The Exchange Rate Regime in Asia: From Crisis to Crisis
Ajay Shah (),
Ila Patnaik (),
Anmol Sethy and
Vimal Balasubramaniam ()
Working Papers from eSocialSciences
Prior to the Asian financial crisis, most Asian exchange rates were de facto pegged to the US Dollar. In the crisis, many economies experienced a brief period of extreme flexibility. A `fear of floating' gave reduced flexibility when the crisis subsided, but flexibility after the crisis was greater than that seen prior to the crisis. Contrary to the idea of a durable Bretton Woods II arrangement, Asia then went on to slowly raise flexibility and reduce the role for the US Dollar. When the period from April 2008 to December 2009 is compared against periods of high in flexibility, from January 1991 to November 1991 and October 1995 to March 1997, the increase in flexibility is economically and statistically significant. This paper proposes a new measure of dollar pegging, the \Bretton Woods II score". [NIPFP WP No. 69].
Keywords: flexibility; korea; economically; Exchange rate regime; Asia; Bretton Woods II hypothesis; dollar; pegging; US; Asia; financial crisis; china; India; macroeconomic policy; monetary policy (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-ifn, nep-mon and nep-sea
Note: Institutional Papers
References: Add references at CitEc
Citations View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
http://www.esocialsciences.org/Download/repecDownl ... &AId=2582&fref=repec
Journal Article: The exchange rate regime in Asia: From crisis to crisis (2011)
Working Paper: The exchange rate regime in Asia: From Crisis to Crisis (2010)
Working Paper: The exchange rate regime in Asia: From crisis to crisis (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ess:wpaper:id:2582
Access Statistics for this paper
More papers in Working Papers from eSocialSciences
Series data maintained by Padma Prakash ().