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Characterizing Exchange Rate Regimes in Post-Crisis East Asia
Author:
Mr. Taimur Baig
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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 152
Language:
English
Publication Date:
01 Oct 2001
DOI:
https://doi.org/10.5089/9781451857092.001
ISBN:
9781451857092
ISSN:
1018-5941
Pages:
44
Keywords:
WP; U.S. dollar; exchange rate; regime; exchange rate regime; volatility; Asian crisis; coefficient estimate; dollar coefficient; standard deviation; exchange rate regression; exchange rate variation; volatility estimate; dollar peg; regime switch; U.S dollar; exchange rate flexibility; standard error; Exchange rates; Currencies; Exchange rate arrangements; Exchange rate analysis; East Asia; Africa; Asia and Pacific
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund