Characterizing Exchange Rate Regimes in Post-Crisis East Asia
October 1, 2001
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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
Pages:
44
Volume:
2001
DOI:
Issue:
152
Series:
Working Paper No. 2001/152
Stock No:
WPIEA1522001
ISBN:
9781451857092
ISSN:
1018-5941
