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Exchange Rate Policies: Fact or Fiction in the Rise of High Performance Asian Economies

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Author Info
Turan Subasat () (Department of Economics, Izmir University of Economics)

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Abstract

Many economists believe that the nature of exchange rate management was an important reason for rapid economic growth in East Asia. In this view, Asian countries avoided extreme exchange rate appreciations and kept their nominal exchange rates close to market clearing levels. In contrast, the inappropriate exchange rate policies pursued by many Latin American and African countries in the late 1970s and 1980s contributed a great deal towards their poor economic performance. This paper challenges the above views on the type of exchange rate policies adopted by the East Asian, Latin American and African countries. The empirical evidence fails to prove that the exchange rate policies of the East Asian economies were significantly different from those of other developing countries.

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Publisher Info
Paper provided by Izmir University of Economics in its series Working Papers with number 0802.

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Length: 34 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:izm:wpaper:0802

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Web page: http://eco.ieu.edu.tr
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Related research
Keywords: Exchange rate policy; Trade policy; East Asian Miracle; exports growth; economic growth;

Find related papers by JEL classification:
F1 - International Economics - - Trade
O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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    Other versions:
  5. Marc Klau, 1998. "Exchange rate regimes and inflation and output in Sub-Saharan countries," BIS Working Papers 53, Bank for International Settlements. [Downloadable!]
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    Other versions:
  10. Martine Guerguil & Martin David Kaufman, 1998. "Competitiveness and the Evolution of the Real Exchange Rate in Chile," IMF Working Papers 98/58, International Monetary Fund.
  11. Edwards, Sebastian, 1989. "Exchange Rate Misalignment in Developing Countries," World Bank Research Observer, Oxford University Press, vol. 4(1), pages 3-21, January.
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  12. Baffes, John & Elbadawi, Ibrahim A. & O'Connell, Stephen A., 1997. "Single-equation estimation of the equilibrium real exchange rate," Policy Research Working Paper Series 1800, The World Bank. [Downloadable!]
  13. Masters, William A. & Ianchovichina, Elena, 1998. "Measuring exchange rate misalignment: Inflation differentials and domestic relative prices," World Development, Elsevier, vol. 26(3), pages 465-477, March. [Downloadable!] (restricted)
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  17. Sahn, David E. & Dorosh, Paul & Younger, Stephen, 1996. "Exchange rate, fiscal and agricultural policies in Africa: Does adjustment hurt the poor?," World Development, Elsevier, vol. 24(4), pages 719-747, April. [Downloadable!] (restricted)
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