Assessing Co-ordinated Asian Exchange Rate Regimes
AbstractThis study assesses alternative Asian exchange rate regimes and finds short- and long-run currency dynamics more conducive to the possibility of introducing a common peg based on a basket of the European euro, the United States dollar and the Japanese yen than the alternative of re-introducing a United States dollar peg exchange rate regime. Exchange rate systems of 3- 4- and 5- Asian currencies are examined and the dynamics in a set of 4 European currencies prior to the introduction of the Euro provides benchmark evidence. The evidence for an Asian basket peg regime is strengthened when, unlike in prior studies, the long-run parameters are estimated while accounting for generalised autoregressive conditional heteroscedasticity effects.
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Bibliographic InfoPaper provided by Geary Institute, University College Dublin in its series Working Papers with number 200842.
Length: 26 pages
Date of creation: 13 Apr 2010
Date of revision:
Exchange Rate Regimes; Asia; Currency Pegs; Basket Exchange Rates;
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-24 (All new papers)
- NEP-IFN-2010-04-24 (International Finance)
- NEP-MON-2010-04-24 (Monetary Economics)
- NEP-SEA-2010-04-24 (South East Asia)
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- Lucey, Brian M. & Muckley, Cal, 2011.
"Robust global stock market interdependencies,"
International Review of Financial Analysis,
Elsevier, vol. 20(4), pages 215-224, August.
- Brian M Lucey & Cal Muckley, 2011. "Robust Global Stock Market Interdependencies," The Institute for International Integration Studies Discussion Paper Series iiisdp353, IIIS.
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