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Financial Safety Nets in Asia : Genesis, Evolution, Adequacy, and Way Forward
Hill, Hal; Menon, Jayant - East Asian Bureau of Economic Research (EABER) - 2012
to rely solely on the International Monetary Fund (IMF) again, the Chiang Mai Initiative (CMI) was created in 2000. When … doubled in size to $240 billion, while the IMF de-linked portion was increased to 30%. A surveillance unit, the Association …-developing financial emergency, it is unlikely that the CMIM will be used even as a complement to the IMF. To serve as a stand-alone option …
Persistent link: https://www.econbiz.de/10011278113
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International Monetary Reform : A Critical Appraisal of Some Proposals
Park, Yung Chul; Wyplosz, Charles - East Asian Bureau of Economic Research (EABER) - 2012
either an international medium of exchange or a reserve currency. The International Monetary Fund (IMF) has changed its …
Persistent link: https://www.econbiz.de/10011278144
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Asian Monetary Integration : A Japanese Perspective
Kawai, Masahiro - East Asian Bureau of Economic Research (EABER) - 2014
This paper discusses Japan’s strategy for Asian monetary integration. It argues that Japan faces three major policy challenges when promoting intraregional exchange rate stability. First, there must be some convergence of exchange rate regimes in East Asia, and the most realistic option is for...
Persistent link: https://www.econbiz.de/10011278111
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Trilemma and Financial Stability Configurations in Asia
Aizenman, Joshua - East Asian Bureau of Economic Research (EABER) - 2011
This paper takes stock of recent research dealing with the degree to which the trilemma choices of Asian countries facilitated a smoother adjustment during the global crisis of 2008– 2009, and the way the region has been coping with the adjustment to the postcrisis challenges. We point...
Persistent link: https://www.econbiz.de/10009652208
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Issues for Renminbi Internationalization : An Overview
Eichengreen, Barry; Kawai, Masahiro - East Asian Bureau of Economic Research (EABER) - 2014
The growing weight of the People’s Republic of China (PRC) in the world economy, measured by gross domestic product (GDP) and trade volume, has intensified debate on the potential international role of its currency—the renminbi (RMB). This paper provides an overview of RMB...
Persistent link: https://www.econbiz.de/10011134377
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Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls
Hallett, Andrew Hughes; Oliva, Juan Carlos Martinez - East Asian Bureau of Economic Research (EABER) - 2011
This paper addresses the issue of international payments in a stock-flow framework, by capturing the interaction between the current account balance and international assets portfolios of domestic and foreign investors. It is argued that the stability of such interaction may be affected by...
Persistent link: https://www.econbiz.de/10009651653
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Macroeconomic Impacts of Foreign Exchange Reserve Accumulation : Theory and International Evidence
Fukuda, Shin-ichi; Kon, Yoshifumi - East Asian Bureau of Economic Research (EABER) - 2010
Recently, a dramatic accumulation in foreign exchange reserves has been widely observed in developing countries. This paper explores the possible long-run impacts of this trend on macroeconomic variables in developing countries. We analyze a simple open economy model where increased foreign...
Persistent link: https://www.econbiz.de/10009364008
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Regional Settlement Infrastructure and Currency Internationalization : The Case of Asia and the Renminbi
Rhee, Changyong; Sumulong, Lea - East Asian Bureau of Economic Research (EABER) - 2014
The squeeze in United States dollar liquidity that emerged with the global financial crisis highlighted the risks inherent in the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the...
Persistent link: https://www.econbiz.de/10011134368
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Applying the Lessons of Asia : The IMF’s Crisis Management Strategy in 2008
Takagi, Shinji - East Asian Bureau of Economic Research (EABER) - 2010
The paper examines the recent European crisis management programs of the International Monetary Fund (IMF) to see how … the way the IMF does its business, Asia appears to remain unengaged. The lesson Asia should draw from Europe is that it … should build a strong regional institution to complement, and catalyze the involvement of, the IMF. Only then can the lessons …
Persistent link: https://www.econbiz.de/10009363900
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The Role of Macroeconomic Policy in Rebalancing Growth
Morgan, Peter J. - East Asian Bureau of Economic Research (EABER) - 2010
The aftermath of the global financial crisis of 2007–2009 has called the export-led growth model of Asian economies into question. This paper describes the contribution that macroeconomic policy can make to promote a rebalancing of growth away from dependence on exports to...
Persistent link: https://www.econbiz.de/10011278107