The Evolution and Impact of Asian Exchange Rate Regimes
AbstractThis paper revisits the issue of the evolution and choice of exchange rate regimes in Asia. The paper first compiles and discusses the de jure or official exchange rate regimes in various developing and emerging Asian economies. It then goes on to offer a simple empirical estimation of the degree of influence of the G3 currencies in selected Asian currencies over the past decade. The paper finds some evidence of evolution of Asian exchange rate policies toward an apparent “fear of appreciation” rather than “fear of floating” per se. The broader point though is a general reluctance of many Asian economies to allow for a benign neglect of their currencies both in terms of managing volatility as well as in terms of leaning against the wind. The paper examines some of the concerns with exchange rate flexibility that persist, and offers an extended discussion on the appropriate exchange rate regimes for Asia in the future.
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Bibliographic InfoPaper provided by Asian Development Bank in its series ADB Economics Working Paper Series with number 208.
Length: 50 pages
Date of creation: Jul 2010
Date of revision:
Asia; Exchange rate regime; Foreign Exchange Intervention; Reserves; US dollar peg;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- Ramkishen S. Rajan, 2011.
"Management of Exchange Rate Regimes in Emerging Asia,"
Macroeconomics Working Papers
23214, East Asian Bureau of Economic Research.
- Ramkishen S. Rajan, 2011. "Management of Exchange Rate Regimes in Emerging Asia," Governance Working Papers 23214, East Asian Bureau of Economic Research.
- Rajan, Ramkishen, 2011. "Management of Exchange Rate Regimes in Emerging Asia," ADBI Working Papers 322, Asian Development Bank Institute.
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