Yen Bloc or Yuan Bloc : An Analysis of Currency Arrangements in East Asia

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue if China's relative presence continues to rise in the regional trade.
Publication date: January 2009
ISBN: 9781451871500
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Money and Monetary Policy , International - Economics , Currency Union , Gravity Model , currency unions , trade effects , exchange rate , regional trade , bilateral trade

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