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Exchange Rate Regimes in Asia

In: Emerging Asia

Author

Listed:
  • Ramkishen S. Rajan

    (School of Public Policy, George Mason University, USA and Visiting Senior Fellow, Institute of Southeast Asian Studies (ISEAS))

Abstract

It is now common knowledge that rigid pegging of the exchange rate invariably constrains monetary policy independence. Further, both theory and the lessons of experience with pegged exchange rates have shown that such a policy often loses credibility over time and induces booms followed by inevitable busts and crises. The question is: have Asian countries paid any heed to this?

Suggested Citation

  • Ramkishen S. Rajan, 2011. "Exchange Rate Regimes in Asia," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 4, pages 22-25, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_4
    DOI: 10.1057/9780230306271_4
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    Citations

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    Cited by:

    1. Goodness C. Aye & Rangan Gupta & Prudence S. Moyo & Nehrunaman Pillay, 2015. "The Impact of Exchange Rate Uncertainty on Exports in South Africa," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 1-14.
    2. Frank Agbola & Chartri Kunanopparat, 2005. "Determinants of exchange rate practices: some empirical evidence from Thailand," Applied Economics, Taylor & Francis Journals, vol. 37(7), pages 807-816.
    3. Ramkishen S. Rajan, 2011. "Management of Exchange Rate Regimes in Emerging Asia," Macroeconomics Working Papers 23214, East Asian Bureau of Economic Research.
    4. Inayat U. Mangla & Jamshed Y. Uppal, 2014. "Macro-economic Policies and Energy Security—Implications for a Chronic Energy Deficit Country," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 53(3), pages 255-273.
    5. Alice Ouyang & Ramkishen Rajan & Tom Willett, 2008. "Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia," Global Economic Review, Taylor & Francis Journals, vol. 37(2), pages 171-199.
    6. Victor Pontines & Richard Pomfret, 2014. "Exchange rate policy and regional trade agreements: a case of conflicted interests?," Chapters, in: Richard Baldwin & Masahiro Kawai & Ganeshan Wignaraja (ed.), A World Trade Organization for the 21st Century, chapter 7, pages 157-181, Edward Elgar Publishing.
    7. Tony Cavoli, 2006. "The Extent of Exchange Rate Flexibility in India: Basket Pegger or Closet US Dollar Pegger?," Working Papers id:424, eSocialSciences.
    8. C. Randall Henning, 2012. "Choice and Coercion in East Asian Exchange Rate Regimes," Working Paper Series WP12-15, Peterson Institute for International Economics.
    9. Alice Ouyang & Ramkishen Rajan, 2011. "Reserve accumulation and monetary sterilization in Singapore and Taiwan," Applied Economics, Taylor & Francis Journals, vol. 43(16), pages 2015-2031.
    10. Mr. Manuk Ghazanchyan & Ms. Janet Gale Stotsky & Qianqian Zhang, 2015. "A New Look at the Determinants of Growth in Asian Countries," IMF Working Papers 2015/195, International Monetary Fund.
    11. Peter Bofinger, 2012. "The Scope For Foreign Exchange Market Interventions," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1-28.
    12. Azam Chaudhry & Gul Andaman, 2014. "The Need for a Coordinated Industrial Strategy to Boost Pakistani Exports: Lessons from Asia," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 19(Special E), pages 177-206, September.
    13. Mudakkar, Syeda Rabab & Uppal, Jamshed Y. & Zaman, Khalid & Naseem, Imran & Shah, Ghias Ud Din, 2013. "Foreign exchange risk in a managed float regime: A case study of Pakistani rupee," Economic Modelling, Elsevier, vol. 35(C), pages 409-417.
    14. Ramkishen S. Rajan, 2009. "Crises, Private Capital Flows and Financial Instability in Emerging Asia," MPDD Working Paper Series WP/09/06, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    15. Simrit Kaur & Aditya Vikram, 2013. "Economic impact of trade openness and exchange rate regimes: evidence from developing Asia," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 5(4), pages 341-370.
    16. Tifa Noer Amelia, 2016. "Causality test between exchange rate, inflation rate and Stock Price Index in Southeast Asia," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 2(2), pages 101-106.

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