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Japanese Yen as an Alternative Vehicle Currency in Asian Countries

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Abstract

Members of Asian countries have been thinking about using another currency instead of the US dollar for regional trade. Hence, there is a strong case to study the Japanese yen as an alternative hard currency in this region for trade transaction. This paper investigates the long run cointegration to determine the possibility and feasibility to use yen as a future vehicle currency in the Asian region namely Malaysia, Singapore, Thailand, Indonesia, Philippines, China, Korea and India by examining their daily exchange rate movements denominated in yen. Empirical evidence shows that four out of eight countries, namely, Malaysia, Philippines, Singapore and Korea are the countries that support this hypothesis.

Suggested Citation

  • M Azali & R C Royfaizal & C Lee, 2009. "Japanese Yen as an Alternative Vehicle Currency in Asian Countries," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(2), pages 6-16, May.
    • Handle: RePEc:icf:icfjmo:v:07:y:2009:i:2:p:6-16
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    Cited by:

    1. Lee, Grace H.Y. & Koh, Sharon G.M., 2012. "The prospects of a monetary union in East Asia," Economic Modelling, Elsevier, vol. 29(2), pages 96-102.
    2. Lee, Chin & M., Azali, 2013. "Financial Integration among ASEAN+3 Countries: Evidence from Exchange Rates," MPRA Paper 58162, University Library of Munich, Germany.
    3. Wong, KKS & Chin, Lee & Azali, M, 2015. "Yen Synchronization among ASEAN-5, Korea and Japan: Evidence from The Multivariate GARCH Model," MPRA Paper 96863, University Library of Munich, Germany.

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