A note on exchange rate regimes in Asia: Are they really what they claim to be?

Tony Cavoli () and Ramkishen Rajan
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Tony Cavoli: School of Commerce, University of South Australia

Economics Bulletin, 2010, vol. 30, issue 4, 2864-2876

Abstract: This paper presents an analysis of the degree of de facto exchange rate flexibility in the exchange rate regimes for selected emerging Asian economies over the decade 1999-2009. While the propensity for foreign exchange intervention and exchange rate management among regional central banks remains fairly high in many cases and that the degree of fixity to the US dollar remains very strong, we note that these relationships correlate to some extent with the IMF exchange rate classifications. Specifically, we find that the inflation targeting countries exhibit less fixity and are less influenced by the US dollar than the non-inflation targeters. We also find that the managed floaters (as defined by the IMF) exhibit less fixity and are less influenced by the US dollar than the conventional peggers.

Keywords: Asia; Exchange Rate Regimes; Inflation Targeting; Intervention (search for similar items in EconPapers)
JEL-codes: F3 (search for similar items in EconPapers)
Date: 2010-11-03
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