This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate higher average welfare gains for East Asian...
Sara Segal-Williams is ChinaFile’s Senior Editor for Copy. She holds a B.A. from Bard College, where she concentrated in Chinese History, and an M.A. in International Relations from Central European...