Currency Policy and International Reserves in East Asia
- 10.2991/aebmr.k.200312.086How to use a DOI?
The authors analyze correlation between international reserves in East Asian countries and their currency policy. The study focuses on ASEAN+3 countries. There is no united exchange rate regime in the region. ASEAN+3 countries are also characterized by frequent changes in exchange rate regimes. In order to create a “safety cushion” after the crises of 1997 and 2008-2009 regional countries increased their international reserves by stimulating export growth through a competitive devaluation policy against the USD. The regression analysis results show that despite the absence of an institutional framework for coordinated monetary policy in the region, de facto there is a pegging of nominal exchange rates of East Asian currencies to the USD.
- © 2020, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Y Dyomina AU - M Mazitova PY - 2020 DA - 2020/03/17 TI - Currency Policy and International Reserves in East Asia BT - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020) PB - Atlantis Press SP - 593 EP - 601 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200312.086 DO - 10.2991/aebmr.k.200312.086 ID - Dyomina2020 ER -