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Test of the Response of the Overnight Rate to the Real Exchange Rate: The Case of Korea, Hong Kong, and Singapore

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  • Yu Hsing

Abstract

For Korea, the overnight rate responds positively to the inflation rate, the output gap, the lagged real exchange rate, and the lagged overnight rate and negatively to the current real exchange rate. For Hong Kong, the overnight rate reacts positively to the inflation rate and the lagged overnight rate and does not react to other variables. For Singapore, the overnight rate is affected positively by the output gap and the lagged overnight rate and is not influenced by other variables. Hence, interest rate rules for some industrialized countries may not apply to Korea, Hong Kong, and Singapore.

Suggested Citation

  • Yu Hsing, 2008. "Test of the Response of the Overnight Rate to the Real Exchange Rate: The Case of Korea, Hong Kong, and Singapore," Global Economic Review, Taylor & Francis Journals, vol. 37(3), pages 333-339.
    • Handle: RePEc:taf:glecrv:v:37:y:2008:i:3:p:333-339
    DOI: 10.1080/12265080802273307
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    References listed on IDEAS

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    1. John Driffill & Zeno Rotondi, 2007. "Inertia in Taylor Rules," WEF Working Papers 0032, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    2. Kenneth Petersen, 2007. "Does the Federal Reserve Follow a Non-Linear Taylor Rule?," Working papers 2007-37, University of Connecticut, Department of Economics.
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