Arbeitspapier
How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?
An Asian Currency Unit (ACU) index is constructed using an alternative procedure which minimizes a basket or portfolio of assets expressed in terms of national currencies. Using this estimated ACU index and an ACU Deviation Indicator, the main finding of this study based on the current trajectory of East Asian currencies relative to this regional ACU average or benchmark is that there is a formation of two contrasting groups of countries in the region - one a group of strong currencies and the other a group of weak currencies. We emphasize that the implication of this contrasting trajectory in East Asian intra-regional exchange rates is to disturb the competitive trading relationships in the region which may result in wasteful beggar-thyneighbor policies in the region. As emphasized by other recent studies, e.g., Kawai and Takagi (2012), the region needs a kind of framework for exchange rate policy coordination that will promote intra-regional exchange rate stability. We suggest several ways in which the region can capitalize on using this ACU index in the immediate term for surveillance purposes, particularly, for purposes of assessing "over- and undervaluation" of the individual currencies from the regional ACU average and for flagging emerging vulnerabilities in individual economies in the region.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADBI Working Paper ; No. 413
- Klassifikation
-
Wirtschaft
Economic Integration
Foreign Exchange
Open Economy Macroeconomics
- Thema
-
asian currency unit
acu index
amro
acu deviation indicator
beggar-thy-neighbor
Währungskorb
Wechselkurspolitik
Internationale Wirtschaftspolitik
Währungsrisiko
Wechselkurssystem
Ostasien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pontines, Victor
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank Institute (ADBI)
- (wo)
-
Tokyo
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Pontines, Victor
- Asian Development Bank Institute (ADBI)
Entstanden
- 2013
Ähnliche Objekte (12)
Feasibility of an Asian Currency Unit
Exchange rate coordination in Asia: Evidence using the Asian Currency Unit
Surveillance capitalism and two cases of currency innovation
Surveillance Capitalism and two Cases of Currency Innovation
The Asian Currency Unit, deviation indicators, and exchange rate coordination in East Asia: A panel-based convergence approach
Asian monetary unit and monetary cooperation in Asia
Developing Asian local currency bond markets: Why and how?
A de facto Asian-currency unit bloc in East Asia: It has been there but we did not look for It
The Currency Decimalised and Imperialised with the Shilling as the Unit
Cointegrating Smooth Transition RegressionsWith Applications to the Asian CurrencyCrisis
Currency and financial crises - lessons from the Asian crises for China?
Cointegrating smooth transition regressions with applications to the Asian currency crisis
Feasibility of an Asian Currency Unit
Exchange rate coordination in Asia: Evidence using the Asian Currency Unit
Surveillance capitalism and two cases of currency innovation
Surveillance Capitalism and two Cases of Currency Innovation
The Asian Currency Unit, deviation indicators, and exchange rate coordination in East Asia: A panel-based convergence approach
Asian monetary unit and monetary cooperation in Asia
Developing Asian local currency bond markets: Why and how?
A de facto Asian-currency unit bloc in East Asia: It has been there but we did not look for It
The Currency Decimalised and Imperialised with the Shilling as the Unit
Cointegrating Smooth Transition RegressionsWith Applications to the Asian CurrencyCrisis
Currency and financial crises - lessons from the Asian crises for China?
Cointegrating smooth transition regressions with applications to the Asian currency crisis
Feasibility of an Asian Currency Unit
Exchange rate coordination in Asia: Evidence using the Asian Currency Unit
Surveillance capitalism and two cases of currency innovation
Surveillance Capitalism and two Cases of Currency Innovation
The Asian Currency Unit, deviation indicators, and exchange rate coordination in East Asia: A panel-based convergence approach
Asian monetary unit and monetary cooperation in Asia
Developing Asian local currency bond markets: Why and how?
A de facto Asian-currency unit bloc in East Asia: It has been there but we did not look for It
The Currency Decimalised and Imperialised with the Shilling as the Unit
Cointegrating Smooth Transition RegressionsWith Applications to the Asian CurrencyCrisis
Currency and financial crises - lessons from the Asian crises for China?