Asian Monetary Unit and Monetary Cooperation in Asia

Regional monetary and financial cooperation in Asia has been discussed for years. To move towards a coordinated exchange rate policy, Ogawa and Shimizu (2005) proposed both an Asian Monetary Unit (AMU), which is a common currency basket computed as a weighted average of the thirteen ASEAN+3 currencies, and AMU Deviation Indicators (AMU DIs), which indicates the deviation of each Asian currency in terms of the AMU compared with the benchmark rate. The AMU and the AMU DIs are considered both as surveillance measures under the Chiang Mai Initiative and as benchmarks for coordinated exchange rate policies among Asian countries. In this paper, the authors show that monitoring the AMU and the AMU DIs plays an important role in the regional surveillance process under the Chiang Mai Initiative. By using daily and monthly data of AMU and AMU DIs for the period from January 2000 to June 2010, which are available from the website of the Research Institute of Economy, Trade, and Industry (RIETI), they examine their usefulness as a surveillance indicator. Our studies of AMU and AMU DIs confirm the following: first, an AMU peg system stabilizes the nominal effective exchange rate (NEER) of each Asian country. Second, the AMU and the AMU DIs could signal overvaluation or undervaluation for each of the Asian currencies. Third, trade imbalances within the region have been growing as the AMU DIs have been widening. Fourth, the AMU DIs could predict huge capital inflows and outflows for each Asian country. The above findings support the usefulness of using the AMU and the AMU DIs as surveillance indicators for monetary cooperation in Asia.asian monetary unit; asian monetary cooperation; asian financial cooperation; chiang mai initiative; exchange rate policy; common currency basket; asian currencies

Lessons from the Asian Monetary Fund for the European Monetary Fund. CEPS Policy Brief No. 208, 16 April 2010

On March 24th the members of ASEAN plus three other major Asian economies (China, Japan and Korea) began operations of a fund from which member countries can swap their national currencies for US dollars within a pre-determined limit. This so-called "Chiang Mai Initiative Multilateralization" or CMIM will essentially become an Asian Monetary Fund, once its institutional structure is in place. This paper draws lessons from the Asian experience for the recent debate in Europe over the feasibility and desirability of creating a European stability fund

Partially Strong WW Scattering

What if only a light Higgs boson is discovered at the CERN LHC? Conventional wisdom tells us that the scattering of longitudinal weak gauge bosons would not grow strong at high energies. We show that this is not always true. In some composite models, two-Higgs-doublet models, or even supersymmetric models, the presence of a light Higgs boson does not guarantee the complete unitarization of the $WW$ scattering. After the partial unitarization by the light Higgs boson, the $WW$ scattering becomes strongly interacting until it hits one or more heavier Higgs bosons or other strong dynamics. We analyze how the LHC experiments can reveal this interesting possibility of partially strong $WW$ scattering.Comment: 4 pages, 3 figures; updated reference information and added a referenc

New records of Thailand mosses collected from Chiang Mai Province

Seven new moss records are reported for Thailand moss flora, namely Anacamptodon latidens, Fissidens beckettii, Fissidens bryoides var. esquirolii, Fissidens bryoides var. schmidii, Fissidens flabellulus, Fissidens guangdongensis, and Weissia platystegia. Anacamptodon is a new generic record for Indochina. Anacamptodon latidens, Fissidens bryoides var. esquirolii, Fissidens bryoides var. schmidii, Fissidens flabellulus, and Fissidens guangdongensis are also new records for the Indochinese moss flora

Overall Evolution of Realistic Gamma-ray Burst Remnant and Its Afterglow

Conventional dynamic model of gamma-ray burst remnants is found to be incorrect for adiabatic blastwaves during the non-relativistic phase. A new model is derived, which is shown to be correct for both radiative and adiabatic blastwaves during both ultra-relativistic and non-relativistic phase. Our model also takes the evolution of the radiative efficiency into account. The importance of the transition from the ultra-relativistic phase to the non-relativistic phase is stressed.Comment: 9 pages, aasms4 style, 3 ps figures, minor changes, will be published in Chin. Phys. Let