Post-crisis exchange rate policy in five Asian countries: filling in the 'hollow middle'?
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. But the intermediate exchange rate policies pursued by most of the crisis countries during the post-crisis can be justified on second-best arguments.
Volume (Year): (2002)
Issue (Month): Sep ()
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Fear of Floating,"
NBER Working Papers
7993, National Bureau of Economic Research, Inc.
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13873, University Library of Munich, Germany.
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Research Department Publications
4205, Inter-American Development Bank, Research Department.
- repec:idb:wpaper:418 is not listed on IDEAS
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- Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-48, September.
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