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Examining the Case for an Asian Reserve Pool

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Book cover Exchange Rates, Currency Crisis and Monetary Cooperation in Asia

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Abstract

There are at least two important dimensions to the current macroeconomic imbalances plaguing the global economy. First is the rapid stockpiling of reserves by a number of Asian economies since the late 1990s. While Japan and China together account for about half of Asia’s reserve holdings (which stood at well over US$ 2,000 billion), South Korea, Taiwan, Hong Kong, India and Singapore each also hold over US$ 100 billion of reserves (Kim et al. 2005). Second is the issue of the sustainability of the US current account deficit and its resulting implications for the US dollar (Bernanke 2005).

This chapter draws on an article originally published in Asia-Pacific Journal of Economics and Business, 5 (12), 2005, 21–39 (Curtin University of Technology, Australia and Ryukoku University, Kyoto, Japan). Reprinted with permission.

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Authors
  1. Reza Siregar
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  2. Graham Bird
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Editor information

Editors and Affiliations

  1. School of Public Policy, George Mason University, USA

    Ramkishen S. Rajan (Associate Professor) (Associate Professor)

Copyright information

© 2009 Reza Siregar, Graham Bird

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Siregar, R., Bird, G. (2009). Examining the Case for an Asian Reserve Pool. In: Rajan, R.S. (eds) Exchange Rates, Currency Crisis and Monetary Cooperation in Asia. Palgrave Macmillan, London. https://doi.org/10.1057/9780230234192_9

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