9780815700838

Yen Block

by
  • ISBN13:

    9780815700838

  • ISBN10:

    0815700830

  • Format: Paperback
  • Copyright: 2001-05-01
  • Publisher: Brookings Inst Pr

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Supplemental Materials

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Summary

In this important new book, C.H. Kwan asks whether the Japanese yen can, or will, replace the dollar as the key currency in East Asia. Kwan analyzes the implications for Japan and Asia's developing countries should they come together to form a yen bloc --a grouping of countries that use the yen as an international currency and maintain stable exchange rates against the yen. Combining academic analysis with his experience advising the Japanese prime minister and the Japanese minister of finance, Kwan concludes that a yen bloc might benefit Asia's developing countries --as well as Japan --while contributing to a more stable international monetary order. Kwan's book represents the first attempt to explore systematically the possibility of monetary integration in Asia. It also provides a vision for regional integration in Asia in the twenty-first century.

Author Biography

C. H. Kwan is a senior economist at the Nomura Research Institute and a senior fellow at the Research Institute of Economy, Trade and Industry.

Table of Contents

Preface xiii
Glossary xvii
Overview
1(14)
Four Analytical Approaches to a Yen Bloc
2(6)
Toward a Yen Bloc in Asia
8(7)
PART ONE THE ECONOMIC FUNDAMENTALS SUPPORTING A YEN BLOC
The Rise of Regionalism in Asia
15(23)
A Virtuous Circle between Interdependence and Economic Growth
15(8)
From Flying Geese to Falling Geese
23(5)
The Asian Financial Crisis
28(10)
Deepening Japan-Asia Interdependence
38(23)
The Yen-Dollar Rate and Asian Economic Growth
39(6)
Asia as a Major Determinant of Japanese Economic Performance
45(11)
Japan's Hollowing-Out Problem
56(5)
Asia in Search of a New Exchange Rate Regime
61(22)
The Vulnerability of the Dollar Peg System
63(5)
Dedollarization versus Redollarization
68(7)
Polar Regimes versus Intermediate Regimes
75(8)
Revitalizing the Japanese Economy
83(26)
The Aftermath of the Bubble Economy
84(10)
Structural Reform
94(6)
Early Signs of Change
100(9)
PART TWO FORMING A YEN BLOC IN ASIA
A Japanese Perspective
109(19)
The Internationalization of the Yen
109(6)
The Benefits to Japan
115(6)
Promoting the Yen as an International Currency
121(7)
An Asian Perspective
128(23)
In Search of Stability against the Yen
128(9)
An Optimal Peg for an Asian Country
137(7)
The Yen as an Anchor
144(3)
Appendix
147(4)
A Regional Perspective
151(24)
The Theory of Optimum Currency Areas
152(7)
Is Asia an Optimum Currency Area?
159(8)
The Key Currency for an Asian Monetary Union
167(8)
A Global Perspective
175(22)
National Currencies as International Currencies
176(6)
The Limitations of the Present International Monetary Regime
182(8)
Currency Blocs as Building Blocks
190(7)
References 197(8)
Index 205

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