More effort should be made to develop a framework for international monetary coordination, not only to maintain stable exchange rates among the U.S. dollar, the Japanese yen, and the euro, but to minimize the risk of currency and financial crises in emerging economies in East Asia and elsewhere

Deepening market-driven economic integration in East Asia makes intraregional exchange rate stability across the region increasingly desirable and necessary. This paper suggests that East Asia’s emerging economies begin with a currency basket system based on the G3 (US, Euro area and Japanese)...

This paper examines how East Asia’s economic architecture has been evolving over the last ten years and how it will shape itself in the future. With the progress of market-driven economic integration, East Asian economies have developed various cooperative initiatives for trade and finance,...