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Post-crisis exchange rate policy in five Asian countries: Filling in the "hollow middle"?

  • Hernandez, Leonardo
  • Montiel, Peter J.

Following the 1997–98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, superficially consistent with the bipolar view of exchange rate regimes and the “hollow middle” hypothesis. But some observers have claimed that, despite the changes in their de jure exchange rate regimes, the crisis countries’ policies have de facto been very similar in the post- and pre-crisis periods. This paper analyzes the evidence and concludes that, except for Malaysia, which adopted a hard peg and imposed capital controls, the other crisis countries are floating more than before, though less than “real” floaters do. The intermediate exchange rate policies pursued by most of the crisis countries during the post-crisis can be justified on second-best arguments.

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File URL: http://www.sciencedirect.com/science/article/B6WMC-48GF16F-3/2/3a1d19d3e4b471c092a25207504f6987
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Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 17 (2003)
Issue (Month): 3 (September)
Pages: 336-369

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Handle: RePEc:eee:jjieco:v:17:y:2003:i:3:p:336-369
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622903

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  1. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," Research Department Publications 4205, Inter-American Development Bank, Research Department.
  2. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
  3. Reinhart, Carmen & Calvo, Guillermo, 2001. "Fixing for your life," MPRA Paper 13873, University Library of Munich, Germany.
  4. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
  5. Andrew Berg & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Esteban Jadresic & Paul R. Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund.
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