Is the European Exchange Rate Mechanism a Model for East Asia
Bibliographic Data
| ID | 11069002 |
|---|---|
| Authors | Dan Ciuriak (0000-0002-4646-4463, corresponding author) |
| Year | 2003 |
| Volume | 30 |
| Issue | 1 |
| Pages | 3-34 |
| Publication date | 2003-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Asian Affairs An American Review (JOURNAL) |
| Journal identifiers | ISSN: 0092-7678 • E-ISSN: 1940-1590 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00927670309603939 |
| OpenAlex | W3122591369 |
| Language | EN |
| Citations received | 2 |
| References cited | 3 |
he idea of an East Asian economic zone, first proposed in the late 1980s, T showed few signs of becoming a reality through economic diplomacy alone. In 1997, however, capital markets treated East Asia as a distinct region, with contagion from Thailand sweeping first through Southeast and then Northeast Asia. As liquidity supply from international capital markets dried up, several currencies went into free fall, at times fluctuating wildly. Currency devaluations against the dollar also resulted in large changes in cross-rates against other East Asian currencies, straining regional trade relationships and serving as a conduit for contagion. Compared with Europe's currency crisis of 1992-1993, Asia's was much more chaotic, and the ensuing economic downturn was much deeper. This raises the question of whether a regional exchange rate mechanism modeled on Europe's would have permitted a less-turbulent adjustment of Asian currencies in 1997. Although there have been no moves in that direction so far,' the crisis did give rise to closer cooperation among Asian monetary authorities, the idea of an Asian Monetary Fund, and consideration of deeper regional economic ties. Exchange rate regimes are particular to the political and economic circumstances of their age. The international gold standard came into being because of the historical accident that gold was Britain's monetary standard when it emerged as the world's leading industrial, colonial, and trading power in the 1800s. Growth in trade made it convenient for other countries to adopt the British monetary standard, and the massive expansion of gold production from around 1850, following discoveries of gold in the United States and Australia, made it possible.2 Britain's stable balance of payments, an important factor anchoring the system
Capital formation · Capital outflow · China · Currency · Currency crisis · Diplomacy · East Asia · Economics · Economy · Exchange rate · Financial capital · Geography · International economics · Keynesian economics · Liberian dollar · Market economy · Market liquidity · Monetary economics · Political science · Politics · Recession · Global Financial Crisis and Policies · Global trade and economics · State Capitalism and Financial Governance
| Citations per year | 0.09 |
|---|---|
| Citation span | 2004 - 2025 (22) |
| Highly cited | No |