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Policy Coordination in East Asia and across the Pacific

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Author Info
Koichiro Kamada
Izumi Takagawa
Abstract

In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies. The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues: (1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform, and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East Asian economies.

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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d05-101.

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Date of creation: Jun 2005
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Handle: RePEc:hst:hstdps:d05-101

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  1. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring. [Downloadable!] (restricted)
  2. Wei, S.J. & Frankel, J.A., 1992. "Yen Bloc or Dollar Bloc: Exchange Rate Policies of the East Asian Economies," Papers 92-08, University of Birmingham - International Financial Group.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Glenn Hoggarth & Hui Tong, . "The impact of yuan revaluation on the Asian region," Bank of England working papers 329, Bank of England. [Downloadable!]
  2. Jaime Marquez & John W. Schindler, 2006. "Exchange-rate effects on China's trade: an interim report," Working Paper Series 2006-41, Federal Reserve Bank of San Francisco. [Downloadable!]
  3. Willem THORBECKE, 2006. "The Effect of Exchange Rate Changes on Trade in East Asia," Discussion papers 06009, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  4. Li Wang & John Whalley, 2007. "The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model," NBER Working Papers 13586, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. THORBECKE, Willem, 2008. "The Effect of Exchange Rate Volatility on Fragmentation in East Asia: Evidence from the Electronics Industry," Discussion papers 08016, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
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  6. Willem Thorbecke, 2006. "How Would an Appreciation of the Renminbi Affect the U.S. Trade Deficit with China?," The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 0(3). [Downloadable!]
  7. David Cowen & Hemant Shah & Ranil Salgado & Leslie Teo & Alessandro Zanello, 2006. "Financial Integration in Asia: Recent Developments and Next Steps," IMF Working Papers 06/196, International Monetary Fund. [Downloadable!]
  8. Garcia-Herrero, Alicia & Koivu, Tuuli, 2007. "Can the Chinese trade surplus be reduced through exchange rate policy?," BOFIT Discussion Papers 6/2007, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  9. Jaime Marquez & John W. Schindler, 2006. "Exchange-rate effects on China's trade: an interim report," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. [Downloadable!]
  10. Paul Welfens, 2006. "Comments on R. Cooper, M. Bordo and H. James: A Schumpetrian view on monetary integration options and historical dynamics," International Economics and Economic Policy, Springer, vol. 3(3), pages 415-419, December. [Downloadable!] (restricted)
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