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Real exchange rate determination: Empirical observations from East-Asian countries

Author

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  • Tatsuyoshi Miyakoshi

Abstract

In this paper the models for the real exchange rate determination are re-examined between Japan and five East-Asian countries. Two important findings are reported. First, the real interest rate-bias model is valid for Korea-, Malaysia-, Indonesia-, and Philippines-Japan, and the productivity-bias model is valid for Indonesia-, and Philippines-Japan: that is, the coefficients of relative variables are stable and statistically significant. Second, there is no evidence that the political risk premium model is valid. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Tatsuyoshi Miyakoshi, 2003. "Real exchange rate determination: Empirical observations from East-Asian countries," Empirical Economics, Springer, vol. 28(1), pages 173-180, January.
    • Handle: RePEc:spr:empeco:v:28:y:2003:i:1:p:173-180
    DOI: 10.1007/s001810100125
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    Cited by:

    1. Luis Alejandro Lee P & Angélica María Quiroga E., 2010. "Descomposición histórica de choques del tipo de cambio real en Colombia: un enfoque DSGE," Vniversitas Económica 8294, Universidad Javeriana - Bogotá.
    2. Tsen, Wong Hock, 2011. "The real exchange rate determination: An empirical investigation," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 800-811, October.
    3. Waheed, Muhammad, 2009. "Impact of real and nominal factors on long run equilibrium in Real Effective Exchange Rate (REER) in Pakistan," MPRA Paper 33169, University Library of Munich, Germany, revised Sep 2010.
    4. Benedictow, Andreas & Hammersland, Roger, 2023. "Transition risk of a petroleum currency," Economic Modelling, Elsevier, vol. 128(C).

    More about this item

    Keywords

    Key words: productivity-bias; real interest rate-bias; political risk premium.; JEL classification: F31; F47; C32.;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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