Category

Number of Access this item:1,368（2024-04-20 16:46 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/13704

Link to primary information 

File Format Size Views Description
cover_13704 pdf
D05-131 pdf 565 KB 1,141

Item Information

Output File

Title
AMU Deviation Indicator for Coordinated Exchange Rate Policies in East Asia and its Relation with Effective Exchange Rates
Creator
Creator Name
Ogawa, Eiji Ogawa, Eiji
小川, 英治 小川, 英治
オガワ, エイジ オガワ, エイジ
Affiliation
Affiliation Name
Hitotsubashi University
Affiliation
Affiliation Name
RIETI
Creator Name
Shimizu, Junko Shimizu, Junko
シミズ, ジュンコ シミズ, ジュンコ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Key Word
AMU (Asian Monetary Unit)
deviation indicator
surveillance process
exchange rate policies
effective exchange rate (EER)
JEL
E58
F31
F33
Abstract
The monetary authorities in East Asian countries have been strengthening their regional monetary cooperation since the Asian Currency Crisis in 1997. In this paper, we propose a deviation measurement for coordinated exchange rate policies in East Asia to enhance the monetary authorities' surveillance process for their regional monetary cooperation. We calculate the AMU as a weighted average of East Asian currencies following the method used to calculate the European Currency Unit (ECU) and the AMU Deviation Indicators, which how the degree of deviation from the hypothetical benchmark rate for each of the East Asian currencies in terms of the AMU. Furthermore, we investigate the relationships between the AMU and its Deviation Indicators and the effective exchange rates of each East Asian currency. As a result, we found the strong relationships between the AMU or the AMU Deviation Indicators and the effective exchange rates except for some currencies. These results indicate that the AMU Deviation Indicators have positive relationship with their effective exchange rates. Accordingly, we should monitor both the AMU and the AMU Deviation Indicator for the monetary authorities' surveillance in order to stabilize effective exchange rate in terms of trader partners' currencies.
Description
First version: September 1, 2005; This version: Oct 26, 2005
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2006-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series ; No. d05-131
Relation
Related Identifier
URI
  http://21coe.ier.hit-u.ac.jp/english/index.html
Number of Pages
35
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Edition
[revised]
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/13704