Is North and South East Asia becoming a Yen block?

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Title: Is North and South East Asia becoming a Yen block?
Authors: Kearney, Colm
Muckley, Cal
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Date: 2005
Abstract: We examine the evidence of an emerging yen block in North and Southeast Asia using up to 27 years of weekly data on 9 bilateral yen exchange rates. The exchange rate returns are modelled in response to variations in their US dollar, German mark, and UK pound effective counterparts using a general-to-specific dynamic estimation strategy. We also investigate the pattern of regional trade integration over time. The results suggest increasing intra-regional trade integration, particularly regarding Japanese trade integration with the region. They also indicate the decreasing influence of the US dollar in terms of magnitude, the German mark in terms of scope and the UK pound in terms of both magnitude and scope with respect to exchange rate determination in the region. These findings are consistent with an emerging yen influence although not a defacto yen block.
Type of material: Working Paper
Publisher: University College Dublin. School of Business. Centre for Financial Markets
Copyright (published version): 2005, Centre for Financial Markets
Keywords: Exchange ratesYen blockAsian currency crisisExchange rate systems
Subject LCSH: Foreign exchange rates--Asia
Currency crises--Asia
Yen, Japanese--Asia
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Centre for Financial Markets Working Papers

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