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001385890 08204 $$a332.4/56/095$$222
001385890 1001_ $$aMcKinnon, Ronald I.
001385890 24510 $$aExchange rates under the East Asian dollar standard :$$bliving with conflicted virtue /$$cRonald I. McKinnon.
001385890 260__ $$aCambridge, MA :$$bMIT Press,$$c2005.
001385890 300__ $$a1 online resource (x, 279 pages) :$$billustrations
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001385890 337__ $$acomputer$$bc$$2rdamedia
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001385890 506__ $$aAccess limited to authorized users.
001385890 520__ $$aThe increasingly integrated economies of East Asia--China, Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand--face the dilemma of how to achieve exchange-rate security in the absence of a unifying "Asian euro." The US dollar has become the region's dominant intraregional trading currency as well as the monetary anchor to which East Asian economies informally peg their currencies. In this timely and original analysis of the benefits and risks of an East Asian dollar standard, Ronald McKinnon takes issue with the conventional view that urges flexible exchange rates on financially fragile economies. He argues instead that East Asian countries should coordinate their policies to keep their exchange rates stable against the dollar. McKinnon develops a conceptual framework to show where the conventional wisdom on exchange rates has gone wrong. Pressure on the "virtuous" high-saving dollar-creditor East Asian nations to appreciate their currencies leads to a "conflicted" choice between a possible deflationary slump if they do appreciate and threatened trade sanctions if they do not. Analyzing interactions among the East Asian economies, McKinnon explains the rationale, and the need, for greater exchange-rate security in the region, pointing to the soft-dollar pegs adopted by these nations as steps in the right direction. He suggests that the dollar standard in East Asia could be rationalized through collective action by national governments and considers the effect of American monetary and trade policies on the East Asian economy.
001385890 588__ $$aOCLC-licensed vendor bibliographic record.
001385890 650_0 $$aForeign exchange rates$$zEast Asia.
001385890 650_0 $$aMonetary policy$$zEast Asia.
001385890 653__ $$aECONOMICS/International Economics
001385890 653__ $$aECONOMICS/Finance
001385890 655_0 $$aElectronic books
001385890 852__ $$bebk
001385890 85640 $$3MIT Press$$uhttps://univsouthin.idm.oclc.org/login?url=https://doi.org/10.7551/mitpress/2901.001.0001?locatt=mode:legacy$$zOnline Access through The MIT Press Direct
001385890 85642 $$3OCLC metadata license agreement$$uhttp://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
001385890 909CO $$ooai:library.usi.edu:1385890$$pGLOBAL_SET
001385890 980__ $$aBIB
001385890 980__ $$aEBOOK
001385890 982__ $$aEbook
001385890 983__ $$aOnline