This book discusses key dimensions of exchange rates and exchange rate regimes in the region, with a focus on Korea. It examines East Asian exchange rate regimes, analyzes the impact of existing regimes on economies in the region, and suggests policy alternatives. The volume is based on an October 2004 conference on exchange rate regimes in East Asia sponsored by the Institute for International Economics and the Korea Development Institute (KDI). Experts from both the Institute for International Economics and KDI have contributed to this volume. C. Fred Bergsten presents the policy context and makes the case for coordinated international action. MoonJoong Tcha studies real exchange rates and profitability of firms, with a focus on Korea. Dongchul Cho analyzes the macroeconomic impacts on Korea of a revaluation of the Chinese renminbi. Morris Goldstein discusses China’s exchange rate regime and the reforms most suitable for it. Sang-Moon Hahm examines the costs and benefits of a stable exchange rate regime in East Asia. John Williamson sets forth a proposal for a new global exchange rate regime and analyzes its implications for East Asian currencies.

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