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Toward an East Asian Exchange Rate Regime

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East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves. Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States.
Duck-Koo Chung is a member of the Korean National Assembly and a former Minister of Commerce, Industry, and Energy. He previously served as Director of the Research Center for International Finance at Seoul National University. Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California& #151;Berkeley. His books include The European Economy since 1945 (Princeton, 2007) and Global Imbalances: The Lessons of Bretton Woods (MIT, 2006).
"The seven chapters in this book provide a concise and informative snapshot of the current thinking on the topic of what type of exchange rate regime Asia should consider." -Tony Cavoli, University of South Australia, Pacific Affairs
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