By Jehoon Park, T. J. Pempel, Geng Xiao
This publication takes account of the worldwide monetary main issue from Asian views, contemplating Asian responses to the obstacle through key arenas - regionalism in Asia and the G20.
The specialist members - either Asian and Western - illustrate that as G20 individuals, many Asian international locations are actually in a position to show off their expanding powers and effect on international concerns. inside of this context, and through multidisciplinary financial and political technology views, the booklet bargains with a number of matters similar to global method research, the controversy among the Washington Consensus and the Beijing Consensus, roles in the G20, and the contribution of 'middle' powers similar to Korea and Australia. the appliance of ecu stories to Asia can be thought of, as are views from the U.S.. The e-book concludes that the major to resolving the present international monetary predicament lies in how speedy a brand new worldwide governance and tracking method should be built, and that there are a number of roles for Asian international locations to play in its improvement.
Written with a uniquely multidisciplinary procedure, this ebook will turn out a desirable learn for a wide-ranging viewers encompassing teachers, scholars, researchers and policymakers in a few fields together with Asian experiences, economics, public coverage and local experiences.
Contributors: E.K.Y. Chen, R. Higgott, D. Hundt, G. Kim, P. Kim, T. Kim, Y. Kim, J. Ma, W. Moon, T. Nakajima, W. Pan, J. Park, T.J. Pempel, S. Quirk, L. Tian, I. Wallerstein, G. Xiao, J. Yang, L. Yongtao, D.R. Yoon
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Extra resources for Asian responses to the global financial crisis : the impact of regionalism and the role of the G20
1 INTRODUCTION The value of China’s currency, the renminbi (RMB), has become a contentious issue. Many argue that the currency is undervalued and has been the main source for the country’s large current account surpluses especially with the United States (US). There has been mounting external pressure on China to allow the RMB to appreciate against the US dollar. A number of economists also argue that the exchange rate regime in China should change to market-based floating from heavy intervention in the foreign exchange market.
Special economic zones were actually set up in many developing countries before China’s experiment. indd 33 03/07/2012 10:39 34 19. 20. 21. 22. 23. 24. Asian responses to the global financial crisis in the sense that the first zones should become ‘role models’ for the next tiers of zones, and the original zones would graduate and transform. Of course, by luck or by design, the success of the first tier of zones can also be linked to the part played by investment from Taiwan and Hong Kong, and other overseas Chinese.
However, to our surprise, they are not dealt with in a unified framework. indd 36 03/07/2012 10:39 The renminbi debate 37 We employ a vector autoregressive (VAR) model to assess the role of the exchange rate in Japan and China. We then present empirical evidence that shows some important differences between the experiences of Japan and China. Currency appreciation in Japan appears to reduce current account surpluses and induce economic downturn, as the Chinese government argues. On the other hand, RMB appreciation is not likely to have any significant effects on the current account balance, while (insignificantly) raising real income instead of reducing it.
Asian responses to the global financial crisis : the impact of regionalism and the role of the G20 by Jehoon Park, T. J. Pempel, Geng Xiao