- Consulting Editors
- List of Contributors
- The History of Biological Exploitation on the Pacific Rim
- Climate Risk and Response in the Pacific Rim
- Natural Disasters and Economic Policy for the Pacific Rim
- International Labor Migration in the Pacific Rim
- Age Compositional Shifts and Changing Intergenerational Transfers in Selected Asian Countries
- Human Capital Trends in the Pacific Rim
- Economic Growth and Performance on the Pacific Rim
- The New Structural Economics and Strategies for Sustained Economic Development in the Pacific Island Countries
- The Evolution of Fiscal Developments and Policies in the Pacific Rim
- Asia in Global Economic Governance
- Geoeconomics Versus Geopolitics: Implications for Asia
- The Political Economy of Asia-Pacific Trade Agreements
- Global Production Sharing and Trade Patterns in East Asia
- Foreign Trade of the Pacific-Rim Economies
- Are the Geese Still Flying? Catch-Up Industrialization in a Changing International Economic Environment
- Multinational Enterprises, Foreign Direct Investment, and the East Asian Economic Integration
- The Impact of Industrial Policy on Asian Growth: An Example From Taiwan
- Creative Industries: Socio-Economic Transformation as the New Face of Innovation
- The Road to Innovation in East Asia
- Asian Financial Crises
- The “Impossible Trinity,” The International Monetary Framework, and the Pacific Rim
- Rethinking Capital Account Liberalization
- Asian Currencies in the Global Imbalance and Global Financial Crisis
- Rebalancing of the World Economy and Asia
- China’s Financial Openness and Asset Return Linkages in East Asia
- The Offshore RMB Market in Hong Kong and RMB Internationalization
- Author Index
- Subject Index
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).
Eiji Ogawa is Professor of International Finance at Hitotsubashi University, Graduate School of Commerce and Management.
Chikafumi Nakamura is Assistant Professor of Economic Systems Analaysis at Kyusha University.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.