Changes in exchange rates in rapidly developing countries : theory, practice, and policy issues / edited by Takatoshi Ito and Anne O. Krueger.

Format:

Book

Contributor:

Itō, Takatoshi, 1950-2025

Krueger, Anne O.

Series:

NBER-East Asia Seminar on Economics (Series) ; v. 7.

NBER-East Asia seminar on economics ; v. 7

Language:

English

Subjects (All):

Foreign exchange--Government policy--East Asia--Congresses.

Foreign exchange.

Foreign exchange--Government policy.

East Asia.

Foreign exchange--Government policy--Developing countries--Congresses.

Developing countries.

Foreign exchange rates--East Asia--Congresses.

Foreign exchange rates.

Foreign exchange rates--Developing countries--Congresses.

Genre:

Conference papers and proceedings.

Physical Description:

xi, 450 pages : illustrations ; 24 cm.

Place of Publication:

Chicago, Ill. : University of Chicago Press, [1999]

Summary:

The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth.

Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry -- policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the last few decades.

Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange rate regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.

Contents:

1. The Choice of Exchange Rate Regime in Developing and Middle Income Countries / Sebastian Edwards 9

Comment / Anne O. Krueger

Comment / Andrew K. Rose

2. Contagious Currency Crises: Channels of Conveyance / Barry Eichengreen, Andrew K. Rose 29

Comment / Takatoshi Ito

Comment / Ronald I. McKinnon

3. Current Account Deficits and Capital Flows in East Asia and Latin America: Are the Early Nineties Different from the Early Eighties? / Gian Maria Milesi-Ferretti, Assaf Razin 57

Comment / Koichi Hamada

4. Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia / Takatoshi Ito, Peter Isard, Steven Symansky 109

Comment / Kenichi Ohno

5. Resource Endowments and the Real Exchange Rate: A Comparison of Latin America and East Asia / Jeffrey D. Sachs 133

Comment / Kazuo Ueda

6. Private Consumption, Nontraded Goods, and Real Exchange Rate: Evidence from South Korea and Taiwan / Kenneth S. Lin 155

Comment / Yun-Wing Sung

Comment / Gian Maria Milesi-Ferretti

7. The Yen and Its East Asian Neighbors, 1980-1995: Cooperation or Competition? / Shinji Takagi 185

Comment / Tetsuji Okazaki

Comment / K. C. Fung

8. Exchange Rate Pass-through and Industry Characteristics: The Case of Taiwan's Exports of Midstream Petrochemical Products / Kuo-Liang Wang, Chung-Shu Wu 211

Comment / Y. C. Jao

9. Evaluation of Korea's Exchange Rate Policy / Sang-Woo Nam, Se-Jong Kim 235

Comment / Stanley W. Black

Comment / Leonard K. Cheng

10. Issues in Korean Exchange Rate Policy / Stanley W. Black 269

Comment / Chong-Hyun Nam

Comment / Baekin Cha

11. Liberalization of Capital Flows in Korea: Big Bang or Gradualism? / Dongchul Cho, Youngsun Koh 285

12. The Foreign Exchange Allocation Policy in Postwar Japan: Its Institutional Framework and Function / Tetsuji Okazaki, Takafumi Korenaga 311

Comment / Shinji Takagi

13. The Syndrome of the Ever-Higher Yen, 1971-1995: American Mercantile Pressure on Japanese Monetary Policy / Ronald I. McKinnon, Kenichi Ohno, Kazuko Shirono 341

14. Testing for the Fundamental Determinants of the Long-Run Real Exchange Rate: The Case of Taiwan / Hsiu-Ling Wu 377

Comment / Chi-Wa Yuen

Comment / Ponciano S. Intal, Jr.

15. Hong Kong's Currency Board and Changing Monetary Regimes / Yum K. Kwan, Francis T. Lui 403

Comment / Barry Eichengreen

Comment / Zhaoyong Zhang.

Notes:

Includes bibliographical references and indexes.

ISBN:

0226386732

OCLC:

39639998