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<P>Edited by Jan Joost Teunissen and Age Akkerman</P>
<P>ISBN-10: 90-74208-28-2<BR>ISBN-13: 978-90-74208-28-4<BR>Copyright: Forum on Debt and Development (FONDAD), <STRONG>2006.</STRONG></P>
<P><BR>Contents</P>
<P>Acknowledgements ix<BR>Notes on the Contributors x<BR>Abbreviations xv</P>
<P><STRONG>1 Should Developing Countries Support the US Dollar? By Way of Introduction 1</STRONG><BR>Jan Joost Teunissen<BR>The History of the US Debt Problem 3<BR>The Financing of US Deficits by Developing Countries 10<BR>About this Book and the Next Volume 12</P>
<P><STRONG>2 Global Imbalances and Emerging Markets 14</STRONG><BR>Barry Eichengreen and Yung Chul Park<BR>1 The Likelihood of a Disorderly Correction 16<BR>2 The Impact on Emerging Markets 20<BR>3 What Countries Can Do 27<BR>4 Conclusion 40</P>
<P><STRONG>3 Global Imbalances and Latin America: A Comment on Eichengreen and Park 45</STRONG><BR>Barbara Stallings<BR>1 The “Upbeat Model” 46<BR>2 Non-Asian Emerging Market Countries 47<BR>3 Politics of Policy Recommendations 51<BR>4 Conclusions 52</P>
<P><STRONG>4 The Dilemmas and Dangers of the Build-Up of US Debt: Proposals for Policy Responses 53<BR></STRONG>Jane D’Arista and Stephany Griffith-Jones<BR>1 US Debt and Global Imbalances 58<BR>2 Risks in Failing to Address the US Foreign Debt Problem 71<BR>3 How Should the Problem Be Addressed and By Whom? 77<BR>4 Conclusions 83</P>
<P><STRONG>5 Currency Asymmetry, Global Imbalances, and Rethinking of the International Currency System 87<BR></STRONG>Fan Gang<BR>1 China’s Trade Has Been Mostly Balanced in the Past 28 Years 88<BR>2 China’s Trade Imbalance With the US and the New Supply Chain in Asia 90<BR>3 Where Did China’s Large Foreign Exchange Reserve Come From? 93<BR>4 National Savings and Global Imbalance 94<BR>5 The “Currency Asymmetry” and the Persistent Tendency of US Dollar Devaluation 96<BR>6 Effective and Real Exchange Rate: What Is Developing<BR>Countries’ Responsibility for Global Imbalance? 98<BR>7 Concluding Remarks 101</P>
<P><STRONG>6 China’s Macroeconomic Imbalances: The Liquidity Tango Mechanism</STRONG><BR>Wing Thye Woo 106<BR>1 Systemic Inflationary Tendency: The Liquidity Tango<BR>Until 1995 110<BR>2 Suspending the Liquidity Tango: Current Account Surpluses<BR>in 1994-2005 113<BR>3 The SOBs Are Undermining the State’s Fiscal Position 119<BR>4 Freeing the Interest Rate and the Exchange Rate to Address<BR>Macroeconomic Imbalances? 122<BR>5 Fixing the Banking System to Facilitate Macroeconomic<BR>Management 126<BR>6 Conclusion 128</P>
<P><STRONG>7 How Effective Is Monetary Policy in China? A Comment on Woo’s “Inflationary Tango” 131<BR></STRONG>Zden􀆟k Drábek<BR>1 The Model of “Inflationary Tango” 133<BR>2 Questions About the Response Functions of Chinese Economic Agents 136<BR>3 Policy Implications 138</P>
<P><STRONG>8 Asian Monetary Coordination and Global Imbalances 141</STRONG><BR>Yonghyup Oh<BR>1 Asia’s Crisis and the Call for Monetary Cooperation 142<BR>2 Investing Abroad or At Home? 143<BR>3 Hurdles to Monetary Cooperation 144<BR>4 Concluding Remarks 147</P>
<P><STRONG>9 Understanding Imbalances in a Globalised International Economic System 149<BR></STRONG>Jan A. Kregel<BR>1 Why the Current Imbalances Are Unlike Any Other 151<BR>2 Analysing Regional Imbalances Through Regional Policy<BR>Choices 159<BR>3 The Imbalances Are Likely to Persist Unless Regional Policies<BR>Change 167<BR>4 Are There Medium-Term Forces that Can Undermine<BR>Policies? 168</P>
<P><STRONG>10 Policy Recommendations for the US, Europe and Asia: By Way of Epilogue 174<BR></STRONG>Jan Joost Teunissen<BR>The Responsibility of the United States 175<BR>Is Europe Powerless? 177<BR>The Possibilities for Asia 178<BR>Concluding Remarks 181</P>
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