By Shahid Yusuf, M. Anjum Altaf, Kaoru Nabeshima
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Extra resources for Global Change and East Asian Policy Initiatives
Sample text
This finding does not mean that their governments have adopted a policy of benign neglect of the exchange rate; in particular, the countries continue to resist pressure for their exchange rates to appreciate for fear of what this appreciation will do to the competitiveness of their exports. This kind of resistance is clearly evident in the massive accumulation of foreign exchange reserves by the countries of the region. But notwithstanding these tendencies, the data considered here still clearly suggest that the exchange rates of these countries are now noticeably more flexible than before the crisis.
Yusuf, Shahid, and Simon J. Evenett. 2002. Can East Asia Compete? Innovation for Global Markets. New York: Oxford University Press. Yusuf, Shahid, M. Anjum Altaf, and Kaoru Nabeshima, eds. 2004. Global Production Networking and Technological Change in East Asia. New York: Oxford University Press. Yusuf, Shahid, with M. Anjum Altaf, Barry Eichengreen, Sudarshan Gooptu, Kaoru Nabeshima, Charles Kenny, Dwight H. Perkins, and Marc Shotten. 2003. Innovative East Asia: The Future of Growth. New York: Oxford University Press.
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