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Regional Monetary Coordination In Asia After The Global Financial Crisis: Comparison In Regional Monetary Stability Between ASEAN+3 And ASEAN+3+3

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Executive Summary

This paper analyzes how much deviation the authors have among Asian currencies, which include the Indian rupee, the Australian dollar, and the New Zealand dollar, given that they are discussing the East Asian Community based on ASEAN+3 (Japan, China, and South Korea)+3 (India, Australia, and New Zealand). They investigate whether intra-regional exchange rates increase in instability or deviation when the additional three countries (India, Australia, and New Zealand) join the ASEAN+3. Contribution of each currency to the weighted average of AMU-wide Deviation Indicators shows that movements in the Japanese yen have contributed to those in the weighted average of the AMU-wide Deviation Indicators over time during the sample period from January 2000 to January 2010.

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