Publication:
Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia

Simple item page
dc.contributor.authorKawai, Masahiro
dc.contributor.authorAkiyama, Shigeru
dc.date.accessioned2014-08-27T16:54:14Z
dc.date.available2014-08-27T16:54:14Z
dc.date.issued2000-12
dc.description.abstractThe authors examine the implications of the East Asian currency crisis for exchange rate arrangements in the region's emerging market economies. They focus on the roles of the U.S. dollar, the Japanese yen, and the euro in the emerging East Asian economies' exchange rate policies. They claim that these economies are particularly susceptible to large exchange rate fluctuations because they have been pursuing financial deregulation, opening markets, and liberalizing capital accounts, and because they face increased risk of sudden capital flow reversals, with attendant instability in their financial system and foreign exchange market. The authors find that the dollar's role as the dominant anchor currency in East Asia was reduced during the recent currency crisis but has become prominent again since late 1998. It is too early for conclusions, but the economies seem likely to maintain more flexible exchange rate arrangements, at least officially. At the same time, these economies presumably will continue to prefer to maintain exchange rate stability without fixed rate commitments. They are better off choosing a balanced currency basket system in which the yen and the euro play a more important role than before. The ASEAN countries have a special incentive to avoid harmful fluctuations in exchange rates within the region, which could suddenly alter their international price competitiveness and make prospective free trade agreements unsuitable. So they may stabilize their exchange rates against similar currency baskets, to ensure intraregional exchange rate stability.en
dc.identifierhttp://documents.worldbank.org/curated/en/2000/12/748691/implications-currency-crisis-exchange-rate-arrangements-emerging-east-asia
dc.identifier.doi10.1596/1813-9450-2502
dc.identifier.urihttps://hdl.handle.net/10986/19752
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2502
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectBILATERAL TRADE
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL FLOW REVERSALS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANK
dc.subjectCOMMON CURRENCY
dc.subjectCOMPETITIVENESS
dc.subjectCRAWLING PEGS
dc.subjectCREDITOR
dc.subjectCURRENCY
dc.subjectCURRENCY AREAS
dc.subjectCURRENCY BASKET
dc.subjectCURRENCY BASKETS
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY DEVALUATIONS
dc.subjectCURRENCY PEGS
dc.subjectDEREGULATION
dc.subjectDEUTSCHE MARK
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDOMESTIC PRICE
dc.subjectEMERGING ECONOMIES
dc.subjectEURO
dc.subjectEXCHANGE
dc.subjectEXCHANGE MARKET DEVELOPMENTS
dc.subjectEXCHANGE MARKET STABILITY
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE ARRANGEMENTS
dc.subjectEXCHANGE RATE FLEXIBILITY
dc.subjectEXCHANGE RATE MANAGEMENT
dc.subjectEXCHANGE RATE POLICIES
dc.subjectEXCHANGE RATE POLICY
dc.subjectEXCHANGE RATE REGIME
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATE STABILITY
dc.subjectEXCHANGE RATES
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SYSTEM
dc.subjectFIXED
dc.subjectFIXED
dc.subjectFIXED EXCHANGE
dc.subjectFIXED EXCHANGE RATE
dc.subjectFIXED RATE
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE CONTRACTS
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN INVESTORS
dc.subjectFREE TRADE
dc.subjectFUTURE RESEARCH
dc.subjectGEOGRAPHICAL LOCATION
dc.subjectGOVERNMENT DEBT
dc.subjectHIGH INFLATION
dc.subjectHIGH VOLATILITY
dc.subjectHONG KONG MONETARY AUTHORITY
dc.subjectIMPORTANT COMPONENT
dc.subjectIMPORTANT ROLE
dc.subjectINDUSTRIALIZED COUNTRIES
dc.subjectINFLATION RATE
dc.subjectINFLATION RATES
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL MONETARY FUND
dc.subjectJAPANESE YEN
dc.subjectLARGE VOLUME
dc.subjectLEGAL TENDER
dc.subjectLIQUIDITY
dc.subjectMALAYSIAN RINGGIT
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET ECONOMIES
dc.subjectMARKET ECONOMY
dc.subjectMARKET FORCES
dc.subjectMEMBER COUNTRIES
dc.subjectMONETARY ARRANGEMENTS
dc.subjectMONETARY AUTHORITIES
dc.subjectNEW ZEALAND DOLLAR
dc.subjectNOMINAL ANCHOR
dc.subjectNUMERAIRE
dc.subjectPOLICY RESEARCH
dc.subjectPRICE DECLINES
dc.subjectREGRESSION ANALYSES
dc.subjectREGRESSION ANALYSIS
dc.subjectRUSSIAN RUBLE
dc.subjectSOUTH AFRICAN RAND
dc.subjectSPECIAL DRAWING RIGHTS
dc.subjectSTABILIZATION
dc.subjectSTABILIZATION POLICY
dc.subjectSTOCK PRICES
dc.subjectTHAI BAHT
dc.subjectVOLATILITY
dc.titleImplications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asiaen
dspace.entity.typePublication
okr.crossref.titleImplications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia
okr.date.disclosure2000-12-30
okr.date.doiregistration2025-04-10T09:20:21.684653Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2000/12/748691/implications-currency-crisis-exchange-rate-arrangements-emerging-east-asia
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTrade and Competitiveness
okr.guid715881468746718507
okr.identifier.doi10.1596/1813-9450-2502
okr.identifier.externaldocumentum000094946_00121605341135
okr.identifier.internaldocumentum748691
okr.identifier.reportWPS2502
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2001/01/06/000094946_00121605341135/Rendered/PDF/multi_page.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.geographicalEast Asia
okr.sectorOther Finance
okr.sectorFinance
okr.topicEconomic Theory and Research
okr.topicInternational Economics and Trade::Foreign Trade Promotion and Regulation
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicFiscal and Monetary Policy
okr.unitOffice of the Chief Economist, East Asia and Pacific Region
okr.volume1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
multi_page.pdf
Size:
4.03 MB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
multi_page.txt
Size:
240.1 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Policy Research Working Papers