BROOKINGS DISCUSSION PAPERS IN INTERNATIONAL ECONOMICS No. 158 WHICH EXCHANGE RATE REGIME FOR ASIA? Warwick J. McKibbin and Hong-Giang Lee February 2004 Warwick J. McKibbin is a professor in the economics department of the Research School of Pacific and Asian Studies at the Australian National University (ANU), a non-resident Senior Fellow in the Economic Studies Program at the Brookings Institution, and a Professorial Fellow at the Lowy Institute for International Policy in Sydney. Hong-Giang Le is a PhD candidate in the Economics Division of the Research School of Pacific and Asian Studies at the Australian National University. The views expressed are those of the authors and should not be interpreted as reflecting the views of other individuals or institutions named above. Brookings Discussion Papers in International Economics are circulated to stimulate discussion and critical comment. They have not been exposed to the regular Brookings prepublication review and editorial process. References in publications to this material, other than acknowledgement by a writer who has had access to it, should be cleared with the author or authors.