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Global Imbalances and the Asian Economies: Implications for Regional Cooperation

dc.contributor.authorBarry Eichengreen
dc.date.accessioned2015-03-18T06:57:24Z
dc.date.available2015-03-18T06:57:24Z
dc.date.issued2006-08-15
dc.identifier.urihttp://hdl.handle.net/11540/2563
dc.description.abstractThis paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand unchanged requires that this monetary tightening be complemented by some relaxation of fiscal policy. But because the scope for fiscal support of domestic demand differs across countries, so too does the optimal degree of monetary tightening and exchange rate adjustment. This observation makes clear that an attempt to suppress intra-Asian exchange rate movements would be counterproductive in this context. Other policy measures that produce effects over longer horizons that can further contribute to the rotation of demand away from exports to the US include the development of Asian financial markets and the completion of an Asian free trade area. These policy adjustments will occur most easily if they are coordinated within Asia.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleGlobal Imbalances and the Asian Economies: Implications for Regional Cooperation
dc.typeWorking Papers
dc.subject.expertEconomic Crisis
dc.subject.expertEconomic Efficiency
dc.subject.expertEconomic Policies
dc.subject.expertRegional Economic Development
dc.subject.expertPublic Sector Wages
dc.subject.adbCrisis
dc.subject.adbUnemployment
dc.subject.adbEconomic cooperation
dc.subject.adbGross domestic product
dc.subject.adbEmployment
dc.subject.adbWage payment systems
dc.subject.adbWages
dc.subject.naturalFinancial crisis
dc.subject.naturalLabor economics
dc.subject.naturalRegional economics
dc.subject.naturalGuaranteed annual wage
dc.subject.naturalWage differentials
dc.subject.naturalWages and labor productivity
dc.title.seriesADB Working Paper Series on Regional Economic Integration
dc.title.volume4
dc.contributor.imprintAsian Development Bank
oar.themeEconomics
oar.themePublic Sector
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-001711
oar.authorEichengreen, Barry
oar.importtrue
oar.googlescholar.linkpresenttrue


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