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Interrelatedness Of Malaysian Foreign Exchange Markets: Comparing Two Different Regimes

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  • Wan Mansor Wan Mahmood
  • Syed Saifuddin Syed Ahmad

Abstract

This paper examines relationships among different currencies in two different regimes, i.e., floating and pegging (fixed) regimes. Daily rates for five foreign exchange rates (Great Britain Pound, Singapore Dollar, Japanese Yen, Chinese yuan, Germany Deutsche mark) for the period from 1990 to 2001 are used. The study finds that volatility of the currencies under investigation shows large differenence between these two periods. This is expected since the two subperiods are in two different regimes with very different economic conditions. The results also show that there is a significant relationship between the currencies of countries for only three cases in subperiod one, and one case in subperiod two. In both the cases, the relationship is between the currencies situated in the same region, i.e., Yen, Yuan and Dollar (Singapore). This suggests the dominance of the Japanese and surprise emergence of new economic power of China in distributing information to other part in the same region.

Suggested Citation

  • Wan Mansor Wan Mahmood & Syed Saifuddin Syed Ahmad, 2006. "Interrelatedness Of Malaysian Foreign Exchange Markets: Comparing Two Different Regimes," The IUP Journal of Applied Economics, IUP Publications, vol. 0(5), pages 22-36, September.
    • Handle: RePEc:icf:icfjae:v:05:y:2006:i:5:p:22-36
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