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Pagging and Macroeconomic Performance in East Asia

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Author Info
Moreno, R.

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Abstract

As memories of the East Asian crises of 1997-1998 recede, attention has shifted back to the traditional problems of macroeconomic management in a small open economy. A key question, in this regard, is the appropriate choice of exchange rate regime. While the East Asian crises cased some disenchantment wit pegging in the region, historical experience suggests that the appeal of pegging is very strong in many emerging markets. To shed some light on the relative merits of pegging in East Asia we briefly discuss what the recent literature ahe to say on this question. We then review the experience of the region over the period 1974-1999.

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Publisher Info
Paper provided by Economisch Institut voor het Midden en Kleinbedrijf- in its series Papers with number pb00-03.

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Length: 25 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:midkle:pb00-03

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Postal: ECONOMISCH INSTITUT VOOR HET MIDDEN EN KLEINBEDRIJF, RESEARCH INSTITUTE FOR SMALL AND MEDIUM-SIZED BUSINESS IN THE NETHERLANDS, NEUHUYS.

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Related research
Keywords: EXCHANGE RATE ; FINANCIAL POLICY;

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Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F30 - International Economics - - International Finance - - - 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.:

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    Other versions:
  2. Canavan, Chris & Tommasi, Mariano, 1997. "On the credibility of alternative exchange rate regimes," Journal of Development Economics, Elsevier, vol. 54(1), pages 101-122, October. [Downloadable!] (restricted)
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  5. Obstfeld, Maurice & Rogoff, Kenneth, 2000. "New directions for stochastic open economy models," Journal of International Economics, Elsevier, vol. 50(1), pages 117-153, February. [Downloadable!] (restricted)
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  6. Sebastian Edwards & Miguel A. Savastano, 1999. "Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?," NBER Working Papers 7228, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "Paper Tigers? A Model of the Asian Crisis," NBER Working Papers 6783, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Obstfeld, Maurice, 1996. "Models of Currency Crises with Self-fulfilling Features," CEPR Discussion Papers 1315, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Schmitt-Grohe, Stephanie & Uribe, Martin, 2001. "Stabilization Policy and the Costs of Dollarization," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 482-509, May.
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  10. Tamim Bayoumi & Paolo Mauro, 1999. "The Suitability of ASEAN for a Regional Currency Arrangement," IMF Working Papers 99/162, International Monetary Fund.
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  11. Boyer, Russell S, 1978. "Optimal Foreign Exchange Market Intervention," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1045-55, December. [Downloadable!] (restricted)
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  14. 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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  15. Kaminsky, Graciela L. & Schmukler, Sergio L., 1999. "What triggers market jitters?: A chronicle of the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 537-560, August. [Downloadable!] (restricted)
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  16. Ramon Moreno, 2000. "Does pegging increase international trade?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Sep 29. [Downloadable!]
  17. Chin, Daniel M. & Miller, Preston J., 1998. "Fixed vs. floating exchange rates: A dynamic general equilibrium analysis," European Economic Review, Elsevier, vol. 42(7), pages 1221-1249, July. [Downloadable!] (restricted)
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  19. Caroline van Rijckeghem & Beatrice Weder, 1999. "Sources of Contagion: Finance or Trade?," IMF Working Papers 99/146, International Monetary Fund.
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  21. Ramon Moreno, 2001. "Pegging and stabilization policy in developing countries," Economic Review, Federal Reserve Bank of San Francisco, pages 17-29. [Downloadable!]
  22. Chang, Roberto & Velasco, Andres, 2000. "Financial Fragility and the Exchange Rate Regime," Journal of Economic Theory, Elsevier, vol. 92(1), pages 1-34, May. [Downloadable!] (restricted)
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  23. Helpman, Elhanan, 1981. "An Exploration in the Theory of Exchange-Rate Regimes," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 865-90, October. [Downloadable!] (restricted)
  24. Ramon Moreno, 1998. "What caused East Asia's financial crisis?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Aug 7. [Downloadable!]
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  26. Barry Eichengreen and 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 (CIDER) Working Papers C96-081, University of California at Berkeley.
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  27. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," MPRA Paper 13843, University Library of Munich, Germany. [Downloadable!]
  28. Atish R. Ghosh & Steven Phillips, 1998. "Inflation, Disinflation, and Growth," IMF Working Papers 98/68, International Monetary Fund.
  29. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  30. Ramon Moreno, 1999. "Depreciation and recessions in East Asia," Economic Review, Federal Reserve Bank of San Francisco, pages 27-40. [Downloadable!]
Full references

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. Ramon Moreno & Reuven Glick, 2001. "Is money still useful for policy in East Asia?," Pacific Basin Working Paper Series 01-12, Federal Reserve Bank of San Francisco. [Downloadable!]
  2. Tobias Knedlik, 2006. "Signaling currency crises in South Africa," IWH Discussion Papers 19-06, Halle Institute for Economic Research. [Downloadable!]
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This page was last updated on 2009-11-20.

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