Characterizing Exchange Rate Regimes in Post-Crisis East Asia

October 1, 2001

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Format: Chicago

Taimur Baig. Characterizing Exchange Rate Regimes in Post-Crisis East Asia, (USA: International Monetary Fund, 2001) accessed September 19, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper examines the behavior of the exchange rates of selected emerging market East Asian economies in the aftermath of the Asian crisis. The results suggest that movements in the Asia-5 currencies (Indonesia, Korea, Malaysia, Philippines, and Thailand) were significantly influenced by the U.S. dollar's day-to-day movements before the crisis, and have indeed continued to do so post-crisis. However, comparisons with a range of other currencies suggest that this is a fairly common trait across various regimes. Moreover, results from the post-crisis data do not support the view that the Asia-5 currencies presently have the same characteristics as they did before the crisis.

Subject: Currencies, Exchange rate analysis, Exchange rate arrangements, Exchange rates, Financial crises, Foreign exchange, Money

Keywords: Africa, Asia and Pacific, Asian crisis, Coefficient estimate, Currencies, Dollar coefficient, Dollar peg, East Asia, Exchange rate, Exchange rate analysis, Exchange rate arrangements, Exchange rate flexibility, Exchange rate regime, Exchange rate regression, Exchange rate variation, Exchange rates, Regime, Regime switch, Standard deviation, Standard error, U.S dollar, U.S. dollar, Volatility, Volatility estimate, WP

Publication Details

Pages:

44
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2001/152
Stock No:

WPIEA1522001
ISBN:

9781451857092
ISSN:

1018-5941

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