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Erschienen in:
Monetary Policy in East Asia: Implementation Matters Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

4. Exchange-Rate Management in East Asia: Words and Deeds

verfasst von : Ulrich Volz

Erschienen in: Monetary Policy Implementation in East Asia

Verlag: Springer International Publishing

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Abstract

This chapter discusses the declared exchange-rate policies of East Asian central banks and compares these with the de facto policies. Central banks that officially proclaim a fixed or managed exchange rate tend to intervene more in foreign exchange markets than central banks which officially follow a floating regime. However, even central banks that have implemented inflation-targeting frameworks with floating rates appear to carry out interventions. Several countries that self-describe their exchange-rate regime as “managed floating” appear to have been heavily engaged in foreign exchange-market interventions.

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Vorheriges Kapitel Inflation Targeting in Korea
Nächstes Kapitel Taiwan’s Exchange-Rate Policy and Its Current Challenges
Fußnoten
1
See Politi (2019).
 
2
The Plaza Accord was a joint agreement between France, West Germany, Japan, the United States and the United Kingdom, to depreciate the US dollar in relation to the Japanese yen and the German Deutsche mark by intervening in currency markets, signed at the Plaza Hotel, New York, on 22 September 1985.
 
3
For a recent assessment of the Plaza Accord, see Bergsten and Green (2016).
 
4
See, for example, Preeg (2003).
 
5
IMF (2016), Article IV, Section 1.
 
6
IMF (2016), Article IV, Section 3.
 
7
Decision No. 5392-77/63, 29 April 1977.
 
8
IMF (2006, p. 9).
 
9
Under East Asia, we comprise China, Hong Kong, Macao, Taiwan, Japan, Korea and the ten Southeast Asian nations that form the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Lao PDR (Laos), Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
 
10
See McKinnon (2005).
 
11
Ibid.
 
12
See Volz (2010, 2011, 2012, 2014).
 
13
See, for example, Henning (2013).
 
14
IMF (2018).
 
15
Jahan (2017), Volz (2015).
 
16
Although price stability has been an important target for East Asian central banks, it has been only one out of several targets, besides exchange-rate stability, the current account, employment and financial sector stability. For a critique of the inflation targeting approach in East Asia, see Volz (2015).
 
17
Bergsten and Gagnon (2017, p. 171).
 
18
Bergsten and Gagnon (2017) define a “currency manipulator” as a country that meets all of the following criteria in a given calendar year: recording a current account surplus larger than 3% of GDP; net acquisitions of official foreign-currency assets exceeding 2% of GDP; foreign exchange reserves and other official foreign assets exceeding three months of imports; foreign exchange reserves and other official foreign assets exceeding 100% of short-term external debt; net official flows exceeding 65% of oil exports minus production cost; and being classified by the World Bank as a upper middle-income or high-income country.
 
19
Bergsten and Gagnon (2017, p. 171).
 
20
Ibid., p. 2.
 
21
Ibid.
 
22
Collins and Gagnon (2019).
 
23
US Treasury, Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, Report to Congress, May, Washington, DC (2019, p. 6).
 
24
Ibid., p. 6. The only other three economies named on this list are Germany, Italy and Ireland, which are all members of the Eurozone.
 
25
Adler and Tovar (2011), Basu and Varoudakis (2013), Chutasripanich and Yetman (2015).
 
26
BIS (2005, 2013).
 
27
Chutasripanich and Yetman (2015, p. 3).
 
28
Adler and Tovar (2011).
 
29
Fratzscher et al. (2019).
 
30
It should be noted that Japan has not intervened in the foreign-exchange market since November 2011.
 
31
Belke and Volz (2019).
 
32
Belke and Volz, forthcoming.
 
Literatur
Adler, G., & Tovar, C. E. (2011). Foreign exchange intervention: A shield against appreciation winds? (IMF Working Paper No. 11/165). Washington DC: International Monetary Fund.
Basu, K., & Varoudakis, A. (2013). How to move the exchange rate if you must: The diverse practice of foreign exchange intervention by central banks and a proposal for doing it better (World Bank Policy Research Working Paper No. 6460) Washington DC: World Bank.
Belke, A., & Volz, U. (2019). Flows to emerging market and developing economies—Global liquidity and uncertainty versus country-specific pull factors. Review of Development Finance, 9(1), 32–50.
Belke, A., & Volz, U. (forthcoming). The Yen exchange rate and the hollowing out of the Japanese industry. Open Economies Review.
Bergsten, C. F., & Gagnon, J. E. (2017). Currency conflict and trade policy: A new strategy for the united States. Washington, DC: Peterson Institute for International Economics.
Bergsten, C. F., & Green, R. (Eds.). (2016). International monetary cooperation: Lessons from the Plaza accord after thirty years. Washington, DC: Peterson Institute for International Economics.
BIS. (2005). Foreign exchange market intervention in emerging markets: Motives, techniques and implications (BIS Paper No 24). Basel: Bank for International Settlements.
BIS. (2013). Market volatility and foreign exchange intervention in emes: What has changed? (BIS Paper No 73). Basel: Bank for International Settlements.
Chutasripanich, N., & Yetman, J. (2015). Foreign exchange intervention: strategies and effectiveness (BIS Working Paper No. 499). Basel: Bank for International Settlements.
Fernandez, A., Klein, M., Rebucci, A., Schindler, M., & Uribe, M. (2016). Capital control measures: A new dataset. IMF Economic Review, 64(3), 548–574.CrossRef
Fratzscher, M., Gloede, O., Menkhoff, L., Sarno, L., & Stöhr, T. (2019). When is foreign exchange intervention effective? Evidence from 33 countries. American Economic Journal: Macroeconomics, 11(1), 132–156.
Henning, C. R. (2013). Choice and coercion in East Asian exchange rate regimes. In B. J. Cohen & E. M. P. Chiu (Eds.), Power in a changing world economy lessons from East Asia (pp. 89–110). New York: Routledge.
IMF. (2018). Annual report on exchange arrangements and exchange restrictions 2017. Washington, DC: International Monetary Fund.
Jahan, S. (2017). Inflation targeting: Holding the line. Finance & Development (Back to Basics), 72–73.
McKinnon, R. I. (2005). Exchange rates under the East Asian dollar standard: Living with conflicted virtue. Cambridge, MA: The MIT Press.CrossRef
Preeg, E. H. (2003). Exchange rate manipulation to gain an unfair competitive advantage: The case against Japan and China. In: C. Fred Bergsten & J. Williamson (Eds.), Dollar overvaluation and the world economy. Special Report No. 16 (pp. 267–284). Washington DC: Institute for International Economics.
Volz, U. (2010). Prospects for monetary cooperation and integration in East Asia. Cambridge, MA: The MIT Press.CrossRef
Volz, U. (2011). On the choice of exchange-rate regimes for East Asia. In Y.-W. Cheung, V. Kakkar, & G. Ma (Eds.), The evolving role of Asia in global finance (pp. 123–156). Emerald Group Publishing: Bingley.CrossRef
Volz, U. (2012). Financial regionalism in East Asia. International Spectator, 47(4), 95–109.CrossRef
Volz, U. (2014). RMB internationalisation and currency co-operation in East Asia. In H. G. Hilpert & F. Rövekamp (Eds.), Currency cooperation in East Asia (pp. 57–81). Heidelberg and New York: Springer.
Volz, U. (2015). On the future of inflation targeting in East Asia. Review of Development Economics, 19(3), 638–652.CrossRef
Metadaten
Titel
Exchange-Rate Management in East Asia: Words and Deeds
verfasst von
Ulrich Volz
Copyright-Jahr
2020
Buch
Monetary Policy Implementation in East Asia

Print ISBN: 978-3-030-50297-3

Electronic ISBN: 978-3-030-50298-0

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-50298-0_4