RIETI Policy Symposium

Resolving New Global and Regional Imbalances in an Era of Asian Integration

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Pros and Cons

YOSHITOMI Masaru (RIETI President and Chief Research Officer)
TANIKAWA Hiroya (RIETI Senior Fellow)

On June 17-18, 2004, the Research Institute of Economy, Trade and Industry (RIETI) hosted an international symposium, "Resolving New Global and Regional Imbalances in an Era of Asian Integration." During the symposium, the following topics generated lively debate: (1) the United States' massive external deficit; (2) networks of production and distribution developing throughout East Asia and the formation of a pattern of global "triangular" trade; and (3) currency regulation, including that for the Chinese renminbi, and foreign exchange regimes in Asia. The objective of this report is to summarize "pro" and "con" arguments on important issues that were discussed at the symposium, and to clearly define those issues. We would appreciate hearing your views on the comments and analyses presented here.

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Index

  1. The Background for Debate [PDF:74KB]
  2. Question: The Sustainability of the United States' Current Account Deficit: Is a Drastic Exchange Rate Adjustment Unavoidable? [PDF:112KB]
  3. Question: Is a Rise in the Value of the Renminbi Necessary? [PDF:115KB]
  4. Questions: What is the most appropriate currency exchange regime for Asia - fixed, floating, or a hybrid of the two? How can this regime be created? Is securing inter-currency stability in Asia desirable? [PDF:130KB]