Against the background of increasing regional trade and investment, there is growing interest in monetary and macroeconomic policy coordination in East Asia. Although there is a sizable literature on macroeconomic linkages among East Asian countries and the potential merit of policy coordination in the region, the existing studies tend to examine these issues exclusively in terms of macroeconomic variables and do not consider how these aggregate variables are influenced by one prominent feature of a number of East Asian economies: their heavy dependence on the electronics industry. Although active engagement in the global electronics industry has been a powerful growth engine for the Asian countries, it has also left their economies vulnerable to cyclical fluctuations in the world electronics market. As the cycle of the global electronics industry exerts profound impacts on the medium-term dynamics of the Asian economies, it is imperative to take an explicit account of its influence when studying the way in which the regional economies are linked to one another and how this relationship can be altered by a specific policy initiative. We illustrate the importance of this point by examining recent studies on: (1) trade competition between China andother Asian countries and the role of the Chinese renminbi therein; and (2) the effect offluctuations in the yen/dollar exchange rate on the regional economies.
権利
Copyrights 日本貿易振興機構（ジェトロ）アジア経済研究所 / Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) http://www.ide.go.jp
雑誌名
IDE Discussion Paper
雑誌名(英)
IDE Discussion Paper
巻
34
発行年
2005-08-01
出版者
Institute of Developing Economies (IDE-JETRO)
著者版フラグ
publisher
日本十進分類法
549
JEL分類
JEL:F14 - Country and Industry Studies of Trade
JEL:F15 - Economic Integration
JEL:F33 - International Monetary Arrangements and Institutions
地域/国名
東アジア
東南アジア
キーワード(LSH)
Electronics cycle
Export competition
Renminbi
Yen/dollar exchange rate
Electronics
International trade
Foreign exchange
East Asia
Southeast Asia
エレクトロニクス
貿易
外国為替
東アジア
東南アジア
Trade, Exchange Rates, and Macroeconomic Dynamics in East Asia: Why the Electronics Cycle Matters
本文
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