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Unformatted text preview: anchor? The collective importance of EADS as a regional monetary anchor beyond that provided by the United States alone was revealed by the massive deflationary pressure in dollar terms which was unleashed in the whole East Asian region by the devaluations in eight East Asian countries. Second, I show how the post-crisis exchange rate regime in 1999 into 2000 exhibits high frequency pegging to the dollar much like the pre-crisis regime. Third, I explore the post-crisis "honey moon" effect where hot money flows are temporarily muted, but likely to return. Finally, the informal "rules of the game" under which EADS operates, and how these might be improved to give the dollar standard greater resilience through lengthening the term structure of finance are explored....
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- Spring '08