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Pegging and macroeconomic performance in East Asia

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  • Ramon Moreno

Abstract

As memories of the East Asian crises of 1997-1998 recede, attention has shifted back to the traditional problems of macroeconomic management in a small open economy. A key question, in this regard, is the appropriate choice of exchange rate regime. While the East Asian crises cased some disenchantment wit pegging in the region, historical experience suggests that the appeal of pegging is very strong in many emerging markets. To shed some light on the relative merits of pegging in East Asia we briefly discuss what the recent literature ahe to say on this question. We then review the experience of the region over the period 1974-1999.
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Suggested Citation

  • Ramon Moreno, 2000. "Pegging and macroeconomic performance in East Asia," Pacific Basin Working Paper Series 2000-03, Federal Reserve Bank of San Francisco.
  • Handle: RePEc:fip:fedfpb:2000-03
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    References listed on IDEAS

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    1. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-286, March.
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    4. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
    5. Tornell, Aaron & Velasco, Andres, 2000. "Fixed versus flexible exchange rates: Which provides more fiscal discipline?," Journal of Monetary Economics, Elsevier, vol. 45(2), pages 399-436, April.
    6. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "Paper tigers?: A model of the Asian crisis," European Economic Review, Elsevier, vol. 43(7), pages 1211-1236, June.
    7. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
    8. Sebastian Edwards & Miguel A. Savastano, 1999. "Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?," NBER Working Papers 7228, National Bureau of Economic Research, Inc.
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    12. Ramon Moreno, 2000. "Does pegging increase international trade?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep29.
    13. Chin, Daniel M. & Miller, Preston J., 1998. "Fixed vs. floating exchange rates: A dynamic general equilibrium analysis," European Economic Review, Elsevier, vol. 42(7), pages 1221-1249, July.
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    Cited by:

    1. Petreski, Marjan, 2014. "Grooming Classifications: Exchange Rate Regimes and Growth in Transition Economies," MPRA Paper 54473, University Library of Munich, Germany.

    More about this item

    Keywords

    Foreign exchange ; Monetary policy - East Asia;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F30 - International Economics - - International Finance - - - General

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