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Yen Bloc or Yuan Bloc; An Analysis of Currency Arrangements in East Asia

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  • Kazuko Shirono

Abstract

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue if China's relative presence continues to rise in the regional trade.

Suggested Citation

  • Kazuko Shirono, 2009. "Yen Bloc or Yuan Bloc; An Analysis of Currency Arrangements in East Asia," IMF Working Papers 09/3, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/3
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    Cited by:

    1. Boubakri, Salem & Guillaumin, Cyriac, 2015. "Regional integration of the East Asian stock markets: An empirical assessment," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 136-160.
    2. Colavecchio, Roberta & Funke, Michael, 2009. "Volatility dependence across Asia-Pacific onshore and offshore currency forwards markets," Journal of Asian Economics, Elsevier, vol. 20(2), pages 174-196, March.
    3. Sergey Narkevich & Pavel Trunin, 2012. "Reserve Currencies: Factors of Evolution and their Role in the World Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 162P.

    More about this item

    Keywords

    Exchange rate regimes; Economic models; East Asia; Economic cooperation; Data analysis; Currencies; China; Japan; Monetary unions; Trade; Trade models; Currency Union; Gravity Model; currency unions; trade effects; exchange rate; regional trade; bilateral trade;

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