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Will history repeat itself? Lessons for the yuan

Cohen, Benjamin J. - 2014

included the deutsche mark (DM), the Japanese yen, and the euro (successor to the DM). Yet in the end their …

Persistent link: https://www.econbiz.de/10010397217

Economic stability and choice of exchange rate regimes

Kaji, Sahoko - 2013

the current euro area crisis. The euro may have led to bubbles, but member economies were not free of trouble before the … euro. Many members were losing competitiveness and in need of removing structural rigidities. If anything, the euro was … introduction of the euro and then discuss the governance overhaul taking place in Europe today. This overhaul was something that …

Persistent link: https://www.econbiz.de/10010397268

Dynamic transition of the exchange rate regime in the People's Republic of China

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014

This paper analyzes the optimal transition of the exchange rate regime in the People's Republic of China (PRC). How the PRC can successfully reach the desired regime - whether a basket peg or floating regime - from the current dollar-peg regime remains a major question. To answer it, we develop...

Persistent link: https://www.econbiz.de/10010397284

Issues for renminbi internationalization: An overview

Eichengreen, Barry; Kawai, Masahiro - 2014

The growing weight of the People's Republic of China (PRC) in the world economy, measured by gross domestic product (GDP) and trade volume, has intensified debate on the potential international role of its currency - the renminbi (RMB). This paper provides an overview of RMB internationalization...

Persistent link: https://www.econbiz.de/10010397329

Dynamic analysis of exchange rate regimes: Policy implications for emerging countries in Asia

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014

This paper discusses desirable exchange rate regimes and how countries can shift from their current regimes to these regimes over the medium term. We demonstrate the superiority of a basket-peg regime with the basket weight rule over a floating regime with the interest rate rule or the money...

Persistent link: https://www.econbiz.de/10011310997

Dynamic shift to a basket-peg or floating regime in East Asian countries in response to the People's Republic of China's transition to a new exchange rate regime

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper analyzes a desirable transition path for East Asian countries given the People's Republic of China's (PRC's) transition to a new exchange rate regime. It attempts to answer two main questions: (i) Would these countries be better off shifting to either a basket peg or a floating regime...

Persistent link: https://www.econbiz.de/10011311010

Dynamic effect of a change in the exchange rate system: From a fixed regime to a basket-peg or a floating regime

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper theoretically evaluates the dynamic effects of a shift in an exchange rate system from a fixed regime to a basket peg, or to a floating regime, and obtains transition paths for the shift based on a dynamic stochastic general equilibrium model of a small open economy. We apply...

Persistent link: https://www.econbiz.de/10011311015

Adjustments of capital account restrictions and exchange rate regimes in East Asia

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper discusses adjustments of capital account restrictions and exchange rate regimes in East Asia. Monetary authorities have two options for these adjustments: gradual adjustments or rapid adjustments. We analyze the costs and benefits for both adjustment options in each area, i.e.,...

Persistent link: https://www.econbiz.de/10011311016

Comparison of static and dynamic analyses on exchange rate regimes in East Asia

Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2015

This paper compares three methods of analyzing exchange rate regimes in East Asia: static analysis, conventional dynamic analysis, and dynamic transition analysis. First we provide quantitative results that both estimated parameters for Thailand and time intervals are applied symmetrically...

Persistent link: https://www.econbiz.de/10011311030

Optimal dynamic path during the transition of exchange rate regime: Analysis of the People's Republic of China (PRC), Malaysia, and Singapore

Yoshino, Naoyuki; Asonuma, Tamon - 2017

This paper considers the optimal exchange rate regime transition policy for three East Asian countries: the People's Republic of China (PRC), Malaysia, and Singapore. In contrast to two traditional approaches to exchange rate regimes in East Asia, the paper conducts a dynamic transition...

Persistent link: https://www.econbiz.de/10011852995