Yen bloc or koala bloc? Currency relationships after the East Asian crisis |
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| Institution: | 1. Faculty of Business and Economics, Building E4A, Macquarie University, North Ryde, NSW 2109, Australia;2. School of Business, University of Western Sydney, Locked Bag 1797, Penrith, NSW 2751, Australia;1. Center for Innovation to Implementation and Substance Use Disorder Quality Enhancement Research Initiative, VA Palo Alto Health Care System, Palo Alto, CA, United States;2. VA Greater Los Angeles Health Care System and University of California Los Angeles, Los Angeles, CA, USA |
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| Abstract: | During the 1990s, several studies found evidence for a “yen bloc”, a significant and strengthening relationship between the Japanese yen and East Asian currencies possibly due to regional trade and investment by Japan. It appears that the Australian dollar now plays a similar role in the East Asian region, and the linkages between the Australian dollar and the Asian currencies show as much support for a “koala bloc” as a “yen bloc”. This study concludes that the US dollar appears to have declined in importance in post-1997 crisis East Asia, while Australia and Japan are becoming increasingly important regional influences. |
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