ASIAN MONETARY UNIT (AMU) AS A SURVEILLANCE INDICATORS FOR REGIONAL MONETARY COOPERATION

Eiji Ogawa () and Junko Shimizu ()
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Eiji Ogawa: Graduate School of Commerce and Management, Hitotsubashi University, Japan
Junko Shimizu: School of Commerce, Senshu Universitym, Japan

Journal of International Commerce, Economics and Policy (JICEP), 2011, vol. 02, issue 01, 67-83

Abstract: Ogawa and Shimizu (2005) proposed an Asian Monetary Unit (AMU), which is a common currency basket composed of ASEAN plus three Asian currencies, and AMU Deviation Indicators (AMU DIs), which indicates deviations of each Asian currency in terms of the AMU compared to the benchmark rate. In this paper, we use daily and monthly data of AMU and AMU DIs to examine their usefulness as a surveillance indicator for monetary cooperation in Asia. We find that an AMU peg system stabilizes the trade-weighted exchange rates within Asia and that AMU DIs warn of misalignments of and between Asia currencies.

Keywords: Regional monetary cooperation; common currency basket; Asian Monetary Unit (AMU); F31; F33; F36 (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1142/S1793993311000221

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