On the renminbi dominance in East Asia

Jyh-Dean Hwang ()
Additional contact information
Jyh-Dean Hwang: National Taiwan University

No 2204544, Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences

Abstract: This paper investigates the role of the renminbi in East Asia. We find novel results that the renminbi dominance reported in recent studies stands only when daily data are used and the multicollinearity problem is uncorrected. Once the multicollinearity problem is corrected, the US dollar remains the dominant currency regardless of data frequency used. As the regression model, the periodization of data, and the sample currencies used in this study are the same as or similar to those used in the literature, our results are comparable to those reported in the literature. Our findings suggest that the renminbi dominance and the rise of a tri-polar global currency system advocated in the literature are flimsy, and one should be mindful of data frequency used when investigating this issue.

Keywords: renminbi dominance; renminbi bloc; East Asian currencies; international monetary system (search for similar items in EconPapers)
JEL-codes: F31 F36 (search for similar items in EconPapers)
Pages: 1 page
Date: 2015-09
References: Add references at CitEc
Citations:

Published in Proceedings of the Proceedings of the 4th Economics & Finance Conference, London, Sep 2015, pages 21-21

Downloads: (external link)
https://iises.net/proceedings/4th-economics-financ ... =22&iid=021&rid=4544 First version, 2015

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sek:iefpro:2204544

Access Statistics for this paper

More papers in Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences
Bibliographic data for series maintained by Klara Cermakova ().