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Does an Overvalued Real Exchange Rate Create More Policy Uncertainty? Singaporean Case Using GARCH Model

  • Kodrat Wibowo

    ()

    (Department of Economics, Padjadjaran University)

In this paper, I use GARCH model to explain the relationship between real exchange rate and its uncertainty using real exchange rate data of Singapore. The result supports no evidence that overvalued real exchange rate creates uncertainty of exchange rate policy in Singapore. This may give some ideas to country like Indonesia or Thailand to still maintain the peg system and not easily, just accept the idea of using currency board system (CBS) or other strategies in its exchange rate policy. Indonesia needs to learn how Singaporean economic strategy brings the country to higher levels of economic development while still maintaining peg system

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File URL: http://lp3e.fe.unpad.ac.id/wopeds/200001.pdf
File Function: First version, 2000
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Paper provided by Department of Economics, Padjadjaran University in its series Working Papers in Economics and Development Studies (WoPEDS) with number 200001.

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Length: 13 pages
Date of creation: Oct 2000
Date of revision: Oct 2000
Handle: RePEc:unp:wpaper:200001
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  1. Laurence Ball, 1990. "Why Does High Inflation Raise Inflation Uncertainty?," NBER Working Papers 3224, National Bureau of Economic Research, Inc.
  2. Velasco, Andres, 1997. "When are fixed exchange rates really fixed?," Journal of Development Economics, Elsevier, vol. 54(1), pages 5-25, October.
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