Exchange Rate Regimes and Macroeconomic Stability
The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability fro
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EXCHANGE RATE REGIMES AND MACROECONOMIC STABILITY
edited by
Lok-Sang Ho Lingnan University Hong Kong
Chi-Wa Yuen University of Hong Kong Peking University and Wuhan University Hong Kong
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Exchange Rate Regimes and Macroeconomic Stability edited by Lok-Sang Ho and Chi-Wa Yuen
ISBN 978-1-4613-5365-2 ISBN 978-1-4615-1041-3 (eBook) DOI 10.1007/978-1-4615-1041-3
Copyright@ 2003 Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 2003 Softcover reprint of the hardcover 1st edition 2003 AlI rights reserved. No part of this work may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, microfilming, recording, or otherwise, without the written permission from the Publisher, with the exception of any material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Permission for books published in Europe: [email protected] Permissions for books published in the United States of America: [email protected]
Printed on acid-free paper.
CONTENTS
List of Contributors Assaf Razin F oreword Acknowledgments
Vll Xl
xm
Chapter 1
Introduction Lok-Sang Ho and Chi-Wa Yuen
1
Part 1
The Asian Currency Crisis: Responses and Policy Options
7
Chapter 2
Lessons from the Asian Financial Crisis, and the Prospects for Resuming High Growth Wing Thye Woo
9
Chapter 3
Financial Market Stability, Monetary Policy, and the IMF Joseph Stiglitz
Chapter 4
The IMF Approach to the Asian Currency Crises: An Alternative View Charles Adams
Chapter 5
Does Asia Need a Common Currency? Robert Mundell
Chapter 6
Recommending a Currency Basket System for Emerging East Asia Masahiro Kawai
Part 2 Chapter 7
Monetary Policy, Exchange Rate Regimes, and Macroeconomic Stability A Comparative Analysis ofExchange Rate Regimes Naoyuki Yoshino, Sahoko Kaji and Ayako Suzuki
33
55 61
77
105 107
vi
Chapter 8
Chapter 9
Exchange Rate Regimes and Macroeconomic Stability
Bringing about Realistic Exchange Rates: A Post-Asian Financial Crisis Perspective Lok Sang Ho Contemplating the Credibility of Currency Boards Corrinne Ho
133 145
Chapter 10 Currency Board, Asian Financial Crisis, and the Case for 185 Put Options Francis T. Lui, Leonard K. Cheng and Yum K. Kwan Chapter 11 The Currency Board in Hong Kong: Operational Weaknesses and a Proposed Refinement Scheme Alex W.H. Chan
215
Postscript
247
Index
Understanding Crises Chi-Wa Yuen
251
LIST OF CONTRIBUTORS
Charles Adams is Assistant Director at the IMF's Regional Office for Asia and the Pacific. During 2000/2001, he was on a one-year leave of absence at the Asian Development Bank, where he was a senior economic advisor. He has held various positions during his nineteen-year career at the Fund including in the Research, Asia and Pacific, and Policy Development and Review departments. Alex W.H. Chan is Assistant Professor in the School of Economics
