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- Title
FEAR OF FLOATING IN EAST ASIA?
- Authors
SOYOUNG KIM; KIM, SUNGHYUN H.; YUNJONG WANG
- Abstract
We examine the de facto exchange rate arrangements in eight East Asian countries during the post-Asian crisis period. The empirical results suggest that three countries adopted a hard peg or a peg with capital account restrictions, whereas five countries moved toward a more flexible exchange rate arrangement in the post-crisis period. Three of these five countries (Korea, Indonesia and Thailand) achieved a level of exchange rate flexibility close to the level accomplished in a free floater such as Australia. These results suggest that ‘fear of floating’ in East Asia is not prevalent in the post-crisis period, supporting the bipolar view of the optimal exchange rate regime.
- Subjects
ASIA; AUSTRALIA; DE facto corporations; FOREIGN exchange rates; FINANCIAL crises; ECONOMIC policy
- Publication
Pacific Economic Review, 2009, Vol 14, Issue 2, p176
- ISSN
1361-374X
- Publication type
Article
- DOI
10.1111/j.1468-0106.2009.00445.x