东亚货币联盟与中国汇率制度解析.pptVIP

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TheEastAsianDollarStandardandChina’sExchangeRateRonaldMcKinnonStanfordUniversityApril,第1页

TheExchangeRateDebateinthe1990sBefore1997,EastAsiancountries,exceptforJapan,“softly”peggedtheirexchangeratestotheU.S.dollar.1997-98Crisis:Thailand,Indonesia,Philippines,Korea,andMalaysiaareattackedanddevalue—withbankruptciesandeconomicdownturnsspreadingcontagiously.TheIMFblamesthesoftpeggingforencouragingoverborrowingandcurrentaccountdeficitsleadingunsustainabledollarandyendebts.Itwarnsagainstanyreturntodollarpegging.Williamson

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