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By Ramkishen Rajan

This book concentrates on exchange charges and their macroeconomic effects, analytical and empirical concerns when it comes to forex crises and coverage responses and fiscal and fiscal cooperation in Asia. it's actually pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.

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1986). “Rational and Self-fulfilling Balance of Payments,” American Economic Review, 76, 72–81. Obstfeld, M. (1994). “The Logic of Currency Crises,” Cahiers Économiques et Monetaries, 43, Banque De France, Paris, 189–213. S. D. Willett (2007). 10/2007, Hong Kong Institute for Monetary Research. Pang, P. (2005). “Foreign Exchange Operations: The Recent Experience of Hong Kong,” in Foreign Exchange Market Intervention in Emerging Markets: Motives, Techniques and Implications, BIS Papers No. 24, 162–170.

A strong stock of reserve helps to minimize external vulnerability and increase confidence in the economy, especially among foreign investors. (p. 280) A similar point has been made regarding Korea: Since adoption of the free floating exchange rate system, the Korean authorities have actively endeavoured to achieve stabilisation of the foreign exchange market. In the process of overcoming the currency crisis, the Korean authorities tried to expand the nation’s international reserves. (Rhee and Lee 2005, p.

See, for example, Willett and Kim (2006). Of course, if an economy has been maintaining a fairly stable and rigid exchange rate peg like China and Hong Kong without there being opportunistic devaluations, it may be inappropriate to characterize that as being mercantilist. With regard to the supposed floaters in emerging Asia, there is evidence that they continue to actively manage their currencies vis-à-vis the US dollar even post-1998 (see Cavoli and Rajan 2009, chapter 1; Willett et al. 2005 and McKinnon and Schnabl 2004).

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