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Comparison of Static and Dynamic Analyses on Exchange Rate Regimes in East Asia

Author

Listed:
  • Yoshino, Naoyuki

    (Asian Development Bank Institute)

  • Kaji, Sahoko

    (Asian Development Bank Institute)

  • Asonuma, Tamon

    (Asian Development Bank Institute)

Abstract

This paper compares three methods of analyzing exchange rate regimes in East Asia: static analysis, conventional dynamic analysis, and dynamic transition analysis. First we provide quantitative results that both estimated parameters for Thailand and time intervals are applied symmetrically across the three approaches. Our comparable simulation results illustrate how these three analyses are mutually related. Comparisons across the three methods demonstrate limitations of the static and conventional dynamic analyses where exchange rate regimes remain unchanged over the analysis horizon. Moreover, we emphasize three advantages of the dynamic transition analysis over the static and conventional dynamic analyses in that shifts from the current regime to alternative regimes are contrasted with a benchmark case of maintaining the current regime over the analysis horizon.

Suggested Citation

  • Yoshino, Naoyuki & Kaji, Sahoko & Asonuma, Tamon, 2015. "Comparison of Static and Dynamic Analyses on Exchange Rate Regimes in East Asia," ADBI Working Papers 532, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0532
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    More about this item

    Keywords

    exchange rate regimes; dynamic transition analysis; capital account management; exchange rate stability;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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