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Fear of Floating in East Asia

Henry Kim, Soyoung Kim and Yunjong Wang
Authors registered in the RePEc Author Service: Sunghyun Henry Kim ()

No 507, Discussion Papers Series, Department of Economics, Tufts University from Department of Economics, Tufts University

Abstract: We examine the de facto exchange rate arrangements in East Asia by applying the methods suggested by Calvo and Reinhart (2002) and Kim (2004). Estimation results suggest that three East Asian countries in our sample adopted a hard peg or a peg with capital account restrictions in the post-crisis period. Five East Asian countries in our sample moved toward a more flexible exchange rate arrangement in the post-crisis period. At least three of these five countries (Korea, Indonesia and Thailand) achieved the level of exchange rate flexibility that is close to the level accomplished in the free floater such as Australia. These results suggest that “Fear of Floating” of East Asian countries is not prevalent in the post-crisis period and that the bi-polar view has some support in East Asian samples.

Keywords: Bi-polar View; De Facto Exchange Rate Arrangements; De Jure Exchange Rate Arrangements; East Asia; Fear of Floating (search for similar items in EconPapers)
JEL-codes: F02 F36 F41 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Journal Article: FEAR OF FLOATING IN EAST ASIA? (2009) Downloads
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