Optimal Pegs for East Asian Currencies
Optimal Pegs for East Asian Currencies
复制标题
东亚货币的最佳挂钩
DOI：
10.1006/jjie.1998.0410
复制
发表时间：
1999
影响因子：
2.9
通讯作者：
A. Bénassy
中科院分区：
文献类型：
--
作者：
A. Bénassy
事实证明，美元在亚洲各国的汇率制度中占有重要地位。本文表明，在1997年金融危机之前，亚洲对美元汇率的相对稳定并没有被最优货币区理论所解释，这与欧洲对德国马克的情况相矛盾。提出了另一种框架，其中日元集团的缺失是由国家贸易分布与债务货币分布之间的不匹配来解释的。研究表明，由于缺乏合作，亚洲国家在隐性盯住汇率的货币篮子中低估了日元的权重。日本j。Int。经济学。， 1999年3月，13(1)，44-60页。里尔大学2 （CADRE）和CEPII， 9 rue G. Pitard, 75015，法国巴黎。学术出版社版权所有。经济文献分类号：F31、F33、F36。
Abstract It has been evidenced that the U.S. dollar is prominent in the exchange rate regimes of Asian countries. This paper shows that the relative stability of Asian exchange rates against the U.S. dollar until the 1997 crisis is not accounted for by the theory of optimum currency areas, in contradiction to the situation in Europe vis-a-vis the deutsche mark. An alternative framework is proposed where the absence of a yen bloc is explained by the mismatch between the country distribution of trade and the currency distribution of the debt. It is shown that the lack of cooperation makes Asian countries underweight the yen in their implicit basket pegs. J. Japan. Int. Econ. , March 1999, 13 (1), pp. 44–60. University of Lille 2 (CADRE) and CEPII, 9 rue G. Pitard, 75015 Paris, France. Copyright 1999 Academic Press. Journal of Economic Literature Classification Numbers: F31, F33, F36.