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Asymmetric responses of East Asian currencies to the US dollar depreciation for reducing the US current account deficits


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Title: Asymmetric responses of East Asian currencies to the US dollar depreciation for reducing the US current account deficits
Authors: Ogawa, Eiji / Kudo, Takeshi
Issue Date: Feb-2007
Publisher: Elsevier
Citation: Journal of Asian Economics 18(1), February 2007, Pages 175-194
Abstract: In this paper, we investigate responses of East Asian currencies to the US dollar depreciation in the near future. First, we show that a significant depreciation of the US dollar will be necessary in order to reduce the current account deficits. Second, we show that the responses of the East Asian currencies to a sudden and sharp depreciation of the US dollar will differ with countries because of the different degree of linkages of the East Asian currencies to the US dollar. Based on the above analyses, a regional coordination of the exchange rate policy is necessary to the East Asian countries to response appropriately to a possible depreciation of the US dollar in the near future.
Keywords: US dollar depreciation / Investment-saving balance / International trade flows / Vector Autoregression (VAR) / Co-movements with US dollar
URI: http://hdl.handle.net/10069/7348
ISSN: 10490078
DOI: 10.1016/j.asieco.2006.12.007
Relational Links: http://www.elsevier.com/locate/asieco
Rights: Copyright © 2006 Elsevier Inc.
Type: Journal Article
Text Version: author
Appears in Collections:Articles in academic journal

Citable URI : http://hdl.handle.net/10069/7348

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