Exchange Rates Under the East Asian Dollar Standard; Living with Conflicted Virtue
本书汇集了麦金农关于东亚国家汇率政策的最新研究，主张这些国家应协调政策以保持对美元汇率稳定，而非采用浮动汇率。
This book is the essence of Ronald McKinnon's recent work on the exchange rate policies pursued by the East Asian countries. It contains eight essays, of which three are written with his co‐author, Gunther Schnabl of Tiibingen University. Three other essays are co‐authored with Rishi Goyal of the IMF, Kenichi Ohno of the National Graduate Institute of Policy Studies in Tokyo, and Huw Pill of the Harvard Business School, respectively. McKinnon, the William D. Eberle Professor of International Economics at Stanford University and one of the main contributors to the theory of optimum currency areas, has been a leading figure in international economics for more than forty years. This book is yet another proof of his mastery. McKinnon argues forcefully and convincingly that the conventional wisdom that East Asian countries should adopt flexible exchange rates might be an ill advice. Instead, he makes a case that East Asian countries should co‐ordinate their policies to keep exchange rates stable against the dollar.