Exchange-Rate Management in East Asia: Words and Deeds

Ulrich Volz

Chapter Chapter 4 in Monetary Policy Implementation in East Asia, 2020, pp 45-59 from Springer

Abstract: Abstract This chapter discusses the declared exchange-rate policiesExchange-ratepolicy/ies of East Asian central banks and compares these with the de facto policies. Central banks that officially proclaim a fixed or managed exchange rate tend to intervene more in foreign exchange marketsForeign exchangemarket than central banks which officially follow a floating regime. However, even central banks that have implemented inflation-targeting frameworks with floating ratesFloatingrates appear to carry out interventions. Several countries that self-describe their exchange-rate regimeExchange-rateregime as “managed floatingManaged floating” appear to have been heavily engaged in foreign exchange-market interventionsForeign exchangeinterventions.

Date: 2020
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DOI: 10.1007/978-3-030-50298-0_4

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