Stabilization of Effective Exchange Rates Under Common Currency Basket Systems
---- Acknowledgements ----
This paper is forthcoming in the Journal of the Japanese and International Economies and it was presented at the 18th Annual TRIO Conference (supported by NBER-TCER-CEPR-CIRJE) held at University of Tokyo on December 9-10, 2005. The authors are grateful to Taizo Motonishi, Mark Spiegel, and participants for their useful suggestion and discussion. The authors are thanks to Takatoshi Ito, John Williamson, Jae-Ha Park and participants in at the International Workshops of RIETI on October 31, 2005 for their useful comments, too. Ogawa: Corresponding author. Graduate School of Commerce and Management, Hitotsubashi University. 2-1 Naka, Kunitachi, Tokyo 186-8601, Japan, Tel: 81-42-580-8859, Fax: 81-42-580-8747, E-mail address: email@example.com. Shimizu: Faculty of Economics, Meikai University.