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Is There a Role for an Asian Currency Unit?

In: Exchange Rates, Currency Crisis and Monetary Cooperation in Asia

Author

Listed:
  • Victor Pontines

Abstract

While most observers concur that the time is not ripe for Asia to consider a common currency, there has been some discussion about the possible creation of an Asian Currency Unit (ACU).2 This chapter examines the specific issue of the ACU which, in a general sense, is a weighted average of regional currencies a la the European Currency Unit (ECU) which was created in March 1979 under the European Monetary System (EMS) and remained in operation until the launch of the euro in January 1999.3 The remainder of the chapter is as follows. Section 11.2 provides a critical overview of and rationale for the ACU proposal. Section 11.3 offers an initial attempt at computing optimal currency compositions of the ACU based on the methodology developed by Hovanov, Kolari and Sokolov (2004). This methodology develops basket weights in the context of a minimized basket or portfolio of assets expressed in terms of national currencies. The final section offers a few concluding remarks.

Suggested Citation

  • Victor Pontines, 2009. "Is There a Role for an Asian Currency Unit?," Palgrave Macmillan Books, in: Ramkishen S. Rajan (ed.), Exchange Rates, Currency Crisis and Monetary Cooperation in Asia, chapter 11, pages 227-238, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23419-2_11
    DOI: 10.1057/9780230234192_11
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    Cited by:

    1. Boldea, O. & Engwerda, J.C. & Michalak, T. & Plasmans, J.E.J. & Salmah, S., 2011. "A Simulation Study of an ASEAN Monetary Union (Replaces CentER DP 2010-100)," Other publications TiSEM e92b4cbf-8cde-4a19-83e2-8, Tilburg University, School of Economics and Management.
    2. Engwerda, J. & Boldea, O. & Michalak, T. & Plasmans, J. & Salmah,, 2012. "A simulation study of an ASEAN monetary union," Economic Modelling, Elsevier, vol. 29(5), pages 1870-1890.

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