Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/142794 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1590
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
This paper investigates whether the RMB is in the process of replacing the US dollar as the anchor currency in nine ASEAN countries, and also the linkages between the ASEAN currencies and a regional currency unit. A long-memory (fractional integration) model allowing for endogenously determined structural breaks is estimated for these purposes (Gil-Alana, 2008). The results suggest that the ASEAN currencies are much more interlinked than previously thought, whether or not breaks are taken into account, which provides support for a regional currency index as an anchor. Moreover, incorporating a break shows that the linkages between these currencies and the RMB and the US dollar respectively are equally important, and in fact in recent years the former have become stronger than the latter. Therefore including the RMB in the regional index should be considered.
Schlagwörter: 
ASEAN currencies
Chinese RMB
US dollar peg
fractional integration
breaks
JEL: 
F31
C22
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
577.22 kB





Publikationen in EconStor sind urheberrechtlich geschützt.