| Description |
1 online resource (34 pages) : color illustrations |
| Series |
IMF working paper ; WP/16/165 |
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IMF working paper ; WP/16/165
|
| Contents |
Cover; Contents; I. Introduction; II. Exchange Rate Levels; III. Short-term Volatility; IV. Regression Analysis; V. Conclusions; Figures; 1. Exchange Rates Against the U.S. Dollar; 2. Exchange Rate Against Other ASEAN-5 Average; 3. Coefficient of Variation of Exchange Rates Against the U.S. Dollar; 4. Coefficient of Variation of Exchange Rates Against the Japanese Yen; 5. Coefficient of Variation of Exchange Rates Against the U.S. Dollar at Different Horizons; 6. Rolling Regression Coefficients and R-squared for Singapore; 7. Exchange Rates Against the U.S. Dollar and Reserves in U.S. Dollars |
|
Tables1. P-values for Unit Root Tests for Cross Exchange Rates; 2. Regression Results; 3. Regression Results with EMP Variable; 4. Chow Test P-values for Regressions with EMP Variable; Appendixes; I. Additional Tables and Graphs; II. Unit Root Test Results; III. Cointegration Tests; IV. Interpreting the Cointegration Vector; References |
| Summary |
This paper examines exchange rate behavior in the ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand). It finds that for the last 10 years there is no evidence that their central banks target particular exchange rate levels against any currency or basket. Thus, contrary to some assertions, they do not belong to a U.S. dollar club, a Japanese yen club, a Chinese renminbi club, or an ASEAN club. At the same time, they clearly try to smooth short-term volatility, particularly vis-à-vis the U.S. dollar. The degree of smoothing declined noticeably after the Asian Financial Crisis and less obviously after the Global Financial Crisis, with heterogeneity across countries. Short-term smoothing without level targeting does not interfere with monetary policies aimed at price stability |
| Notes |
"August 2016." |
|
At head of title: International Monetary Fund, Asia and Pacific Department |
| Bibliography |
Includes bibliographical references (page 22) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed September 20, 2016) |
| Subject |
Foreign exchange rates -- Southeast Asia
|
|
Monetary policy -- Southeast Asia
|
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Income smoothing -- Southeast Asia
|
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Foreign exchange rates.
|
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Income smoothing.
|
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Monetary policy.
|
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Southeast Asia.
|
| Form |
Electronic book
|
| Author |
Dao, To-Nhu, author, (IMF staff)
|
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International Monetary Fund, publisher
|
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International Monetary Fund. Asia and Pacific Department, issuing body
|
| ISBN |
9781475523867 |
|
1475523866 |
|
