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The impact of the appreciation of East Asian currencies on global imbalance

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  • Hideki Nishigaki

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    (Hitotsubashi University)

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    Abstract

    Recently, the global current account imbalance has received considerable attention in the international financial market. In this paper, we focus on the relationship between US and East Asia from the perspective of the trade balance and examine whether the appreciation of East Asian currencies against the dollar would affect the respective outputs of East Asia and the US or be effective in reducing the global imbalance. There are few empirical studies directly focused on the trade and output between the US and East Asia. Our empirical results suggest that currency appreciation is expansionary for East Asian economies and will increase the East Asian output, which will contribute to the reduction in US trade deficits.

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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 6 (2007)
    Issue (Month): 42 ()
    Pages: 1-6

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    Handle: RePEc:ebl:ecbull:eb-07f30010

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    1. Kim, Yoonbai & Ying, Yung-Hsiang, 2007. "An empirical assessment of currency devaluation in East Asian countries," Journal of International Money and Finance, Elsevier, vol. 26(2), pages 265-283, March.
    2. Kamal Upadhyaya & Mukti Upadhyay, 1999. "Output effects of devaluation: Evidence from Asia," Journal of Development Studies, Taylor & Francis Journals, vol. 35(6), pages 89-103.
    3. Plummer, Michael G., 2003. "Structural change in a globalized Asia: macro trends and US policy challenges," Journal of Asian Economics, Elsevier, vol. 14(2), pages 243-281, April.
    4. Kamin, Steve B. & Rogers, John H., 2000. "Output and the real exchange rate in developing countries: an application to Mexico," Journal of Development Economics, Elsevier, vol. 61(1), pages 85-109, February.
    5. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
    6. Obstfeld, Maurice & Rogoff, Kenneth S, 2005. "The Unsustainable US Current Account Position Revisited," Center for International and Development Economics Research, Working Paper Series qt4f63x50j, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    7. Morley, Samuel A, 1992. "On the Effect of Devaluation during Stabilization Programs in LDCs," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 21-27, February.
    8. Upadhyaya, Kamal P. & Dhakal, Dharmendra & Mixon, Franklin G., 2000. "Exchange Rate Adjustment and Output in Selected Latin American Countries," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 53(1), pages 107-117.
    9. Michael Dooley & David Folkerts-Landau & Peter Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    10. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, vol. 16(1), pages 29-55, February.
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