DAFTAR PUSTAKA Branson, William H. dan Conor N. Healy, 2006, Monetary and Exchange Rate Policy Coordination in ASEAN+1, Hong Kong Institute for Monetary Research. Eichengreen, Barry, 2006, The Parallel Currency Approach to Asian Monetary Integration. Frankel, Jeffrey A. dan Shang-Jin Wei, 1994, Yen Bloc or Dollar Bloc: Exchange Rate Policies of the East Asian Economies, dalam Takatoshi Ito dan Anne Krueger (eds), Macroeconomic Linkage, University of Chicago Press. Kawai, Masahiro, 2002, Exchange Rate Arrangements in East Asia: Lessons from the 1997 98 Currency Crisis, Monetary and Economic Studies. Kawai, Masahiro dan Shigeru Akiyama, 2000, Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia, The World Bank. Kawai, Masahiro dan Shinji Takagi, 2000, Proposed Strategy for a Regional Exchange Rate Arrangement in Post-Crisis East Asia, The World Bank. Kurniati, Yati, Kerja sama Nilai Tukar, dalam Sjamsul Arifin et al (eds), Integrasi Keuangan dan Moneter di Asia Timur, Jakarta: Elex Media Komputindo, 2007 McKinnon, Ronald dan Gunther Schnabl, 2004, The East Asian Dollar Standard, Fear of Floating, and Original Sin, Review of Development Economics. Mori, Junichi, Naoyuki Kinukawa, Hedeki Nukaya, dan Masashi Hashimoto, 2002, Integration of the East Asian Economies and a Step by Step Approach towards a Currency Basket Regime, IIMA Research Report no.2, Institute for International Monetary Affairs. 58
Muljono, Eugenia Liliawati, Mengenal Mata Uang Tunggal Eropa Euro, Harvarindo, 2002. Mundell, Robert, 2003, Prospects for an Asian currency area, Journal of Asian Economics. Ogawa, Eiji dan Junko Shimizu, 2005, A Deviation Measurement for Coordinated Exchange Rate Policies in East Asia, RIETI Discussion Paper Series 05-E-017. Ogawa, Eiji dan Junko Shimizu, 2006a, Stabilization of effective exchange rates under common currency basket systems, Journal of the Japanese and International Economies. Ogawa, Eiji dan Junko Shimizu, 2006b, Progress toward a Common Currency Basket System in East Asia, RIETI Discussion Paper Series 07-E-002. Rana, Pradumna B., 2002, Monetary and Financial Cooperation in East Asia: The Chiang Mai Initiative and Beyond, ERD Working Paper No. 6. Williamson, John, 2005, A Currency Basket for East Asia, Not Just China, Institute for International Economics. http://en.ce.cn/world/asia-pacific/200804/04/t20080404_15058784.shtml http://fx.sauder.ubc.ca/ecu.html http://www.adb.org/documents/books/key_indicators/2001/rt11_ki2001.xls http://www.aseansec.org/64.htm http://www.benelux.be/en/bnl/bnl_instellingen.asp 59
Tabel 1a: Komposisi ECU (13 Maret 1979 16 September 1984) 13 Maret 1979 16 September 1984 ISO Mata Uang Nilai Bobot (%) BEF Belgian Francs 3.80 9.64 DEM German Marks 0.828 32.98 DKK Danish Krones 0.217 3.06 FRF French Francs 1.15 19.83 GBP British Pounds 0.0885 13.34 IEP Irish Punts 0.00759 1.15 ITL Italian Lira 109 9.49 LUF Luxembourg Francs - - NLG Dutch Guilders 0.286 10.51 Sumber: http://fx.sauder.ubc.ca/ecu.html 60
Tabel 1b: Komposisi ECU (17 September 1984 21 September 1989) 17 September 1984 21 September 1989 ISO Mata Uang Nilai Bobot (%) BEF Belgian Francs 3.85 8.57 DEM German Marks 0.719 32.08 DKK Danish Krones 0.219 2.69 FRF French Francs 1.31 19.08 GBP British Pounds 0.0878 14.98 GRD Greek Drachmas 1.15 1.31 IEP Irish Punts 0.00871 1.20 ITL Italian Lira 140 9.98 LUF Luxembourg Francs - - NLG Dutch Guilders 0.256 10.13 Sumber: http://fx.sauder.ubc.ca/ecu.html 61
Tabel 1c: Komposisi ECU (21 September 1989 31 Desember 1998) 21 September 1989 31 Desember 1998 ISO Mata Uang Nilai Bobot (%) BEF Belgian Francs 3.301 8.183 DEM German Marks 0.6242 31.915 DKK Danish Krones 0.1976 2.653 ESP Spanish Peseta 6.885 4.138 FRF French Francs 1.332 20.306 GBP British Pounds 0.08784 12.452 GRD Greek Drachmas 1.44 0.437 IEP Irish Punts 0.008552 1.086 ITL Italian Lira 151.8 7.840 LUF Luxembourg Francs 0.13 0.322 NLG Dutch Guilders 0.2198 9.87 PTE Portugese Escudos 1.393 0.695 Sumber: http://fx.sauder.ubc.ca/ecu.html 62
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Tabel 2: Bobot Aktual Keranjang Mata Uang Negara-negara ASEAN+2 USD EUR JPY Brunei 0,617679 0,362927 0,209911 Cambodia 0,967133-0,018556 0,033099 China 1,000741 0,042204-0,008325 Indonesia 0,642083 1,149966 0,24958 Korea 0,588683 0,388702 0,434837 Laos 0,550256 0,015029 0,138819 Malaysia 0,984802 0,136078-0,013817 Myanmar 0,449102 0,256854 0,149314 Philippines 0,820392 0,363072 0,014466 Singapore 0,617679 0,362927 0,209911 Thailand 0,61496 0,5417 0,185039 Vietnam 0,988664 0,009137 0,003474 Tabel 3: Bobot Mata Uang Negara-negara Anggota dalam Komposisi ACU (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 AVERAGE Brunei 0,40750042 0,37514123 0,42748233 0,42802649 0,38342641 0,31444117 0,34666219 0,342013 0,33194887 0,378087 Cambodia 0,14678076 0,09694759 0,14895201 0,11047841 0,09353246 0,09033339 0,09673176 0,10509075 0,17712232 0,111106 China 16,5566726 17,0304034 19,4373714 21,3058212 23,4909378 24,5414478 25,1274498 25,7661209 25,8956576 21,65703 Indonesia 4,86135034 5,31198701 5,09169963 4,78157394 4,26506655 4,26836049 4,80267842 6,34095493 6,35093685 4,965459 Japan 28,9634687 28,7542187 28,1491591 26,9899472 26,3098143 25,5534901 24,2086401 23,0382551 21,542873 26,49587 Korea 12,9853682 13,2319422 12,5755966 12,9098431 12,8404692 13,1746527 13,4373414 12,1530369 13,711471 12,91353 Laos 0,13793641 0,0841268 0,09112558 0,08215631 0,07443582 0,07194005 0,08495635 0,11175985 0,10989055 0,092305 Malaysia 9,72403255 9,68641318 9,2403913 9,17960134 8,04707038 7,82749983 7,57984843 7,55399691 7,20514167 8,604857 Myanmar 0,35365807 0,33328404 0,39158242 0,38561467 0,34587521 0,32096515 0,322004 0,32233023 0,3274891 0,346914 Philippines 3,58112842 3,12824062 3,1289717 3,23633787 2,92240445 2,71627742 2,48702944 2,37416079 3,37555604 2,946819 Singapore 14,0454925 13,7565178 12,7338414 12,0630512 12,8252505 12,7227468 12,6581818 13,1873404 12,3183339 12,99905 Thailand 6,49867685 6,37369243 6,62707953 6,56832024 6,44992853 6,35535867 6,68504003 6,54867881 6,28552028 6,513347 Vietnam 1,73793418 1,83708503 1,95674696 1,95922809 1,95178832 2,04248646 2,16343617 2,15626143 2,36805878 1,975621
Tabel 3: Bobot Mata Uang Negara-negara Anggota dalam Komposisi ACU Exports to ASEAN+3 1999 2000 2001 2002 2003 2004 2005 2006 2007 Brunei 2010,809 2480,919 2643,295 2680,764 3493,364 3330,395 4400,002 4998,001 5751,314 Cambodia 333,850 110,640 107,100 119,380 127,900 145,510 221,736 293,017 414,781 China 52481,88 70287,821 76193,806 87565,037 110444,476 144234,904 174692,823 207658,836 251589,798 Indonesia 24004,243 32384,47 28490,402 28988,736 32455,175 38394,499 47622,016 61146,56 68875,071 Japan 101036,892 129570,559 110513,044 124334,160 153555,095 191140,006 202769,686 219513,266 250731,283 Korea 47258,4 59055,602 51155,301 57297,87 72639,193 95488,764 113374,552 116420,03 156228,422 Laos 260,892 184,332 157,264 157,877 170,065 192,515 338,818 700,312 704,189 Malaysia 34775,485 45111,2 40682,666 43208,581 47127,699 57405,492 63986,844 73568,845 83552,45 Myanmar 465,788 664,141 1195,146 1309,965 1315,892 1806,297 2384,657 2921,152 3073,468 Philippines 11255,797 13427,114 11880,264 13517,689 15807,974 18587,33 19817,247 21896,243 40073,563 Singapore 45630,668 58466,37 52204,732 55002,035 77703,303 97023,493 112327,662 134032,3 149008,57 Thailand 21900,812 27575,446 26653,648 28521,85 35237,879 43581,156 50550,57 58186,266 68436,373 Vietnam 5368,762 7083,617 6888,783 6861,332 8237,163 11091,9 13974,9 13040,98 15919,141 exports (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 Brunei 0,57984434 0,55575865 0,64665323 0,59630139 0,62569748 0,47413005 0,54559355 0,5466025 0,52554208 Cambodia 0,09627022 0,02478482 0,02620084 0,02655454 0,02290821 0,02071546 0,02749493 0,03204558 0,03790175 China 15,1338695 15,7454009 18,6399819 19,4777136 19,7817434 20,5339312 21,6616441 22,7104473 22,9897073 Indonesia 6,9219525 7,25454932 6,96986546 6,44817061 5,81305619 5,46601398 5,90505749 6,68724604 6,29364837 Japan 29,1353727 29,0255178 27,0358084 27,656531 27,5032994 27,211553 25,1431324 24,0068978 22,9112581 Korea 13,6276074 13,2292354 12,5145853 12,7451725 13,0104278 13,594211 14,0582719 12,7321862 14,2758002 Laos 0,07523178 0,0412928 0,03847292 0,0351177 0,03046039 0,0274073 0,04201292 0,07658908 0,0643472 Malaysia 10,0279878 10,1055051 9,9525696 9,61119181 8,44105639 8,17250466 7,93427125 8,04579959 7,63483409 Myanmar 0,13431635 0,14877636 0,29237941 0,29138483 0,23568981 0,25715258 0,29569384 0,31946952 0,28084656 Philippines 3,24576335 3,00785101 2,90637674 3,00683565 2,83137099 2,6461761 2,45730846 2,39466561 3,66183164 Singapore 13,1582286 13,0972397 12,7713171 12,2344936 13,917462 13,8127019 13,9284591 14,6583384 13,6160664 Thailand 6,31539934 6,17726438 6,52052367 6,34431784 6,31146714 6,20440986 6,26819373 6,36349578 6,25356113 Vietnam 1,54815611 1,58682383 1,68526547 1,52621485 1,47536075 1,57909289 1,73286633 1,42621665 1,45465514
Tabel 3: Bobot Mata Uang Negara-negara Anggota dalam Komposisi ACU (lanjutan Bobot ACU (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 AVERAGE Brunei 0,40750042 0,37514123 0,42748233 0,42802649 0,38342641 0,31444117 0,34666219 0,342013 0,33194887 0,378087 Cambodia 0,14678076 0,09694759 0,14895201 0,11047841 0,09353246 0,09033339 0,09673176 0,10509075 0,17712232 0,111106 China 16,5566726 17,0304034 19,4373714 21,3058212 23,4909378 24,5414478 25,1274498 25,7661209 25,8956576 21,65703 Indonesia 4,86135034 5,31198701 5,09169963 4,78157394 4,26506655 4,26836049 4,80267842 6,34095493 6,35093685 4,965459 Japan 28,9634687 28,7542187 28,1491591 26,9899472 26,3098143 25,5534901 24,2086401 23,0382551 21,542873 26,49587 Korea 12,9853682 13,2319422 12,5755966 12,9098431 12,8404692 13,1746527 13,4373414 12,1530369 13,711471 12,91353 Laos 0,13793641 0,0841268 0,09112558 0,08215631 0,07443582 0,07194005 0,08495635 0,11175985 0,10989055 0,092305 Malaysia 9,72403255 9,68641318 9,2403913 9,17960134 8,04707038 7,82749983 7,57984843 7,55399691 7,20514167 8,604857 Myanmar 0,35365807 0,33328404 0,39158242 0,38561467 0,34587521 0,32096515 0,322004 0,32233023 0,3274891 0,346914 Philippines 3,58112842 3,12824062 3,1289717 3,23633787 2,92240445 2,71627742 2,48702944 2,37416079 3,37555604 2,946819 Singapore 14,0454925 13,7565178 12,7338414 12,0630512 12,8252505 12,7227468 12,6581818 13,1873404 12,3183339 12,99905 Thailand 6,49867685 6,37369243 6,62707953 6,56832024 6,44992853 6,35535867 6,68504003 6,54867881 6,28552028 6,513347 Vietnam 1,73793418 1,83708503 1,95674696 1,95922809 1,95178832 2,04248646 2,16343617 2,15626143 2,36805878 1,975621
Tabel 3: Bobot Mata Uang Negara-negara Anggota dalam Komposisi ACU (lanjutan Imports from ASEAN+3 1999 2000 2001 2002 2003 2004 2005 2006 2007 Brunei 862,215 923,04 920,715 1271,739 854,258 1190,359 1303,844 1407,422 1657,888 Cambodia 723,38 802,45 1200,9 951,79 993,46 1230,35 1464,807 1824,378 3790,673 China 65922,79 86908,91 89435,56 113263,3 164612,5 219599,4 252358,6 295178,2 345123,9 Indonesia 10269,11 15988,35 14203,49 15250,87 16443,48 23619,97 32658,13 61394,31 76788,47 Japan 105565,9 135155 129337,3 128878,7 152001,5 183804,3 205413,2 226025,8 241746,8 Korea 45256,8 62800,08 55852,5 64012,58 76680,66 98112,55 113115,2 118533,9 157539,6 Laos 735,662 602,445 635,485 632,536 716,613 895,912 1128,819 1504,789 1862,533 Malaysia 34539,26 43974,61 37693,82 42830,1 46315,7 57555,56 63770,22 72327,42 81188,84 Myanmar 2100,937 2456,987 2169,221 2349,31 2760,033 2959,721 3074,154 3330,441 4483,144 Philippines 14360,05 15415,16 14813,58 16968,69 18237,02 21432,9 22212,36 24104,95 37018,23 Singapore 54751,82 68404,77 56116,63 58221,1 71007,18 89479,76 100507,5 119992,8 132057,6 Thailand 24499,77 31176,05 29761,97 33255,09 39872,28 50046,7 62679,89 68964,8 75701,08 Vietnam 7068,069 9904,721 9848,54 11712,37 14695,32 19275,3 22894,2 29560,09 39321,1 imports (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 Brunei 0,235157 0,194524 0,208311 0,259752 0,141155 0,154752 0,147731 0,137424 0,138356 Cambodia 0,197291 0,16911 0,271703 0,194402 0,164157 0,159951 0,165969 0,178136 0,316343 China 17,97948 18,31541 20,23476 23,13393 27,20013 28,54896 28,59326 28,82179 28,80161 Indonesia 2,800748 3,369425 3,213534 3,114977 2,717077 3,070707 3,700299 5,994664 6,408225 Japan 28,79156 28,48292 29,26251 26,32336 25,11633 23,89543 23,27415 22,06961 20,17449 Korea 12,34313 13,23465 12,63661 13,07451 12,67051 12,75509 12,81641 11,57389 13,14714 Laos 0,200641 0,126961 0,143778 0,129195 0,118411 0,116473 0,1279 0,146931 0,155434 Malaysia 9,420077 9,267321 8,528213 8,748011 7,653084 7,482495 7,225426 7,062194 6,775449 Myanmar 0,573 0,517792 0,490785 0,479845 0,456061 0,384778 0,348314 0,325191 0,374132 Philippines 3,916493 3,24863 3,351567 3,46584 3,013438 2,786379 2,51675 2,353656 3,08928 Singapore 14,93276 14,4158 12,69637 11,89161 11,73304 11,63279 11,3879 11,71634 11,0206 Thailand 6,681954 6,57012 6,733635 6,792323 6,58839 6,506307 7,101886 6,733862 6,317479 Vietnam 1,927712 2,087346 2,228228 2,392241 2,428216 2,50588 2,594006 2,886306 3,281462
Tabel 5: Bobot Mata Uang Dolar AS, Euro, dan Yen dalamindividual G3 Currency Basket Country Bobot (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 AVERAGE Brunei USD 68,3183 67,59921 67,49059 62,85972 69,07379 68,24086 72,70621 73,52112 74,11636 69,32513 Brunei EURO 6,678165 9,704224 7,086293 6,349428 5,496629 9,071203 5,427305 8,270996 7,469332 7,28373 Brunei YEN 25,00353 22,69657 25,42312 30,79086 25,42959 22,68794 21,86648 18,20789 18,41431 23,39114 Cambodia USD 85,75374 83,86051 85,38617 85,47113 86,00666 81,42404 84,14508 86,19487 84,63402 84,76402 Cambodia EURO 10,82805 13,61198 13,42567 11,98698 11,22217 15,98549 12,84641 11,15609 12,62827 12,63235 Cambodia YEN 3,418209 2,527503 1,188157 2,541896 2,77117 2,590471 3,008517 2,64904 2,737709 2,60363 China USD 65,42643 67,33624 66,90379 68,63428 68,55231 69,96311 71,72193 72,42948 73,1313 69,34432 China EURO 16,07493 15,08692 15,85719 14,8714 15,68926 15,43738 15,15362 15,52327 15,79142 15,49838 China YEN 18,49864 17,57684 17,23902 16,49432 15,75843 14,59951 13,12445 12,04725 11,07728 15,1573 Indonesia USD 67,67439 66,85091 66,86271 68,86342 69,91472 70,17678 72,34744 76,09094 76,72121 70,61139 Indonesia EURO 15,57379 13,49394 14,0135 13,55308 12,44197 12,13274 11,128 9,839324 9,692271 12,42985 Indonesia YEN 16,75182 19,65515 19,12379 17,5835 17,64331 17,69048 16,52455 14,06973 13,58652 16,95876 Korea USD 71,30617 71,86729 72,56788 72,3673 72,79298 72,44529 73,46238 75,05758 76,43884 73,14508 Korea EURO 13,1006 12,27576 12,50822 13,1547 12,59677 12,99944 13,0473 12,49864 11,95586 12,68192 Korea YEN 15,59323 15,85695 14,9239 14,47801 14,61025 14,55527 13,49032 12,44378 11,6053 14,173 Laos USD 83,76629 80,53381 81,39448 80,20606 81,00442 80,10474 86,74916 92,39314 91,33177 84,16487 Laos EURO 13,3675 16,35605 16,8658 17,64301 17,30065 18,48529 11,88718 6,421406 7,208322 13,94836 Laos YEN 2,866207 3,110142 1,739727 2,150932 1,694932 1,409975 1,363655 1,185453 1,459909 1,88677 Malaysia USD 69,79724 70,42641 69,99368 73,23255 73,69357 74,53727 76,23166 76,8047 76,56901 73,47623 Malaysia EURO 13,97815 12,52206 13,64823 12,22041 12,32973 12,3725 11,77258 12,1193 12,37294 12,59288 Malaysia YEN 16,22461 17,05153 16,35809 14,54703 13,9767 13,09023 11,99576 11,076 11,05805 13,93089
Tabel 5: Bobot Mata Uang Dolar AS, Euro, dan Yen dalamindividual G3 Currency Basket (lanjutan) Country Bobot (%) 1999 2000 2001 2002 2003 2004 2005 2006 2007 AVERAGE Myanmar USD 82,20136 83,38632 84,97797 87,7895 87,63062 86,24877 90,25538 90,72668 89,52539 86,97133 Myanmar EURO 10,46552 10,32929 9,400268 8,252466 7,954526 9,48566 5,833463 5,190672 5,767849 8,075524 Myanmar YEN 7,333122 6,284387 5,621761 3,958033 4,414852 4,265567 3,911153 4,082646 4,706764 4,953143 Philippines USD 69,17097 69,58772 67,70659 69,08421 69,43963 68,46504 70,31006 71,3671 77,47325 70,2894 Philippines EURO 14,28662 13,63505 14,39549 13,19068 12,41471 12,76271 12,44011 13,59787 9,284422 12,88974 Philippines YEN 16,5424 16,77723 17,89792 17,72511 18,14566 18,77225 17,24984 15,03503 13,24233 16,82086 Singapore USD 73,35669 74,64014 76,06868 77,27039 78,69882 78,59372 80,60031 81,76 81,9363 78,10278 Singapore EURO 14,6041 12,97958 13,16272 12,90539 12,62576 12,96678 11,86163 11,33738 11,56854 12,66799 Singapore YEN 12,03922 12,38027 10,76861 9,824218 8,675421 8,439498 7,538055 6,902611 6,49516 9,229229 Thailand USD 66,1304 66,87509 66,5206 67,90205 68,09016 68,69873 70,83594 72,44327 72,70978 68,91178 Thailand EURO 14,63888 13,38934 14,64393 13,32264 12,77058 12,4582 11,35061 11,27389 11,20403 12,78357 Thailand YEN 19,23072 19,73557 18,83547 18,77531 19,13926 18,84307 17,81345 16,28284 16,08619 18,30465 Vietnam USD 68,98454 69,05195 69,49715 71,61016 71,72268 74,16654 75,75881 74,90864 74,08014 72,19785 Vietnam EURO 16,38609 14,69969 15,41703 14,75305 15,15389 13,59011 12,0116 13,8072 14,88962 14,52314 Vietnam YEN 14,62938 16,24835 15,08582 13,63679 13,12342 12,24335 12,22959 11,28416 11,03024 13,27901