Currency Policy and International Reserves in East Asia

DOI

10.2991/aebmr.k.200312.086How to use a DOI?

Abstract

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.

Copyright

© 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/).

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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  -