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'''Asian Monetary Unit''' is a [[Currency basket|basket of currencies]] proposed by the Japanese government's [[Research Institute of Economy, Trade and Industry]] ([[RIETI]]). It is similar to the now-defunct [[European Currency Unit]] (ECU).
The '''Asian Monetary Unit''' ('''AMU''') is a [[Currency basket|basket of currencies]] proposed by the Japanese government's [[Research Institute of Economy, Trade and Industry]] ([[RIETI]]). It is similar to and modeled on the [[European Currency Unit]] (ECU), predecessor to the [[euro]].<ref name="Pekkanen&Ravenhill&Foot">{{cite book |editor1-last=Pekkanen |editor1-first=Saadia M. |editor2-last=Ravenhill |editor2-first=John |editor3-last=Foot |editor3-first=Rosemary |date=2014 |title=Oxford Handbook of the International Relations of Asia |url=https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199916245.001.0001/oxfordhb-9780199916245 |location=Oxford |publisher=[[Oxford University Press]] |page=313 |doi=10.1093/oxfordhb/9780199916245.001.0001 |isbn=978-0-19-991624-5 }}</ref>


The Asian Monetary Unit (AMU), which has been created as the joint project of 21st century COE project of [[Hitotsubashi University]] and RIETI, is a common currency basket composed of 13 East Asian currencies, such as [[ASEAN]] 10 plus [[Japan]], [[China]] and [[South Korea]]. These data have started to be published on the website of RIETI since September 2005. After 4 years passed, a common currency basket composed of 13 AMU currencies plus three another countries, [[Australia]], [[New Zealand]] and [[India]], which are strongly connected with Asian countries, is newly created as "AMU-wide". The AMU-wide, which is a common currency basket composed of wider range of currencies, will be expected to utilize as a surveillance indicator corresponding to the extensive regional economies.
The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of [[Hitotsubashi University]] and RIETI, is a common currency basket composed of 13 East Asian currencies, such as [[ASEAN]] 10 plus [[Japan]], [[China]] and [[South Korea]]. These data have been published on the website of RIETI since September 2005. After 4 years passed, a common currency basket composed of 13 AMU currencies plus three other countries, [[Australia]], [[New Zealand]] and [[India]], which are strongly connected with Asian countries, is newly created as "AMU-wide". The AMU-wide, which is a common currency basket composed of wider range of currencies, will be expected to use as a surveillance indicator corresponding to the extensive regional economies.


The calculation methodology{{clarify|date=November 2012}} of the AMU-wide and AMU-wide Deviation Indicators{{clarify|date=November 2012}} are same as those of the AMU. The benchmark period is defined as:
The calculation methodology{{clarify|date=November 2012}} of the AMU-wide and AMU-wide Deviation Indicators{{clarify|date=November 2012}} are same as those of the AMU. The benchmark period is defined as:
*the total trade balance of member countries
* the total trade balance of member countries, and
*the total trade balance of the member countries (excluding Japan) with Japan,
* the total trade balance of the member countries (excluding Japan) with Japan, and
*the total trade balance of member countries with the rest of world
* the total trade balance of member countries with the rest of world

should be relatively close to zero{{clarify|date=November 2012}}.<ref>[http://www.rieti.go.jp/users/amu/en/wide.html The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide]</ref>
should all be relatively close to zero.{{clarify|date=November 2012}}<ref>[http://www.rieti.go.jp/users/amu/en/wide.html The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide]</ref>


==AMU baskets==
==AMU baskets==
The ''AMU'' is a basket composed of 13 currencies, and ''AMU-wide'' is composed of 16 currencies.<ref>[http://www.rieti.go.jp/users/amu/en/wide.html The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide]</ref>
The ''AMU'' is a basket composed of 13 currencies.<ref>[http://www.rieti.go.jp/users/amu/en/wide.html The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide]</ref>


{| class="sortable wikitable"
{| class="sortable wikitable"
|+ '''AMU-wide'''
|+ '''AMU'''
|-
|-
! Country
! Country
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| align=left | [[Vietnam]] || [[Vietnamese đồng]]
| align=left | [[Vietnam]] || [[Vietnamese đồng]]
|-
|-
| align=left | [[People's Republic of China|China]] || [[Renminbi]]
| align=left | [[People's Republic of China|China]] || [[Chinese Yuan (Renminbi)]]
|-
|-
| align=left | [[Japan]] || [[Japanese yen]]
| align=left | [[Japan]] || [[Japanese yen]]
Line 45: Line 48:
| align=left | [[South Korea]] || [[South Korean won]]
| align=left | [[South Korea]] || [[South Korean won]]
|-
|-
| align=left | [[Australia]] || [[Australian dollar]]
|-
| align=left | [[New Zealand]] || [[New Zealand dollar]]
|-
| align=left | [[India]] || [[Indian rupee]]
|}
|}


==See also==
==See also==
{{Portal|Asia|Numismatics}}
{{Portal|Asia|Numismatics}}
* [[Regional Comprehensive Economic Partnership]]
*[[Monetary union]]
*[[Chiang Mai Initiative]]
* [[Monetary union]]
*[[Asian Clearing Union]]
* [[Chiang Mai Initiative]]
* [[Asian Clearing Union]]


==References==
==References==
Line 62: Line 61:


==External links==
==External links==
*[http://www.rieti.go.jp/users/amu/graph/graph_1.gif Daily value of AMU from RIETI]
* [http://www.rieti.go.jp/users/amu/graph/graph_1.gif Daily value of AMU from RIETI]
*[http://www.rieti.go.jp/users/amu/en/index.html AMU (Asian Monetary Unit) and AMU Deviation Indicators]
* [http://www.rieti.go.jp/users/amu/en/index.html AMU (Asian Monetary Unit) and AMU Deviation Indicators]
*[http://www.dvb.no/news/asean-mulls-single-currency/15562 ASEAN mulls single currency]
* [https://web.archive.org/web/20170312165345/http://www.dvb.no/news/asean-mulls-single-currency/15562 ASEAN mulls single currency]


{{Association of Southeast Asian Nations (ASEAN)}}
{{Association of Southeast Asian Nations (ASEAN)}}


[[Category:Association of Southeast Asian Nations]]
[[Category:ASEAN]]
[[Category:Currencies of Asia]]
[[Category:Currencies of Asia]]

Latest revision as of 04:28, 26 June 2022

The Asian Monetary Unit (AMU) is a basket of currencies proposed by the Japanese government's Research Institute of Economy, Trade and Industry (RIETI). It is similar to and modeled on the European Currency Unit (ECU), predecessor to the euro.[1]

The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of Hitotsubashi University and RIETI, is a common currency basket composed of 13 East Asian currencies, such as ASEAN 10 plus Japan, China and South Korea. These data have been published on the website of RIETI since September 2005. After 4 years passed, a common currency basket composed of 13 AMU currencies plus three other countries, Australia, New Zealand and India, which are strongly connected with Asian countries, is newly created as "AMU-wide". The AMU-wide, which is a common currency basket composed of wider range of currencies, will be expected to use as a surveillance indicator corresponding to the extensive regional economies.

The calculation methodology[clarification needed] of the AMU-wide and AMU-wide Deviation Indicators[clarification needed] are same as those of the AMU. The benchmark period is defined as:

  • the total trade balance of member countries, and
  • the total trade balance of the member countries (excluding Japan) with Japan, and
  • the total trade balance of member countries with the rest of world

should all be relatively close to zero.[clarification needed][2]

AMU baskets

[edit]

The AMU is a basket composed of 13 currencies.[3]

AMU
Country Currency
Brunei Brunei dollar
Cambodia Cambodian riel
Indonesia Indonesian rupiah
Laos Lao kip
Malaysia Malaysian ringgit
Myanmar Burmese kyat
Philippines Philippine peso
Singapore Singapore dollar
Thailand Thai baht
Vietnam Vietnamese đồng
China Chinese Yuan (Renminbi)
Japan Japanese yen
South Korea South Korean won

See also

[edit]

References

[edit]
  1. ^ Pekkanen, Saadia M.; Ravenhill, John; Foot, Rosemary, eds. (2014). Oxford Handbook of the International Relations of Asia. Oxford: Oxford University Press. p. 313. doi:10.1093/oxfordhb/9780199916245.001.0001. ISBN 978-0-19-991624-5.
  2. ^ The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide
  3. ^ The purpose to create a new data of Asian Monetary Unit with ASEAN 10 plus 3 (Japan, China and South Korea) plus 3 (Australia, New Zealand and India) - AMU-wide
[edit]
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