Exchange Rate Options for East Asia
Exchange Rate Options for East Asia
This chapter discusses three possibilities for future exchange rate options for the East Asian economies. The first would be the adoption of freely floating exchange rates throughout the region (or managed floating without cooperation between East Asian countries). The second possibility would be a continuation of the current system, which can be referred to as the East Asian dollar standard or the “Bretton Woods II system.” The third possibility is to engage in coordinated exchange rate stabilization or at some point even monetary unification. This option could be also described as bloc floating: while intraregional exchange rates would be managed or fixed, the East Asian currencies (or currency) could float freely against outside currencies such as the dollar and the euro.
Keywords: East Asian countries, freely floating exchange rates, Bretton Woods II system, exchange rate stabilization, bloc floating
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