Exchange Rate Regimes and Macroeconomic Stability, 2003

The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another.
Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability.
Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.

List of Contributors. Foreword; A. Razin. Acknowledgements. 1. Introduction; Lok-Sang Ho, Chi-wa Yuen. Part 1: The Asian Currency Crisis: Responses and Policy Options. 2. Lessons from the Asian Financial Crisis, and the Prospects for Resuming High Growth; Wing Thye Woo. 3. Financial Market Stability, Monetary Policy, and the IMF; J. Stiglitz. 4. The IMF Approach to the Asian Currency Crises: An Alternative View; C. Adams. 5. Does Asia Need a Common Currency?R. Mundell. 6. Recommending a Currency Basket System for Emerging East Asia; M. Kawai. Part 2: Monetary Policy, Exchange Rate Regimes, and Macroeconomic Stability. 7. A Comparative Analysis of Exchange Rate Regimes; N. Yoshino, et al. 8. Bringing about Realistic Exchange Rates: A Post-Asian Financial Crisis Perspective; Lok Sang Ho. 9. Contemplating the Credibility of Currency Boards; C. Ho. 10. Currency Board, Asian Financial Crisis, and the Case for Put Options; F.T. Lui, et al. 11. The Currency Board in Hong Kong: Operational Weaknesses and a Proposed Refinement Scheme; A.W.H. Chan. Postscript. Understanding Crises; Chi-Wa Yuen. Index.