Exchange Rates, Currency Crisis and Monetary Cooperation in Asia

GRAHAM BIRD Professor at the Department of Economics and Director of the Surrey Centre for International Economics Studies (SCIES), University of Surrey, UKAMIT GHOSH Assistant Professor at the Department of Economics, Illinois Wesleyan University, Bloomington, Illinois, USAJIE LI Assistant Professor at the Central University of Finance and Economics, China, and Director, CUFE Research Center for Foreign Reserves, Beijing, ChinaALICE OUYANG Assistant Professor in China Academy of Public Finance and Public Policy at the Central University of Finance and Economics, Beijing, ChinaMAKARAND PARAULKAR Deputy Chief Operating Officer at Bradford College, The University of Adelaide, Adelaide, AustraliaVICTOR PONTINES Lecturer of Economics and Public Policy at Carnegie Mellon University and H. John Heinz III School of Public Policy and Management, Adelaide, AustraliaCHUNG-HUA SHEN Professor at the Department of Finance, National Taiwan University, Taipei, TaiwanREZA SIREGAR International Economic Consultant at the International Monetary Fund Singapore Regional Training Institute, SingaporeTHOMAS D. WILLETT Director at the Claremont Institute for Economic Policy Studies, USA and Horton Professor, School of Politics and Economics at Claremont Graduate University, Claremont, California, USA

'...the volume takes stock of and addresses some of the pertinent issues in international finance and crises in the Asian region.' - Tony Cavoli, ASEAN Economic Bulletin

• Preface and Introduction Acknowledgements PART I: EXCHANGE RATES AND MACROECONOMIC CONSEQUENCES Managing the Liquidity Effects of Reserve Stockpiling in Emerging Asia; A.Ouyang  & T.Willett What is the Impact of Exchange Rate Changes on inflation in Asia?; A.Ghosh A Closer Examination of Exchange Rate Pass-through in Korea and Thailand; A.Ghosh PART II: IMPACT OF CURRENCY CRISIS AND MONETARY POLICY Are Crisis-Induced Devaluations Contractionary? If So,Why? S.Chung-Hua Financial Crisis, Capital Outflows and Monetary Policy Responses: Simple Analytics with Reference to East Asia Understanding Currency Crisis and Monetary Policy Responses in Emerging Economies; M.Paraulkar How to Manage New-Style Currency Crises? Can High Reserves Offset Weak Fundamentals?;  J.Li PART III: MONETARY AND FINANCIAL COOPERATION IN ASIA Examining the Case for a Regional Reserve Pool; R.Siregar  & G.Bird Taking Stock of Monetary and Financial Cooperation in Asia Is there a Role for an Asian Currency Unit (ACU)?; V.Pontines