Episodes of large exchange rate appreciations and reserves accumulations in selected Asian economies: Is fear of appreciations justified?

Victor Pontines and Reza Siregar

CAMA Working Papers from Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University

Abstract: The objective of our paper is to provide an empirical platform to the debate on the macroeconomic consequences of large currency appreciations. Observing the experiences of six major Asian economies (the ASEAN-5 (Indonesia, Malaysia, Philippines, Thailand and Singapore) and Korea) during the past two decades, the primary aim of this study is to ascertain the consequences of strong currencies, on the one hand, and reserves accumulation, on the other, for a set of vital macroeconomic indicators, namely, exports, growth and price. We then deal squarely, in retrospect, with the question of whether there is any justification to the so-called fear of appreciation phenomenon among the policy makers of these Asian economies.

JEL-codes: F31 F32 F4 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2012-06
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Persistent link: https://EconPapers.repec.org/RePEc:een:camaaa:2012-31

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