RIEB政策研究ワークショップ
（神戸大学金融研究会共催）
RIEB Policy Research Workshop
(Jointly supported by Monetary Economics Seminar of Kobe University)

「グローバル金融危機と東アジアの金融政策」
"Global Financial Crisis and Monetary Policy in East Asia"

ワークショップ趣旨（Motivation of the workshop）：
　　　After the Asian Crisis of 1997-98, many East Asian countries adopted an inflation targeting as their monetary policy framework and allowed for greater exchange rate flexibility. Yet exchange rate stability would still seem to play a major role in conducting monetary policy in the region. How can we assess the performance of East Asian monetary and exchange rate policy evaluated in the post- Asian crisis period? Does the recent US and global financial crisis that is becoming more severe have any influence on the monetary and exchange rate policy in East Asia in the near future?
　　　East Asian countries have accumulated massive foreign reserves under the tendency of sustained current account surpluses and currency appreciation. This may have financed US current account deficits and helped keep US long-term (and world) interest rates fairly low. Can we expect that the East Asian high saving countries still continue to invest in the US ? How great an impact the current global crisis has on East Asian economies’ financial sectors, trade balances and economic growth? What policy coordination would be desirable in the region?
　　　The workshop discusses these issues regarding monetary and exchange rate policy in East Asia and the impacts of the current global financial crisis on East Asian economies.