The International Monetary Regime in the 21st Century.

• Position: Dec 19-20, 1997

The NBER, the Tokyo Center for Economic Research (TCER) and London's Centre for Economic Policy Research (CEPR) jointly sponsored a conference on "The International Monetary Regime in the 21st Century" in Tokyo on December 19 and 20, 1997. NBER Research Associate Takatoshi Ito, also of Hitotsubashi University, organized the conference and selected the following topics for discussion:

Takatoshi Ito; Eiji Ogawa, Hitotsubashi University; and Yuri Nagataki Sasaki, Takachiho Sho-ka University, "How Did the Dollar Peg Fail in Asia?"

Discussants: Shin-Ichi Fukuda, University of Tokyo, and Akihiko Matsui

Shigeru Akiyama and Masahiro Kawai, University of Tokyo, "Empirical Analyses of Exchange Rate Arrangements: Changing Influences of the World's Major Currencies"

Discussants: Barry Eichengreen, NBER and University of California, Berkeley, and Shinji Takagi, Osaka University

Barry Eichengreen, "The Euro as a Reserve Currency"

Discussants: Kazuo Ueda, University of Tokyo, and Richard Portes, London Business School

George Alogoskoufis, Athen University of Economics and Business; Richard Portes, and Helene Rey, London School of Economics, "The Emergence of the Euro as an International Currency"

Discussants: Tsutomu Watanabe, Bank of Japan, and Kathryn M.E. Dominguez, NBER and University of Michigan

Kathryn M.E. Dominguez, "The Dollar Exposure of Japanese Companies"

Discussants: Michihiro Oyama, Keio University, and Philipp Hartmann, European Monetary Institute

Sahoko Kaji, Keio University, "The True Economic Benefit of EMU" Discussants: Ken-Ichi Ohno, Saitama University, and Helene Rey

Akihiko Matsui, "Strong Currency and Weak Currency"

Discussants: Nobuhiro Kiyotaki, London School of Economics, and Takeo Hoshi, Osaka University

Phillippe Martin, Graduate Institute of International Studies, "The Exchange Rate Policy of the Euro: A Matter of Size?"

Discussants: Mitsuhiro Fukao, Keio University, and Tsutomu Watanabe

Philip Hartmann, "The Future of the Euro as an International Currency"

Discussants: Phillippe Martin, and Eiji Ogawa, Hitotsubashi University

One of the factors that contributed to the Asian currency crises of 1997 is the exchange rate regime that had de facto pegged to the U.S. dollar. ASEAN and East Asian countries have considerable trade relationships with Japan, while their exchange rates are fixed to the U.S. dollar (either in nominal terms, as with Thailand, or with an inflation adjustment slide, as with Indonesia). The yen depreciation...