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Will history repeat itself? Lessons for the yuan
Cohen, Benjamin J. - 2014
included the deutsche mark (DM), the Japanese yen, and the euro (successor to the DM). Yet in the end their …
Persistent link: https://www.econbiz.de/10010397217
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Economic stability and choice of exchange rate regimes
Kaji, Sahoko - 2013
the current euro area crisis. The euro may have led to bubbles, but member economies were not free of trouble before the … euro. Many members were losing competitiveness and in need of removing structural rigidities. If anything, the euro was … introduction of the euro and then discuss the governance overhaul taking place in Europe today. This overhaul was something that …
Persistent link: https://www.econbiz.de/10010397268
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Europe's debt crisis, coordination failure, and international effects
Collignon, Stefan - 2012
. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become …
Persistent link: https://www.econbiz.de/10010397341
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Whither multilateral development finance?
Wihtol, Robert - 2014
Multilateral development finance is at a critical juncture. In the past 70 years, it has developed through four distinct stages. The Bretton Woods conference established the World Bank and the International Monetary Fund in 1944 to finance post-war reconstruction and stabilize the global...
Persistent link: https://www.econbiz.de/10011310987
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Dynamic analysis of exchange rate regimes: Policy implications for emerging countries in Asia
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014
This paper discusses desirable exchange rate regimes and how countries can shift from their current regimes to these regimes over the medium term. We demonstrate the superiority of a basket-peg regime with the basket weight rule over a floating regime with the interest rate rule or the money...
Persistent link: https://www.econbiz.de/10011310997
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Dynamic shift to a basket-peg or floating regime in East Asian countries in response to the People's Republic of China's transition to a new exchange rate regime
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015
This paper analyzes a desirable transition path for East Asian countries given the People's Republic of China's (PRC's) transition to a new exchange rate regime. It attempts to answer two main questions: (i) Would these countries be better off shifting to either a basket peg or a floating regime...
Persistent link: https://www.econbiz.de/10011311010
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Dynamic effect of a change in the exchange rate system: From a fixed regime to a basket-peg or a floating regime
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015
This paper theoretically evaluates the dynamic effects of a shift in an exchange rate system from a fixed regime to a basket peg, or to a floating regime, and obtains transition paths for the shift based on a dynamic stochastic general equilibrium model of a small open economy. We apply...
Persistent link: https://www.econbiz.de/10011311015
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Adjustments of capital account restrictions and exchange rate regimes in East Asia
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015
This paper discusses adjustments of capital account restrictions and exchange rate regimes in East Asia. Monetary authorities have two options for these adjustments: gradual adjustments or rapid adjustments. We analyze the costs and benefits for both adjustment options in each area, i.e.,...
Persistent link: https://www.econbiz.de/10011311016
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From the Chiang Mai Initiative to an Asian Monetary Fund
Kawai, Masahiro - 2015
Following the 1997-1998 Asian financial crisis, financial authorities in ASEAN+3 embarked on several new initiatives for East Asia's financial cooperation, including: (i) regional economic surveillance led by the Economic Review and Policy Dialogue (ERPD); (ii) a regional liquidity support...
Persistent link: https://www.econbiz.de/10011311020
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Hard pegs versus intermediate currency arrangements in the Pacific
Helble, Matthias; Prasetyo, Ahmad; Yoshino, Naoyuki - 2015
The 14 Pacific developing member countries (DMCs) of the Asian Development Bank (ADB) have opted for very different exchange rate regimes with varying degrees of flexibility. Whereas several microstates have adopted an external currency as their legal tender, others have decided to use a basket...
Persistent link: https://www.econbiz.de/10011311023