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Exchange rate regimes and policies in Asia

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Author Info
Agnes Benassy-Quere

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Abstract

The exchange rate regimes in Asian countries are not straightforward. Officially, only Hong Kong pegs its currency to the USD, whereas the exchange rate regimes of most countries are " managed floats ", i.e. flexible exchange rates with frequent, official interventions. Thus, the official regimes are rather vague, and they include a wide range of de facto policies. This paper tries to disentangle the de facto exchange rate regimes from the official regimes which are reported by the IMF. Its main finding is that there is a mismatch between trade blocs, capital blocs and currency blocs in Asia.

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Paper provided by CEPII research center in its series Working Papers with number 1996-07.

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Date of creation: Jul 1996
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Handle: RePEc:cii:cepidt:1996-07

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Related research
Keywords: EXCHANGE RATE; FINANCIAL POLICY; Asia; currency peg; exchange rate regime; dollar;

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Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General
F31 - International Economics - - International Finance - - - Foreign Exchange
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  2. Wei, S.J. & Frankel, J.A., 1992. "Yen Bloc or Dollar Bloc: Exchange Rate Policies of the East Asian Economies," Papers 92-08, University of Birmingham - International Financial Group.
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  3. Stephen J. Turnovsky, 1992. "Exchange rate management: a partial review," Proceedings, Federal Reserve Bank of San Francisco, pages 99-137.
  4. Jeffrey A. Frankel, 1993. "Is Japan Creating a Yen Bloc in East Asia and the Pacific?," NBER Chapters, in: Regionalism and Rivalry: Japan and the United States in Pacific Asia, pages 53-88 National Bureau of Economic Research, Inc. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jerome Sgard, 1996. "Credit crisis and the role of banks during transition:a five-country comparison," Working Papers 1996-08, CEPII research center. [Downloadable!]
  2. Frankel, Jeffrey, 2003. "Experience of and Lessons from Exchange Rate Regimes in Emerging Economies," Working Paper Series rwp03-011, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  3. Jeffrey Frankel & Sergio Schmukler & Luis Serven, 2000. "Verifiability and the Vanishing Intermediate Exchange Rate Regime," NBER Working Papers 7901, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Barry Eichengreen & Tamim Bayoumi, 1996. "Is Asia an Optimum Currency Area? Can It Become One? Regional, Global and Historical Perspectives on Asian Monetary Relations," Center for International and Development Economics Research, Working Paper Series 1033, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
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  5. Peter Wilson & Henry Ng Shang Ren, 2006. "Managing Exchange Rate Volatility: A Comparative Counterfactual Analysis of Singapore 1994 to 2003," SCAPE Policy Research Working Paper Series 0608, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
  6. French-German Economic Forum, 1999. "Reduction of working time - Eastward Enlargement of the European Union," Working Papers 1999-13, CEPII research center. [Downloadable!]
  7. Agnes Benassy-Quere, 1997. "Optimal Pegs for Asian Currencies," Working Papers 1997-14, CEPII research center. [Downloadable!]
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  8. Agnes Benassy-Quere & Benoit Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center. [Downloadable!]
  9. Wilson, Peter, 2002. "Prospects for Asian Monetary Cooperation After the Asian Financial Crisis. Pipedream or Possible Reality?," EIJS Working Paper Series 151, The European Institute of Japanese Studies. [Downloadable!]
  10. Serven, Luis & Frankel, Jeffrey & Fajnzylber, Eduardo & Schmukler, Sergio, 2000. "Verifying exchange rate regimes," Policy Research Working Paper Series 2397, The World Bank. [Downloadable!]
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