Category

Number of Access this item:983（2024-04-19 07:42 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/17120

Link to primary information 

File Format Size Views Description
cover_17120 pdf
gd08-049 pdf 547 KB 871

Item Information

Output File

Title
Analysis on β and σ Convergences of East Asian Currencies
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
Creator Name
Yoshimi, Taiyo Yoshimi, Taiyo
吉見, 太洋 吉見, 太洋
ヨシミ, タイヨウ ヨシミ, タイヨウ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学の高度統計・実証分析拠点構築 = Research Unit for Statistical and Empirical Analysis in Social Sciences
JEL
F31
F33
Abstract
This paper investigates recent diverging trends among East Asian currencies as well as recent movements of the weighted average value of East Asian currencies (Asian Monetary Unit: AMU) and deviations (AMU Deviation Indicators) of the East Asian currencies from the average values by β and σ convergence methods. Our empirical analysis shows that linkages with the US dollar have been weakening since 2001 or 2002 for some of the East Asian countries. On the other hand, the monetary authority of China continues stabilizing the exchange rate of the Chinese yuan against the US dollar even though it announced its adoption of a currency basket system. It is found that the weighted average of East Asian currencies has been appreciating against the US dollar while depreciating against the currency basket of the US dollar and the euro until the global financial crisis in 2008. Also, the analytical results on β and σ Convergences show that deviations among the East Asian currencies have been widening in recent years, reflecting the fact that these countries' monetary authorities are adopting a variety of exchange rate systems. In other words, a coordination failure in adopting exchange rate systems among these monetary authorities increases volatility and misalignment of intra-regional exchange rates in East Asia.
Description
March 17, 2009
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2009-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Global COE Hi-Stat Discussion Paper Series ; No. 49
Relation
Related Identifier
URI
  http://gcoe.ier.hit-u.ac.jp/english/index.html
Number of Pages
26
Sponsorship
グローバルCOEプログラム = Global COE Program
Appears in Collections
Global COE Hi-Stat Discussion Paper Series
URL
https://hdl.handle.net/10086/17120