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Monetary and Exchange Rate Stability in South East Asia

Title data

Herz, Bernhard ; Bauer, Christian:
Monetary and Exchange Rate Stability in South East Asia.
In: Pacific-Basin Finance Journal. Vol. 17 (2009) . - pp. 352-371.
ISSN 0927-538X
DOI: https://doi.org/10.1016/j.pacfin.2008.07.002

Abstract in another language

Regaining exchange rate stability has been a major monetary policy goal of East Asian countries in the aftermath of the 1997/98 currency crisis. While most countries have abstained from re-establishing a formal US Dollar peg, they have typically managed the US Dollar exchange rate de facto. We show that most of these countries were able to regain their monetary credibility within a relatively short time period. The Argentine crisis in 2001 caused a minor setback in this process for some countries. We measure the credibility of monetary policy by separating the fundamental and excess volatility of the exchange rate on the basis of a chartist-fundamentalist model. The degree of excess volatility is interpreted as the ability of the central bank to manage the exchange rate via the coordination channel

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 01 Apr 2015 07:24
Last Modified: 01 Apr 2015 07:24
URI: https://eref.uni-bayreuth.de/id/eprint/9639