Asian Currency Unit (ACU), deviation indicators and exchange rate coordination in East Asia: A panel-based convergence approach |
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| Institution: | 1. Asian Development Bank Institute (ADBI), Kasumigaseki Building 8F, 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan;2. Director, Centre for International Capital Markets, London Metropolitan University, 84 Moorgate, London EC2M 6SQ U.K.;1. Japan Society for the Promotion of Science (JSPS) Postdoctoral Fellow, Gakushuin University, 1-5-1, Mejiro, Toshima-ku, Tokyo 171-8588, Japan;2. Institute of Social Science, the University of Tokyo, 7-3-1, Hongo, Bunkyo-ku, Tokyo 113-0033, Japan;3. JSPS Postdoctoral Fellow, Institute of Social and Economic Research, Osaka University, 6-1, Mihogaoka, Ibaraki, Osaka 567-0047, Japan;1. University of Tasmania, Hobart, TAS, Australia;2. CAMA, Australian National University, Canberra, ACT, Australia;3. New Zealand Treasury, Wellington, New Zealand;1. Center for Resources, Environment and Food Security, China Agricultural University, Beijing 100193, PR China;2. State Key Laboratory of Soil and Sustainable Agriculture, Institute of Soil Science, Chinese Academy of Sciences, Nanjing 210008, PR China;3. State Key Laboratory of Soil Erosion and Dryland Farming on the Loess Plateau, Northwest A&F University, Yangling 712100, PR China;4. Shandong Academy of Agricultural Science, Jinan 250100, PR China;1. Faculty of Economics, Keio University, 2-15-45 Mita, Minato-ku, Tokyo 108-8345, Japan;2. Faculty of Economics, Hitotsubashi University, 2-1 Naka, Kunitachi, Tokyo 186-8601, Japan |
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| Abstract: | Employing the panel convergence method of Phillips and Sul (2007) to the nominal deviation indicators of two recent unofficial constructions of an Asian Currency Unit (ACU) index, this paper examines the existence and extent of convergence in the movements of East Asian currencies against the ACU. Empirical results reveal that intra-East Asian exchange rate movements have not converged to form one, cohesive and unified bloc where currencies share homogenous movements, regardless of whether one examines the data on intra-East Asian exchange rate movements before or after the collapse of Lehman Brothers in September 2008. Instead, a separate number of convergent clubs or blocs in the region have formed in recent years. Finally, and most importantly, we observe at the end of the period of our examination that economies in the region are, generally, converging at different speeds to two opposing poles of convergence, that is, groups of relatively depreciating currencies and, on the other, groups of relatively appreciating currencies. |
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| Keywords: | Asian currency unit Nominal deviation indicators Panel convergence test F31 F36 C33 |
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