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Exchange Rate Policy and Interdependence : Perspectives from the Pacific Basin - Reuven Glick

Exchange Rate Policy and Interdependence

Perspectives from the Pacific Basin

By: Reuven Glick (Editor), Michael Hutchison (Editor)

Hardcover

Published: 26th August 1994
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Why countries choose different exchange rate arrangements and how these arrangements affect domestic monetary policy control and macroeconomic stability are questions of substantial interest to policy makers and researchers alike. The countries of the Pacific Basin region offer a wide variety of examples for the comparative study of the implications of different exchange rate arrangements. The essays in this volume examine the degree of financial interdependence and the conduct of exchange rate and monetary policy among Pacific Basin countries. The essays address four broad issues: one, the degree of regional financial market integration in the Pacific Basin, two, the implications of choosing different exchange rate regimes for domestic macroeconomic stability, three, the effect of exchange rate intervention policy on the conduct of domestic monetary policy, and four, the prospects for a yen currency bloc. Some of the essays focus on the national experience of specific countries in the Pacific Basin; others adopt a cross-country comparison approach.

"The essays contained in the book are...solid contributions to our understanding of exchange rate policy. Future research on exchange rate arrangements in the Pacific Basin should start by consulting this work." Journal of Economic Literature "Overall, this collection of essays will appeal to a wide audience. The contributors are effective researchers who employ sophisticated techniques. Students of international finance will find the essays provocative and potentially helpful in identifying research projects. Economists specializing in this area will admire the attention to detail, the emphasis on policy considerations, and the focus on a set of often-neglected countries." Eastern Economic Journal

List of contributors
Preface
Overview
International Financial Market Integration
Financial links around the Pacific Rim: 1982-1992
Relative returns on equities in Pacific Basin countries
Exchange rate policy, international capital mobility and monetary policy instruments
Choice of Exchange Rate Regimes
Exchange rate management: a partial review
Exchange rate policy and insulation from external shocks: the cases of Korea and Taiwan, 1970-1990
Trade price shocks and insulation: Australia's experience with floating rates
The role of the exchange rate in New Zealand monetary policy
Officially floating, implicitly targeted exchange rates: examples from the Pacific Basin
Intervention and Sterilization Policies
Monetary policy, intervention and exchange rates in Japan
The signaling effect of foreign exchange intervention: the case of Japan
Sterilization of the monetary effects of current account surpluses and its consequences: Korea, 1986-1990
Prospects for a Yen Bloc
On the possibility of a yen bloc
Economic fundamentals and a yen currency area for Asian Pacific Rim countries
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521461108
ISBN-10: 0521461103
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 390
Published: 26th August 1994
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 2.5
Weight (kg): 0.73