东亚货币转向钉住新的货币篮子？

Journal of Financial Research

2016, Vol. 429

Issue (3): 31-41 DOI:

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Emerging Asia Currencies Anchor to Emerging Currency Baskets?

XU Qiyuan, YANG Panpan

Institute of World Economics and Politics, Chinese Academy of Social Sciences

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Abstract With the time varying parameter regression, this paper finds that since the global financial crisis, the East Asian currencies have moved towards basket-peg. Nevertheless, whether there is a convergence among the selection of currency anchors in the baskets remains doubtful. In addition, the dollar still plays a dominant role in the baskets, and renminbi’s influence increases slightly. Opposite to the conventional view, the US dollar’s position weakened mainly before the sub-prime crisis. While the global financial crisis enhances the role of dollar and euro and undermines the role of renminbi and yen. But different from yen, renminbi’s position restored and became even more important after that.

Key words： East Asia Currency Anchor RMB Bloc

Received: 09 June 2015 Published: 01 January 1900

JEL分类号:	E58
	F33
	F42

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XU Qiyuan,YANG Panpan. Emerging Asia Currencies Anchor to Emerging Currency Baskets?[J]. Journal of Financial Research, 2016, 429(3): 31-41.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V429/I3/31

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