East Asia’s Monetary Future

Edited by Suthiphand Chirathivat, Chulalongkorn University, Thailand, the late Emil-Maria Claassen, formerly Université Paris-Dauphine, France and Jürgen Schroeder, Mannheim University, Germany

'Now that the economics profession has returned its attention to the structural impediments and deficiencies that may bar economies from high performance we are at risk of forgetting that there is more to political economy than corporate governance, entrepreneurship, financial institutions and the economic culture. The traditional concerns of macroeconomics with exchange rates, interest rates and tax rates retain their importance. This quality volume helps to right the balance with eleven essays analyzing how monetary systems, currency arrangements, the dollar standard, exchange rate policies and related matters all play a part in the economic problems and opportunities in east Asia.'

• Contents: Preface 1. East Asia’s Monetary Future: An Introduction Part I: East Asia’s Monetary Future 2. Currency Area Formation and the East Asian Region 3. One Country, Two Monetary Systems: Hong Kong and China 4. The Role of the Yen in East Asia 5. The Dollarization Debate: Is it Over? 6. The East Asian Exchange Rate Dilemma and the World Dollar Standard Part II: East Asia’s Currency Crisis and Monetary Responses 7. Causes of the Currency Crisis: Indonesia, Korea, Malaysia, the Philippines and Thailand 8. Exchange Rate Policy and the Asian Crisis: Thailand, Indonesia and Korea 9. Inflation Targeting after the Currency Crisis: The Case of Thailand 10. Rethinking Capital Controls: The Case of Malaysia 11. Singapore and Brunei: Lessons for Monetary Clusters within East Asia 12. Costs and Benefits of a Common Currency for the ASEAN Index