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External Debt and Exchange Rate Overshooting: The Case of Selected East Asian Countries

Author

Listed:
  • Victor Pontines

    (University of Adelaide)

  • Reza Siregar

    (University of Adelaide)

Abstract

The accumulations of foreign debts had indeed been at a rapid phase, particularly during the last few years leading to the outbreak of the 1997 financial crises in the four most severely effected economies, namely Indonesia, the Philippines, Thailand and Korea. Interestingly, during the same period, the rates of overshooting of these East Asian currencies have also been found to increase considerably. The objective of this paper is to evaluate whether the rapid accumulation of external debts, especially since 1994, has contributed to the overshooting of the East Asian countries’ currencies starting late 1997.

Suggested Citation

  • Victor Pontines & Reza Siregar, 2005. "External Debt and Exchange Rate Overshooting: The Case of Selected East Asian Countries," International Finance 0510022, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpif:0510022
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/if/papers/0510/0510022.pdf
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    Cited by:

    1. Khumalo, Zitsile Zamantungwa & Eita, Joel Hinaunye & Choga, Ireen, 2020. "An Empirical Test of Real Exchange Rate Overshooting in Selected African Countries," MPRA Paper 101303, University Library of Munich, Germany.
    2. Sanusi K A & Meyer D F, 2018. "An Econometric Analysis of the Relationship between Changes in Government Bonds, Exchange Rate and Inflation Dynamics in South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 10(4), pages 165-173.
    3. Reza Siregar & Ramkishen Rajan, 2006. "Models of Equilibrium Real Exchange Rates Revisited: A Selective Review of the Literature," Centre for International Economic Studies Working Papers 2006-04, University of Adelaide, Centre for International Economic Studies.
    4. Thomas Willett & Eric M.P. Chiu & Sirathorn (B.J.) Dechsakulthorn & Ramya Ghosh & Bernard Kibesse & Kenneth Kim & Jeff (Yongbok) Kim & Alice Ouyang, 2011. "Classifying international aspects of currency regimes," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(4), pages 288-303, November.
    5. Kym Anderson & Will Martin & Dominique Mensbrugghe, 2010. "China, the WTO and the Doha Agenda," Palgrave Macmillan Books, in: David Greenaway & Chris Milner & Shujie Yao (ed.), China and the World Economy, chapter 1, pages 1-18, Palgrave Macmillan.

    More about this item

    Keywords

    External Debt; East Asian Countries; Exchange Rate and Overshooting;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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