China's financial conundrum arises from two sources. First, its large saving (trade) surplus results in a currency mismatch because it is an immature creditor that cannot lend in its own currency. Instead, foreign currency claims (largely US dollars) build up within domestic financial...

Before the crisis of 1997/98, the East Asian economies-except for Japan but including China-pegged their currencies to the US dollar. To avoid further turmoil, the IMF argues that these currencies should float more freely. However, the authors' econometric estimations show that the dollar's...

In assessing Alexander Swoboda's great influence on economics, two themes stand out: the determinants of global inflation, particularly in the 1970s, and the choice of an exchange rate regime consistent with domestic monetary and fiscal policies. Although seemingly narrowly focused on China, our...

January 2003 <p> Before the crisis of 1997-98, the East Asian economies—except for Japan but including China— pegged their currencies to the US dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the...</p>

May 2003 <p> Rapidly growing Chinese exports are middle-tech—and increasingly high-tech—manufactured goods. China runs a huge and growing bilateral trade surplus with the United States, and the position of Japan has changed radically from being a net exporter to China in the 1980s and most of...</p>

August 2002 <p> Since the early 1980s, the smaller East Asian economies have experienced a synchronized business cycle. Before the Asian crisis of 1997-98, they pegged their exchange rates to the US dollar. Post crisis, we show that they have resumed dollar pegging on a high frequency, i.e.,...</p>

This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world’s...

Instability in the world dollar standard, as most recently manifested in the US Federal Reserve's near-zero interest rate policy, has caused consternation in emerging markets with naturally higher interest rates. China has been provoked into speeding RMB “internationalization”; that is,...