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Intervention index and exchange rate regimes: the cases of selected East-Asian economies

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Author Info
Pontines, Victor
Siregar, Reza

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Abstract

Given the absence of publicly available information on foreign exchange intervention, we propose an index of central bank intervention in the exchange market to classify exchange rate regimes adopted by four East Asian economies. We revisit an old debate on whether these crisis-effected East Asia countries have indeed returned to their pre-1997 rigid exchange rate policies. If, instead, there had been evidences of a policy shift to a more flexible regime, was the move voluntary, or mainly due to high market pressures on the currency? Our findings clearly reject the “hollow middle” hypothesis.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17138.

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Date of creation: 15 Jan 2009
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Handle: RePEc:pra:mprapa:17138

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Related research
Keywords: Exchange Market Intervention; Exchange Rate Regimes; East Asian Countries;

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Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F31 - International Economics - - International Finance - - - Foreign Exchange

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    Other versions:
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    Other versions:
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