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Examining the case for Reserve Pooling in East Asia: Empirical Analysis

Author

Listed:
  • Ramkishen Rajan

    (School of Economics, University of Adelaide, Australia)

  • Reza Siregar

    (School of Economics, University of Adelaide, Australia)

  • Graham Bird

    (University of Surrey, Guildford, UK)

Abstract

Two features of East Asia?s recovery from the financial turmoil of 1997-98 appear to be rather paradoxical. First, the regional economies (except Hong Kong, China and Malaysia) have allowed a relatively greater albeit modest degree of variability of their currencies according to market conditions. Second, the regional monetary authorities have simultaneously appeared keen on bolstering reserves to historically high levels. This paper examines the subject of reserve management in the broader context of monetary cooperation in East Asia. The paper briefly reviews the factors that go into the determination of ?optimal reserves? in general, and specifically in the case of East Asia. It then goes on to investigate the gains, if any, to be reaped if the East Asian economies were to pool their reserves.

Suggested Citation

  • Ramkishen Rajan & Reza Siregar & Graham Bird, 2003. "Examining the case for Reserve Pooling in East Asia: Empirical Analysis," Centre for International Economic Studies Working Papers 2003-23, University of Adelaide, Centre for International Economic Studies.
    • Handle: RePEc:adl:cieswp:2003-23
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    File URL: http://www.adelaide.edu.au/cies/papers/0323.pdf
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    Cited by:

    1. Pontines, Victor & Siregar, Reza, 2009. "Intervention index and exchange rate regimes: the cases of selected East-Asian economies," MPRA Paper 17138, University Library of Munich, Germany.
    2. Ndiaye, Ndeye Djiba & Masih, Mansur, 2017. "Is inflation targeting the proper monetary policy regime in a dual banking system? new evidence from ARDL bounds test," MPRA Paper 79420, University Library of Munich, Germany.

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    Keywords

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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