: Australia, New Zealand, USA and Japan. The main findings showed that both short-term and cyclical exchange rate volatility are … focuses on the effects of a currency union on exchange rate volatility following similar approach by Scrimgeour (2002 … currency baskets. Choosing a single common anchor currency based solely on exchange rate volatility may not be conclusive …

Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to …-crisis levels. By 2002, the day-to-day volatility of each country's exchange rate against the dollar has again become negligible. In … country. And, although Japan remains an important outlier, their joint pegging to the dollar benefits the East Asian dollar …