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

  • Leonardo Hernández
  • Peter J. Montiel

Following the 1997-1998 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, 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 period can be justified on second-best arguments.

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File URL: http://www.frbsf.org/publications/economics/pbcpapers/2002/pb02-07.pdf
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Paper provided by Federal Reserve Bank of San Francisco in its series Pacific Basin Working Paper Series with number 2002-07.

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Date of creation: 2002
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Handle: RePEc:fip:fedfpb:2002-07
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  1. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  2. Reinhart, Carmen & Calvo, Guillermo, 2001. "Fixing for your life," MPRA Paper 13873, University Library of Munich, Germany.
  3. 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.
  4. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
  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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