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Test of the Response of the Overnight Rate to the Real Exchange Rate: The Case of Korea, Hong Kong, and Singapore

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  • Yu Hsing
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    Abstract

    For Korea, the overnight rate responds positively to the inflation rate, the output gap, the lagged real exchange rate, and the lagged overnight rate and negatively to the current real exchange rate. For Hong Kong, the overnight rate reacts positively to the inflation rate and the lagged overnight rate and does not react to other variables. For Singapore, the overnight rate is affected positively by the output gap and the lagged overnight rate and is not influenced by other variables. Hence, interest rate rules for some industrialized countries may not apply to Korea, Hong Kong, and Singapore.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/12265080802273307
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Global Economic Review.

    Volume (Year): 37 (2008)
    Issue (Month): 3 ()
    Pages: 333-339

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    Handle: RePEc:taf:glecrv:v:37:y:2008:i:3:p:333-339

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    Related research

    Keywords: Interest rate or monetary policy rule; inflation rate; output gap; exchange rate; partial adjustment process;

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