Sheng, Andrew; Kwek, Kian-Teng; Cho, Cho-Wai - In: Journal of Asian Economics 20 (2009) 5, pp. 519-535
Asian currencies lack regional policy coordination and are therefore subject to volatilities such as the Asian currency crisis of 1997/99. As the Asian currencies have already been observed to be 'flying-in-unison', a stable exchange rate arrangement can be helpful as the next step of evolution...