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date: 28 February 2020

Abstract and Keywords

This chapter examines the behavior of the Asia Pacific region’s currencies through the lens of the global financial crisis of 2008-2009 and the global imbalances that have been a possible contributor to that crisis. It discusses the “savings glut” hypothesis and identifies the possible causes of global imbalances which include the behavior of asset prices and the U.S. fiscal deficits. It also considers the possibility of an Asian Currency Unit (ACU) or Asian Monetary Unit (AMU).

Keywords: Asian currencies, global financial crisis, global imbalances, savings glut hypothesis, asset prices, U.S. fiscal deficits, Asian Currency Unit, Asian Monetary Unit

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