Policy coordination in East Asia and across the Pacific
This paper constructs an econometric model that describes the relationships in the Asia-Pacific region and gives quantitative insights into the recent policy debates on policy coordination among the East Asian economies. The model includes various monetary and currency policy rules that the actual East Asian economies adopt and creates an environment where one country's policymaking has economic impacts on its neighbors. We apply the model to three current policy issues: (i) the desirability of currency basket pegs in East Asia, (ii) the anticipated effects of China's currency reform, and (iii) the non-negativity constraint on the Japanese nominal interest rates.
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Volume (Year): 2 (2005)
Issue (Month): 4 (December)
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References listed on IDEAS
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- Jeffrey A. Frankel & Shang-Jin Wei, 1992.
"Yen bloc or dollar bloc: exchange rate policies of the East Asian economies,"
Pacific Basin Working Paper Series
93-01, Federal Reserve Bank of San Francisco.
- Jeffrey A. Frankel & Shang-Jin Wei, 1994. "Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, NBER-EASE Volume 3, pages 295-333 National Bureau of Economic Research, Inc.
- 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.
- Koichiro Kamada & Ko Nakayama & Izumi Takagawa, 2002. "Deepening Interdependence in the Asia-Pacific Region: An Empirical Study Using a Macro-Econometric Model," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
- Koichiro Kamada & Ichiro Muto, 2000. "Forward-looking Models and Monetary Policy in Japan," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
- Kawai, Masahiro, 2002. "Exchange Rate Arrangements in East Asia: Lessons from the 1997-98 Currency Crisis," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 167-204, December.
- Takatoshi Ito & Tamim Bayoumi & Peter Isard & Steven A. Symansky, 1996. "Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region," IMF Occasional Papers 145, International Monetary Fund.
- Koichiro Kamada & Yasutaka Oenoki & Katsunori Watanabe, 1998. "A Local Model of Asian Economies," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
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