I want to exchange links for my site. so i am planning to create a dedicated page for link exchange as navigated with "Links page". But i have a question if i exchange links with my base URLs(home page or sub domain pages), does it effects any page rank as per aspect to search engine? so what is good ? creating a new page or exchange links with my existing pages?
The most effective link exchanges do not come from a "links page" but instead you should try to appear more natural by exchanging entire (unique) articles with other sites and embedding your links within the content. This way you can make sure the page your link is on is totally on topic with relevant keywords in the page title and URL. Plus your link will be the only outbound link on that page. This is my opinion anyway and I do not exchange links any other way and do well out of it.