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一篮子货币制度的成本、利益和约束，Costs, Benefits, and Constraints of the Basket Currency Regime，by Eiji Ogawaa, Takatoshi Itob, Yuri Nagataki Sasakic,发表于Monetary and financial integration in East Asia: The way ahead 2004, 2, 209-239. Abstract：A lesson from our experience of the Asian currency crisis in 1997 is that East Asian countries should not have adopted the de facto dollar peg system before the Asian currency crisis. East Asian countries should have taken into account their partners in international trade and financial transactions in choosing their own exchange rate regimes. Some have proposed that it is desirable for East Asian countries to adopt a basket currency regime, in which the monetary authorities should target their home currency to a basket currency, consisting of the US dollar, the Japanese yen, and the euro.
This paper gives an overview of the costs and benefits of the basket currency regime. The benefits of this regime include stabilizing trade balances, capital flows, and gross domestic product (GDP) for East Asian countries that trade with diverse countries, which include Japan, European countries, and intraregion countries as well as the United States (US). The benefits come mainly from the stability of the real effective exchange rate. However, some economists point out that intermediate exchange rate regimes are not a crisis-proof system from the viewpoint of “two corner solutions.” Other costs of intermediate exchange rate systems such as basket currency include complexity, nontransparency, and nonverifiability in operating such an exchange rate system. However, we observe that the benefits outweigh the costs.
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