Books By Author Ronald I. McKinnon
Unloved Dollar Standard, Hardback (January 2013)
This book provides historical and analytical perspectives on the different phases of the postwar dollar standard in order to better understand its resilience in spite of the great volatility in today's global monetary system.
Dollar and Yen, Hardback (August 1997)
Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics.
Rules of the Game, Hardback (September 1996)
Analyzes and compares a wide variety of important international monetary regimes. This text ranges from the establishment of a gold standard in the 19th century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to monetary proposals in the 1990s.
Money in International Exchange, Paperback (October 1979)» View all books by Ronald I. McKinnon
Focusing on monetization of international trade per se, the text analyses common financial practices of merchants and manufacturers, commerical banks and central banks.
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Author Biography - Ronald I. McKinnon
Ronald I. McKinnon is William D. Eberle Professor of International Economics at Stanford University. He is the author of several books on international economics and development finance, including The Rules of the Game: International Money and Exchange Rates (MIT Press, 1996) and, with Kenichi Ohno, Dollar and Yen: Resolving Economic Conflict between the United States and Japan (MIT Press, 1997).
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