is a growing consensus that Asia's reserves now substantially exceed the levels required for precautionary purposes or … reserves in developing Asia have in fact reached excessive levels. Informal tests of reserve adequacy based on widely used … confirm the popular belief that developing Asia now has excessive foreign exchange reserves. Therefore, the short-run policy …

Rising economic integration in Asia and periodic volatility in global and national financial markets raise the issue of … costs of monetary cooperation, however, less can be found with a specific focus on Asia. A number of studies have explored … whether Asia might form an optimal currency area, although these have focused on the nature of shocks, in particular business …