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AMU and AMU Deviation Indicators

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The purpose of this site is to publish the results of the AMU (Asian Monetary Unit) and AMU Deviation Indicators calculated by RIETI Faculty Fellow OGAWA Eiji and SHIMIZU Junko as a part of the RIETI project, "The Optimal Exchange Rate Regime for East Asia," headed by Faculty Fellow ITO Takatoshi. The AMU was created through the collaborative efforts Hitotsubashi University's Global COE Project "Research Unit for Statistical and Empirical Analysis in Social Sciences" and RIETI.

There are three kinds of the AMU based upon the currency composition and basket weights as follows:

  1. AMU (13 countries)
  2. AMU-wide (13 AMU + Australia, New Zealand, and India)
  3. AMU-cmi (13 AMU + Hong Kong)
Please refer to each section for detailed information.

About the AMU Page

The Purpose of AMU and AMU Deviation Indicators for East Asian Currencies

The monetary authorities of East Asian countries have been strengthening their regional monetary cooperation since the Asian currency crisis of 1997. This monetary cooperation after the crisis resulted in the Chiang Mai Initiative (CMI), which was established by the ASEAN + 3 (Japan, South Korea, and China) as a network of bilateral and multilateral swap arrangements to deal with a currency crisis in member countries. Under the CMI, the monetary authorities should conduct surveillance to prevent a currency crisis in the future.

As one of the new surveillance criteria, we propose the creation of an Asian Monetary Unit (AMU) and AMU Deviation Indicators for East Asian currencies. These should contribute to coordinated exchange rate policies in East Asia, thereby enhancing the monetary authorities' surveillance capabilities. We calculate the AMU as a weighted average of East Asian currencies according to the method used to calculate the European Currency Unit (ECU) adopted by EU countries under the European Monetary System (EMS) prior to the introduction of the euro. The AMU Deviation Indicators for each East Asian currency are measured to show the degree of deviation from the Benchmark Rate for each of the East Asian currencies in terms of the AMU.

We provide Nominal AMU Deviation Indicators on a daily basis and Real AMU Deviation Indicators, which are adjusted for differences in inflation, on a monthly basis. The Real AMU Deviation Indicators are more appropriate for conducting surveillance on the effects of changes in exchange rates on the real economy, while the Nominal AMU Deviation Indicators are more useful for monitoring their day-to-day deviations from the AMU.

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Figures

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AMU

1. Daily Value of AMU (vs. US$ - euro, US$, and euro)
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Data period: previous 4 years
1. Daily Value of AMU (vs. US$ - euro, US$, and euro)
2. Daily Nominal AMU Deviation Indicators (13 East Asian currencies)
Data period: previous 4 years
3. Monthly Nominal AMU Deviation Indicators (13 East Asian currencies)
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Data period: January 2000 to present
3. Monthly Nominal AMU Deviation Indicators (13 East Asian currencies)
4. Monthly Real AMU Deviation Indicators (13 East Asian currencies)
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Data period: January 2000 to present
4. Monthly Real AMU Deviation Indicators (11 East Asian currencies)

AMU component countries: ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) +3 (Japan, South Korea, China)

Standard of Real AMU Deviation Indicators data in Myanmar is drastically high compared with other countries. Therefore, we have excluded its standard from the graph.

AMU-cmi

1. Daily Value of AMU-cmi (vs. US$ - euro, US$, and euro)
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1. Daily Value of AMU-cmi (vs. US$ - euro, US$, and euro)
2. Daily Nominal AMU-cmi Deviation Indicators (14 East Asian currencies)
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2. Daily Nominal AMU-cmi Deviation Indicators (14 East Asian currencies)
3. Monthly Nominal AMU-cmi Deviation Indicators (14 East Asian currencies)
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3. Monthly Nominal AMU-cmi Deviation Indicators (14 East Asian currencies)
4. Monthly Real AMU-cmi Deviation Indicators (14 East Asian currencies)
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4. Monthly Real AMU-cmi Deviation Indicators (14 East Asian currencies)

AMU-cmi component countries: ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) +4 (Japan, South Korea, China, Hong Kong)
Data period:January, 2000 to present

Standard of Real AMU Deviation Indicators data in Myanmar is drastically high compared with other countries. Therefore, we have excluded its standard from the graph.

AMU-wide

1. Daily Value of AMU-wide (vs. US$ - euro, US$, and euro)
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1. Daily Value of AMU-wide (vs. US$ - euro, US$, and euro)
2. Daily Nominal AMU-wide Deviation Indicators (16 East Asian currencies)
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2. Daily Nominal AMU-wide Deviation Indicators (16 East Asian currencies)
3. Monthly Nominal AMU-widei Deviation Indicators (16 East Asian currencies)
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3. Monthly Nominal AMU-widei Deviation Indicators (16 East Asian currencies)

AMU-wide component countries:ASEAN10 +3 (Japan, South Korea, China) +3 (Australia, New Zealand, India)
Data period: January, 2000 to present

Data

Daily Data (January 2000 to present)

Monthly Data (January 2000 to present)

AMU-cmi Data (January 2000 to present)

AMU-wide Data (January 2000 to present)

Last update: September 19, 2014

If you would like to have data regarding the Weighted Average Index (Ogawa and Yoshimi, 2009) of AMU Deviation Indicators, please contact us via the e-mail address below.

Contact

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