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Exchange Market Pressure and Central Bank Policy: An Application of the Girton and Roper Monetary Model in the SEACEN Countries


  • Ng Beoy Kui


This paper aims to study the reaction of the SEACEN countries to external shocks during the period 1970-1984. It examines the rationales underlying the choice of various policy options adopted by the SEACEN countries. In effect, the study revolves around the basic question of whether a further development of the existing foreign exchange market will increase the policy options, and thereby help improve the effectiveness of exchange rate and monetary policies in mitigating external shocks.

Suggested Citation

  • Ng Beoy Kui, 1988. "Exchange Market Pressure and Central Bank Policy: An Application of the Girton and Roper Monetary Model in the SEACEN Countries," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp29, April.
  • Handle: RePEc:sea:spaper:sp29

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