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THE NEED FOR INTRAREGIONAL EXCHANGE RATE STABILITY IN EMERGING EAST ASIAN ECONOMIES

JONGHWA CHO
The Journal of East Asian Affairs
Vol. 18, No. 2 (Fall/Winter 2004), pp. 281-310
Stable URL: http://www.jstor.org/stable/23258196
Page Count: 30
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
THE NEED FOR INTRAREGIONAL EXCHANGE RATE STABILITY IN EMERGING EAST ASIAN ECONOMIES
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Abstract

There are three major reasons why the emerging East Asian market economies need to cooperate in order to coordinate their exchange rate policies. First, as intraregional trade becomes increasingly important for the future growth of this region, intraregional exchange rate stability will become all the more necessary. Second, calculating the Export Similarity Index of East Asian countries, we found that the structure of export commodities of the East Asian countries is becoming more similar. Third, because the export commodity structures of the East Asian countries are becoming similar, exchange rate fluctuations in any one country, as well as changes in the yen/dollar rate, affect the exports and GDP of other countries. Therefore, East Asian countries have to cooperate in their exchange rate policy to avoid macroeconomic instability due to intraregional exchange rate fluctuations.

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