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Identifier to cite or link to this item: https://hdl.handle.net/10086/26654

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Title
How Did the Global Financial Crisis Misalign East Asian Currencies?
Creator
Creator Name
OGAWA, Eiji OGAWA, Eiji
小川, 英治 小川, 英治
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
WANG, Zhiqian WANG, Zhiqian
Key Word
Asian Monetary Unit
AMU Deviation Indicator
PPP-Based AMU Deviation Indicator Adjusted by the Balassa–Samuelson Effect
β-Convergence and σ-Convergence
Regional Monetary Cooperation
JEL
F31
F33
Abstract
This paper investigates how the East Asian currencies were affected by the global financial crisis. We employ methodologies involving β-convergence and σ-convergence to examine the misalignments or divergence of East Asian currencies in different sample periods. Our empirical results show that exchange rate misalignments among East Asian countries were widening even before the global financial crisis. Active international capital flows such as yen carry trade also affected the movement of East Asian currencies. We conclude that it is necessary to establish a surveillance system within the East Asian area for purposes of early detection and prevention of intra-regional exchange rate misalignments.
Publisher
Hitotsubashi University Center for Financial Research
Issued Date
2014-05
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Working Paper Series ; No. G-1-8
Number of Pages
31
Appears in Collections
Working Paper Series / Hitotsubashi University Center for Financial Research
URL
https://hdl.handle.net/10086/26654