A Currency Basket for East Asia, Not Just China
For their own benefit and that of the rest of the world, East Asia should adopt a basket of currencies as the numeraire for their exchange rates instead of the dollar. It would be particularly advantageous to them if they were all to adopt the same basket. Such a basket would prevent variations in extraregional exchange rates from disrupting the East Asian economies by altering effective exchange rates and the relative competitiveness of the different countries of East Asia.
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- Williamson, John, 1982. "A survey of the literature on the optimal peg," Journal of Development Economics, Elsevier, vol. 11(1), pages 39-61, August.
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