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Pagging and Macroeconomic Performance in East Asia

  • Moreno, R.

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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Paper provided by Economisch Institut voor het Midden en Kleinbedrijf- in its series Papers with number pb00-03.

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Length: 25 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:midkle:pb00-03
Contact details of provider: Postal: ECONOMISCH INSTITUT VOOR HET MIDDEN EN KLEINBEDRIJF, RESEARCH INSTITUTE FOR SMALL AND MEDIUM-SIZED BUSINESS IN THE NETHERLANDS, NEUHUYS.

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  1. 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.
  2. Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
  3. Helpman, Elhanan, 1981. "An Exploration in the Theory of Exchange-Rate Regimes," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 865-90, October.
  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. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-86, March.
  6. Barry Eichengreen and Tamim Bayoumi., 1996. "Is Asia an Optimum Currency Area? Can It Become One? Regional, Global and Historical Perspectives on Asian Monetary Relations," Center for International and Development Economics Research (CIDER) Working Papers C96-081, University of California at Berkeley.
  7. Burnside, Craig & Eichenbaum, Martin & Rebelo, Sérgio, 1998. "Prospective Deficits and the Asian Currency Crises," CEPR Discussion Papers 2015, C.E.P.R. Discussion Papers.
  8. Tornell, Aaron & Velasco, Andres, 1995. "Fixed Versus Flexible Exchange Rates: Which Provides More Fiscal Discipline," Working Papers 95-06, C.V. Starr Center for Applied Economics, New York University.
  9. 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.
  10. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
  11. Ramon Moreno, 2000. "Does pegging increase international trade?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep29.
  12. Chang, Roberto & Velasco, Andres, 2000. "Financial Fragility and the Exchange Rate Regime," Journal of Economic Theory, Elsevier, vol. 92(1), pages 1-34, May.
  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.
  14. Reinhart, Carmen, 2000. "The mirage of floating exchange rates," MPRA Paper 13736, University Library of Munich, Germany.
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