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Prospects for Monetary Cooperation and Integration in East Asia$
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Ulrich Volz

Print publication date: 2010

Print ISBN-13: 9780262013994

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262013994.001.0001

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Basket Strategies for East Asia

Basket Strategies for East Asia

Chapter:
(p.187) 11 Basket Strategies for East Asia
Source:
Prospects for Monetary Cooperation and Integration in East Asia
Author(s):

Ulrich Volz

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262013994.003.0011

This chapter examines the regionwide adoption of currency baskets by constructing three different hypothetical currency baskets to compare the nominal effective exchange rates that would prevail under the basket regimes with the actual exchange rate policies conducted. Based on these results, it develops a strategy for regional monetary integration in which countries first opt for a managed float regime guided by the use of a common basket as numéraire, and in which an Asian currency unit (ACU) is introduced as a virtual parallel currency to circulate alongside national currencies.

Keywords:   currency basket, monetary policies, East Asian countries, exchange rates, regional monetary integration, Asian currency unit

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