Does a formal common-basket peg in East Asia make economic sense?
Before the financial crisis, a number of east Asian economies managed their exchange rates with the aim of stabilising the value of their currency against a basket of key major currencies, but overwhelmingly the US dollar (Frankel and Wei 1994). This suited these economies in the first half of the 1990s as the yen appreciated against the dollar, diverting trade and investment their way and stimulating economic growth. But as the dollar appreciated against the yen from 1995, these countries lost...[Show more]
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