The Asian crisis of 1997-98 and its aftermath quickly shifted attention to and interest in concerns about currency crises and exchange rate movements in an era of rapid global capital flows. Given the high degree of economic openness in the region and its consequent importance of trade and investment, the Asian economies are especially susceptible to shifts in global capital flows and sharp exchange rate movements. While many Asian economies have taken a number of steps individually to fortify themselves against future external shocks, they have, as a group, simultaneously initiated a slow but steady process of enhancing monetary and financial cooperation. Since the region holds the largest reserves in the world and consequently plays a significant role in the global macroeconomic imbalances, Asian monetary and financial issues have clearly taken on global importance. The collection of chapters in this volume therefore attempts to explore various aspects of monetary, exchange rate and financial issues in Asia.
This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia. This book will be important for people related to Economics and FInance to keep them up-to-date on Financial world.
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