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A note on exchange rate regimes in Asia: Are they really what they claim to be?

Author

Listed:
  • Tony Cavoli

    (School of Commerce, University of South Australia)

  • Ramkishen Rajan

    (School of Public Policy, George Mason University)

Abstract

This paper presents an analysis of the degree of de facto exchange rate flexibility in the exchange rate regimes for selected emerging Asian economies over the decade 1999-2009. While the propensity for foreign exchange intervention and exchange rate management among regional central banks remains fairly high in many cases and that the degree of fixity to the US dollar remains very strong, we note that these relationships correlate to some extent with the IMF exchange rate classifications. Specifically, we find that the inflation targeting countries exhibit less fixity and are less influenced by the US dollar than the non-inflation targeters. We also find that the managed floaters (as defined by the IMF) exhibit less fixity and are less influenced by the US dollar than the conventional peggers.

Suggested Citation

  • Tony Cavoli & Ramkishen Rajan, 2010. "A note on exchange rate regimes in Asia: Are they really what they claim to be?," Economics Bulletin, AccessEcon, vol. 30(4), pages 2864-2876.
    • Handle: RePEc:ebl:ecbull:eb-10-00398
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I4-P263.pdf
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    Citations

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    Cited by:

    1. Amit Ghosh & Ramya Ghosh, 2012. "Capital controls, exchange rate regime and monetary policy independence in India," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 5(3), pages 212-230.
    2. Hsing Yu, 2015. "Short-Run Determinants of the IDR/USD Exchange Rate: A Simultaneous-Equation Model," Global Economy Journal, De Gruyter, vol. 15(3), pages 311-318, September.
    3. Subramanian Arvind & Kessler Martin, 2013. "The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?," Journal of Globalization and Development, De Gruyter, vol. 4(1), pages 49-94, August.
    4. Yu Hsing, 2015. "Short-Run Determinants of the USD/MYR Exchange Rate," Economics Bulletin, AccessEcon, vol. 35(1), pages 97-105.
    5. Maria Socorro Gochoco-Bautista & Jianxin Wang & Minxian Yang, 2014. "Commodity Price, Carry Trade, and the Volatility and Liquidity of Asian Currencies," The World Economy, Wiley Blackwell, vol. 37(6), pages 811-833, June.

    More about this item

    Keywords

    Asia; Exchange Rate Regimes; Inflation Targeting; Intervention;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance

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