| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w8002
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| 来源ID | Working Paper 8002
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| On the Desirability of a Regional Basket Currency Arrangement |
| Eiji Ogawa; Takatoshi Ito
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| 发表日期 | 2000-11-01
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| 出版年 | 2000
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| 语种 | 英语
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| 摘要 | This paper considers a theoretical model to examine an optimal exchange rate regime for (Asian) emerging market economies that export goods to the U.S., Japan, and neighboring countries. The optimality of the exchange rate regime is defined as minimizing the fluctuation of trade balances, in the environment where the yen-dollar exchange rate fluctuates. Since the de facto dollar peg regime is blamed as one of the factors that caused the Asian currency crisis, the question of the optimal exchange rate regime is quite relevant in Asia. The novelty of this paper is to show how an emerging market economy's choice of the exchange rate regime (or weights in the basket) is dependent on the neighboring country's. The dollar weights in the currency baskets of the two countries are determined as a Nash equilibrium. In general, there are multiple equilibria, and a coordination failure' may result. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w8002
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565593
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推荐引用方式
GB/T 7714 |
Eiji Ogawa,Takatoshi Ito. On the Desirability of a Regional Basket Currency Arrangement. 2000.
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文件名：
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w8002.pdf
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格式：
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Adobe PDF
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