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Post-Crisis Exchange Rate Policy in Five Asian Countries: Filling in the "Hollow Middle"?

Author/Editor: Hernández, Leonardo | Montiel, Peter
Authorized for Distribution: November 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,531KB)
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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: Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesis. But some academics have claimed that the crisis countries' policies have been similar in the post- and pre-crisis periods. This paper analyzes the evidence and concludes that, except for Malaysia, which adopted a hard peg and imposed capital controls, the other crisis countries are floating more than before, though less than "real" floaters do. Further, the crisis countries' policies during the post-crisis period can be justified on second-best arguments.
 
Series: Working Paper No. 01/170
Subject(s): Financial crisis | Exchange rate policy | Indonesia | Korea, Republic of | Malaysia | Philippines | Thailand | Republic of Korea
Author's keyword(s): exchange rate policy
 
English  
    Published:   November 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1702001   Pages:   41
    Price:   US$15.00
       
     
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