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Title
The Optimum Currency Basket Approach to East Asia’s Coordinated Exchange Rate Intervention
Creator
Creator Name
Kim, Inchul Kim, Inchul
Affiliation
Affiliation Name
Sung Kyun Kwan University
Key Word
The optimum currency area
the target exchange rate
optimum currency weights
the basket exchange rate
the minimum variance
JEL
F33
F41
F42
Abstract
This paper develops a basis for exchange rate policy coordination for three countries, China, Japan, and Korea. We suggest that in managing the exchange rate, the three countries should establish the common rules for exchange rate intervention and propose that each country should use the optimum basket rate as the target exchange rate. In this paper we propose a basket rate formula for each country and derive the optimum weights for the currencies in the basket. To find the optimum currency weights, we minimize the variance of the percentage changes in the target exchange rate. Through empirical analysis, we get the result that the actual exchange rate of each country tends to fall within a range of plus- minus 3 percent around its target exchange rate.
Publisher
International Joint Research Center Fukino Project
Issued Date
2009-11
Language
英語(eng)
Resource Type
technical report（テクニカルレポート）
Version Type
VoR
Relation - Is Part Of
Related Title
Fukino DP Series, No. 014
Number of Pages
21
Sponsorship
Fukino foundation
Appears in Collections
Fukino Project Discussion paper series
URL
https://hdl.handle.net/10086/17850