Research Programs: International Macroeconomics

Research on Currency Baskets

Project Leader/Sub-Leader


OGAWA Eiji (Faculty Fellow)



Multiple currency swap agreements (CMIM) were created in Asia, and a surveillance unit (ASEAN Macro-Economic Research Office: AMRO) has started in Singapore. Under these circumstances, the Asian Monetary Unit (AMU), published by RIETI, will be expected to play an important role as a surveillance unit in the near future. The first purpose of this project is to hold meetings to discuss and bring a concrete proposal on regional monetary cooperation with researchers from Japan, China, and Korea. In addition, a database containing the industry-specific nominal effective exchange rates and the industry-specific real effective exchange rates of Japan, China, and Korea has been published consistently since May 2011, and has recently attracted increasing attention from policymakers.

The purpose of the research is not only to create a new standard on exchange rates in order to propose it as either an economic surveillance indicator or a policy indicator, but also to bring policy implications to future currency regimes in Asia by applying these indicators on macroeconomic analyses.

April 1, 2013 - March 31, 2015

Major Research Results


RIETI Discussion Papers


RIETI Discussion Papers


RIETI Discussion Papers