Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia
Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia
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货币危机对东亚新兴市场汇率安排的影响
DOI：
10.1596/1813-9450-2502
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发表时间：
1999
期刊：
影响因子：
56.9
通讯作者：
Shigeru Akiyama
中科院分区：
文献类型：
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作者：
M. Kawai;Shigeru Akiyama
作者研究了东亚货币危机对该地区新兴市场经济体汇率安排的影响。他们关注的是美元、日元和欧元在东亚新兴经济体汇率政策中的作用。他们声称，这些经济体特别容易受到汇率大幅波动的影响，因为它们一直在寻求放松金融管制、开放市场和放开资本账户，而且它们面临着资本流动突然逆转的风险增加，其金融体系和外汇市场随之出现不稳定。作者发现，在最近的货币危机期间，美元作为东亚主要锚定货币的作用有所减弱，但自1998年底以来，美元又重新发挥了重要作用。现在下结论还为时过早，但这些经济体似乎可能会保持更灵活的汇率安排，至少在官方层面上是这样。与此同时，这些经济体可能会继续倾向于在没有固定汇率承诺的情况下保持汇率稳定。他们最好选择一个平衡的货币篮子体系，让日元和欧元在其中扮演比以前更重要的角色。东盟国家有避免区域内有害汇率波动的特殊动机，因为汇率波动可能突然改变它们的国际价格竞争力，使未来的自由贸易协定变得不合适。因此，它们可能会稳定其相对于类似货币篮子的汇率，以确保区域内汇率的稳定。
The 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.
盯住美元是如何失败的？
DOI：
--
发表时间：
2007
期刊：
A Basket Currency for Asia
影响因子：
--
作者：
Takatoshi lto;Eiii Ogawa;Yuri Nagataki Sasaki
通讯作者：
Yuri Nagataki Sasaki