Exchange Rate Regimes in Asia: Dispelling the Myth of Soft Dollar Pegs

Masanaga Kumakura

Journal of the Asia Pacific Economy, 2005, vol. 10, issue 1, 70-95

Abstract: The pre-crisis exchange rate regimes of Asian countries are often described as soft or de facto dollar pegs. There is also a widespread suspicion that many countries in the region still remain covert dollar-peggers. This paper provides evidence that even before 1997 few Asian currencies were tied to the dollar as rigidly as widely believed, and even less so in recent years. Our discussion has implications for debate about the root cause of the Asian crisis and also for the more general issue of developing countries' fear of floating.

Date: 2005
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DOI: 10.1080/1354786042000309080

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