Characterizing Exchange Rate Regimes in Post-Crisis East Asia

Taimur Baig

No 2001/152, IMF Working Papers from International Monetary Fund

Abstract: This paper examines the behavior of the exchange rates of selected emerging market East Asian economies in the aftermath of the Asian crisis. The results suggest that movements in the Asia-5 currencies (Indonesia, Korea, Malaysia, Philippines, and Thailand) were significantly influenced by the U.S. dollar's day-to-day movements before the crisis, and have indeed continued to do so post-crisis. However, comparisons with a range of other currencies suggest that this is a fairly common trait across various regimes. Moreover, results from the post-crisis data do not support the view that the Asia-5 currencies presently have the same characteristics as they did before the crisis.

Keywords: WP; U.S. dollar; exchange rate; regime; exchange rate regime; volatility; Asian crisis; coefficient estimate; dollar coefficient; standard deviation; exchange rate regression; exchange rate variation; volatility estimate; dollar peg; regime switch; U.S dollar; exchange rate flexibility; standard error; Exchange rates; Currencies; Exchange rate arrangements; Exchange rate analysis; East Asia; Africa; Asia and Pacific (search for similar items in EconPapers)
Pages: 44
Date: 2001-10-01
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Citations: View citations in EconPapers (59)

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