NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Shinji Takagi

Osaka University

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NBER Working Papers and Publications

January 2001Sterilization and the Capital Inflow Problem in East Asia, 1987-97
with Taro Esaka
in Regional and Global Capital Flows: Macroeconomic Causes and Consequences, NBER-EASE Volume 10, Takatoshi Ito and Anne O. Krueger, editors
Comment on "Lending Booms and Currency Crises: Empirical Link"
in Regional and Global Capital Flows: Macroeconomic Causes and Consequences, NBER-EASE Volume 10, Takatoshi Ito and Anne O. Krueger, editors
January 1999The Yen and Its East Asian Neighbors 1980-1995: Cooperation or Competition?
in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues (NBER-EASE volume 7), Takatoshi Ito and Anne O. Krueger, editors
August 1996The Yen and Its East Asian Neighbors, 1980-1995: Cooperation or Competition?
w5720
By looking at how an East Asian currency moves when the yen fluctuates sharply against the US dollar, we sometimes find that the reaction has been much more significant than would be suggested by the econometric estimates of the weight of the yen in nominal exchange rate determination. Moreover, the Korean won and the Malaysian ringgit have tended to move more closely with a depreciating yen, suggesting the countries' emphasis on export promotion. The Singapore dollar, on the other hand, has tended to move more closely with an appreciating yen, underscoring the importance attached to price stability. The paper concludes that, given the trend appreciation of the yen during the recent past, emphasis on price stability has contributed more to monetary cooperation in Asia than emphasis on e...

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