Competing proposal for the Asian basket currency

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概要

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• This paper sets out to conduct a comparative study of competing proposals for the Asian basket currency based on objective criteria. One of the proposals is ACU: the basket currency which is composed of several Asian currencies. The other is DEY, which the yen, the dollar and the euro comprise. Statistical examinations by using unconditional volatility can not determine relative merits of competing proposals. Meanwhile results from fluctuation widths demonstrate a clear-cut advantage of ACU over DEY. This result implies much higher feasibility of a target zone mechanism applying ACU. Besides, this study clarifies an instability of DEY is attributed to the unprecedented global imbalance.　JEL classification: F15, F31, F33　Keywords : Basket currency, Target zone system

• 山形大学の論文
• 2005-07-29

著者

• 山口 昌樹

  山形大学人文学部法経政策学科

• 山口 昌樹

  山形大学人文学部

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