东亚货币篮子进展：依然神秘和改变中，THE EVOLUTION OF THE EAST ASIAN CURRENCY BASKETS – STILL UNDISCLOSED AND CHANGING，GUNTHER SCHNABL，发表于CESifo Working Paper No. 1873，DECEMBER 2006

Abstract
Both before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to  underdeveloped capital markets and the limited international role of their domestic currencies, the East Asian countries (except Japan) are likely to continue to stabilize exchange rates and to accumulate international reserves. Yet expectations of further dollar depreciation may trigger a re-orientation of exchange rate policies based on basket strategies. Rolling econometric estimations of the basket structures in East Asia suggest growing weights for the Japanese yen in most East Asian currency baskets. The role of the euro as a reserve currency in East Asia remains uncertain.