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The renminbi and exchange rate regimes in East Asia

Kawai, Masahiro; Pontines, Victor - 2014

financial crisis has been pursuing a policy to internationalize its currency, the renminbi (RMB). Clearly the exchange rate …

Persistent link: https://www.econbiz.de/10010357843

Is there really a renminbi bloc in Asia?

Kawai, Masahiro; Pontines, Victor - 2014

This paper examines whether the renminbi (RMB) has supplanted the US dollar as the major anchor currency in the …

Persistent link: https://www.econbiz.de/10010251700

Towards an expanded role for Asian currencies : issues and prospects

Chow, Hwee-kwan - 2011

Notwithstanding incumbency advantages and network effects enjoyed by the United States (US) dollar, considerations about the stability of its value have led Asian countries to fear they are holding their foreign exchange reserves in a depreciating currency. At the same time, it pays for the...

Persistent link: https://www.econbiz.de/10009130480

The financial crisis, rethinking of the global financial architecture, and the trilemma

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2010

This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...

Persistent link: https://www.econbiz.de/10003983276

Evaluating Asian swap arrangements

Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - 2011

Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008-2009 global financial...

Persistent link: https://www.econbiz.de/10009267752

How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?

Pontines, Victor - 2013

An Asian Currency Unit (ACU) index is constructed using an alternative procedure which minimizes a basket or portfolio of assets expressed in terms of national currencies. Using this estimated ACU index and an ACU Deviation Indicator, the main finding of this study based on the current...

Persistent link: https://www.econbiz.de/10009725121

New measures of the trilemma hypothesis : implications for Asia

Itō, Hiro; Kawai, Masahiro - 2012

We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...

Persistent link: https://www.econbiz.de/10009620473

Determinants of the trilemma policy combination

Itō, Hiro; Kawai, Masahiro - 2014

We present a theoretical framework for policy making based on the "impossible trinity" or the "trilemma" hypothesis. A simple optimization model shows that placing more weight in terms of preference for each of the three open macroeconomic policies - exchange rate stability, financial market...

Persistent link: https://www.econbiz.de/10010236385

The yuan's exchange rates and pass-through effects on the prices of Japanese and US imports

Xing, Yuqing - 2010

This paper estimated the pass-through effects of yuan’s exchange rates on prices of the US and Japanese imports from the People's Republic of China (PRC). Empirical results show that, a 1% nominal appreciation of the yuan would result in a 0.23% increase in prices of the US imports in the...

Persistent link: https://www.econbiz.de/10003983426

The currency of the People's Republic of China and production fragmentation

Yamashita, Nobuaki - 2011

This paper examines how an appreciation of the currency of the People's Republic of China (PRC) - renminbi - affects …/93-2008/09. It constructs two exchange rates for renminbi: one is a bilateral real exchange rate and the other is a real effective … exchange rate against East Asian component suppliers. It is found that appreciation of the renminbi would somewhat offset a …

Persistent link: https://www.econbiz.de/10009381669

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