This provided enough demand both to absorb the Asian trade surplus and keep the output of their domestic economies near full capacity. These policy-makers didn't do this out of altruism; they did it because they judged it to be in their nations' best interests. Nonetheless, their behaviour was, in my view, a stabilising force.
To be effective, the international monetary system must deliver both sufficient nominal stability in exchange rates and domestic prices, and timely adjustment to shocks and structural changes. Attaining this balance can be very difficult.