The Usual Suspects? Productivity and Demand Shocks and Asia–Pacific Real Exchange Rates

Menzie Chinn

Review of International Economics, 2000, vol. 8, issue 1, 20-43

Abstract: A productivity‐based model of East Asian relative prices and real exchange rates is tested using calculated productivity levels for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Time‐series regressions of the exchange rate on relative productivity ratios indicate such a relationship for Japan, Malaysia, and the Philippines (and Indonesia and Korea when oil prices are included). Panel regression provides slightly more encouraging results when the panel encompasses a subset of countries (Indonesia, Japan, Korea, Malaysia, and the Philippines). Neither government spending nor the terms of trade appear to be important factors.

Date: 2000
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https://doi.org/10.1111/1467-9396.00203

Related works:
Working Paper: The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates (1998)
Working Paper: The usual suspects? productivity and demand shocks and Asia-Pacific real exchange rates (1997)
Working Paper: The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates (1997)
Working Paper: The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates (1997)
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