Reassessing the evidence of an emerging Yen block in North and Southeast Asia
|Title:||Reassessing the evidence of an emerging Yen block in North and Southeast Asia||Authors:||Kearney, Colm
|Permanent link:||http://hdl.handle.net/10197/1173||Date:||May-2005||Abstract:||Using weekly observations on 9 Asian currencies from November 1976 to December 2003, we re-examine the evidence of an emerging yen block in North and Southeast Asia. In contrast to previous research that assumes instantaneous adjustment of exchange rates by the region’s Central Banks to variations in the world’s main global currencies, we use a dynamic general-to-specific Newey-West estimation strategy that allows gradual adjustment and calculation of both short and long run equilibrium responses. We find that there is no de facto yen block, but although the US dollar remains dominant throughout the region, the yen’s influence is rising amongst a subset of the currencies since the early 1990s.||Funding Details:||Irish Research Council for the Humanities and Social Sciences; Anglo Irish Bank||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 rate systems; yen block||Subject LCSH:||Foreign exchange rates--Asia
|Language:||en||Status of Item:||Not peer reviewed|
|Appears in Collections:||Centre for Financial Markets Working Papers|
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